Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts. Domestic Asset Protection Trusts …
The Little Things May be the Most Important
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item. The Little Things May be the Most Important …
SALT Deduction Limit…Can You Get Around It?
The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation. SALT Deduction Limit…Can You Get Around It? …
Uncommon Estate Planning Terms Demystified
Many people do not like to contemplate their own mortality, and as a result, they put estate planning on the back burner. They never really do much research into the intricacies, and they go forward with the idea that estate planning equates to the creation of a last will. In reality, this is a gross oversimplification. There are numerous different estate planning strategies that can be implemented, and the right way to proceed will depend upon the circumstances. The fact is, there are many …
Is Probate Always Necessary in New York?
In many cases, the process of probate will be necessary when an estate is being administered. We practice law in New York, and in our state, probate matters are handled by the Surrogate’s Court. The executor or personal representative would complete the necessary hands-on tasks if there is a will, or if the decedent died intestate. The court would provide supervision during the process. The above being stated, under some circumstances, probate would not be necessary. Plus, some people …
Key 2019 Medicaid Adjustments
If you plan effectively, you can generate the resources that you need to enjoy your golden years to the fullest. You can travel, cross things off your bucket list, enjoy leisure activities, and spend quality time with your family and friends. Most people are well aware of the fact that you have to prepare for this period of your life in advance. However, many of the same individuals do not consider the twilight years that will follow, and this is a huge mistake that can yield significant …
Nongrantor Trusts Can Be Very Useful in Certain Situations
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful. Nongrantor Trusts Can Be Very Useful in Certain Situations …
2019 Estate Tax News for Wealthy Long Islanders
There are many high net worth individuals that reside on Long Island, and of course, it is a good feeling to reach your financial goals. This being stated, there are some looming threats to your legacy if you have been able to accumulate a significant store of wealth in the form of death taxes. Since we are in a new year, there has been a federal estate tax inflation adjustment. In addition to this, a long-awaited change in the state level parameters that was decided upon years ago became …
Estate Administration Can Be Simplified With a Living Trust
Probate is the legal process of estate administration. It exists to provide a window of opportunity for creditors to seek satisfaction from a deceased individual. Another purpose of probate is to offer a forum for anyone that may want to contest a will. These protections are useful from an overview, but if you are in line for an inheritance, probate is not necessarily a positive thing. One of the pitfalls of the probate process is the time factor. No inheritances can be distributed by the …
An Overview of the Estate Administration Process
Many people view estate planning as an exercise in document creation, and you do have to express your wishes in writing when you devise your plan. This being stated, you should carefully consider the events that will take place after you pass away. If you use a last will as the centerpiece of your estate plan, you would name an executor to handle the estate administration tasks after you are gone. The executor would not be able to act independently without supervision. Under the laws of the …
Confront the Eventualities of Aging
As elder law attorneys, we are forced to educate clients about some uncomfortable realities. If you stick your head in the sand, difficult situations can be all the worse when they arise if you are completely unprepared. With this in mind, we will look at the importance of incapacity planning in this blog post. The Twilight Years When you are thinking about the life that you will live when you are a senior citizen, you probably envision the active retirement years. Without question, if you …
Succession Planning With Buy-Sell Agreements
There are some estate planning situations that are out of the ordinary, but there are many tools in the estate planning toolkit, so there is always a solution. One of these scenarios is succession planning for small business partners. We will explain this dynamic through the utilization of a simple example. Let’s say that you and one partner open up a restaurant, and it becomes very successful. You pour everything that you have into the business over the years, and your partner does the same. …
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