The possibility of a contested will is something to take into consideration when you are planning your estate. These days there are a lot of websites all over the Internet claiming that it is easy to draw up your own last will using a download or a worksheet that they will sell you. You would do well to take pause before buying into these ideas because of the possibility of an improperly executed last will. A last will that has not been properly executed under the laws of the state of New …
Confidential Agreement Reached in Kinkade Case
From time to time we highlight a celebrity estate planning case in an effort to underscore some of the things that you can do right, and some of the things that you can do wrong when you are planning your estate. With this in mind we passed along some news about the disputed estate of the painter Thomas Kinkade in a previous blog post. A dispute arose between Amy Pinto-Walsh, the woman that Kinkade was in a relationship with at the time of his death, and Nanette Kinkade, the wife of the …
Former Television Stars Receive Unexpected Bequests
There was recently a story trending throughout the media that is relevant to the field of estate planning. The situation that we are going to share is not necessarily all that instructive, but it is definitely interesting. Back in the late 1970s the Lucan television series aired for one season, starring a fellow named Kevin Brophy. The show had at least one fan: An Illinois man named Ray Fulk. Fulk was apparently also fond of the soap opera The Young and the Restless during the late 80s …
Insurance Can Defray Long-Term Care Costs
Late last year the New York Times tackled the subject of long-term care insurance and whether or not it is wise for younger people to purchase this insurance. The first thing that should be considered is the fact that Medicare won't pay for long-term care. And, most senior citizens will need living assistance at some point in their lives. These two facts make advance planning a must unless you are someone who doesn't mind gambling with your future. Long-term care insurance is an option, …
Federal Estate Tax & Married NY Same-Sex Couples
The passage of the New York Marriage Equality Act back in 2011 had some profound implications from an estate planning perspective. Here in New York we have a state estate tax, and in 2013 there is a $1 million exemption. So, assets that you have that exceed $1 million in value are taxable as you are transferring them to your heirs. However, there is an unlimited exemption between spouses. As a result, same-sex couples that are legally married in the state of New York can take advantage of …
BC Sloan Center: Higher Percentage of Elders Still Working
The Sloan Center on Aging & Work at Boston College does a lot of work that is of interest to people who are in the field of retirement planning. One trend that is emerging is the propensity for seniors to remain on the job longer than they once did. 40% of people who are 55 years of age and older are still in the workforce; in 1993 this figure was 30%. 17% of people who have reached the age of 65 are still on the job compared to 12% in 1990. The average age at which people retire has …
INHERITANCE PLANNING: WHAT IF SPOUSES CAN’T AGREE?
Even if your love for your spouse knows no bounds, you and your partner may not agree on everything. Different people can adopt different perspectives when it comes to estate planning, and you may have certain ideas while your spouse has others. If you are married and you can’t come to an agreement with your spouse with regard to the proper course of action when you are planning your estate you could consider entering into a post-marital agreement. Everyone has heard of the premarital …
What Is a “Wait a While” Trust?
There are multiple different types of trusts that can be utilized to great advantage when you are planning your estate. They serve different purposes, with some of them being designed to provide tax efficiency. One of these is the charitable lead trust. A non-grantor testamentary charitable lead trust is sometimes called a "wait a while" trust. These devices are rather complicated, so the best way to learn about them is to consult with a licensed estate planning attorney in person. You can …
Larry Hagman Foundation & Legacy Planning
Fans of television during the 1960s through 1980s certainly remember the impact that Larry Hagman had on the entertainment industry. The legacy of the actor, who died on the day after Thanksgiving at the age of 81, will live on through his extraordinary body of work. Hagman first rose to stardom via the character Anthony Nelson in the I Dream of Jeannie sitcom. Subsequently he landed the role of J.R. Ewing in the dramatic series Dallas, and he captured the imagination of the masses as this …
Unusual Estate Tax Case Finally Resolved
The esteemed art dealer Ileana Sonnabend passed away in 2007. At that time she was in possession of an art collection valued at around $1 billion. When you consult with a local Long Island estate planning attorney he or she will emphasize the impact that the estate tax can have on your legacy. This case gives you an idea about just how severe it can be. The children of Ileana Sonnabend had to pay out $471 million to cover estate taxes on both the federal and the state level. It would be …
Estate Administration: Consider Practical Realities
The process of estate planning can on the surface seem like a matter of executing legal documents. It is indeed important to draw up a last will or create a trust to direct the future transfer of your financial assets. One should also have a living will and the appropriate durable powers of attorney to prepare for the possibility of incapacitation. The above having been emphasized you should also consider the matters of incapacity planning and estate administration and the practical …
Beneficiary Can “Stretch” Individual Retirement Account
The process of retirement planning can involve contributing into an individual retirement account over an extended period of time. With these accounts you can accumulate resources that you can utilize as a financial underpinning during your senior years. With the traditional IRA you make contributions before paying taxes. As a result, when you receive distributions eventually they are subject to taxation. Similarly, if there was a remainder in the account after you passed away your …
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