New York Estate Planning

A Team Approach to Financial Security

February 17, 2012

A successful estate plan is built on the collaboration of several professions working together to ensure that your goals and wishes are properly implemented.  Your team should include a CPA, a financial advisor, an insurance professional and an attorney specializing in estate planning and tax law.  The team of professionals you select should work well […]

Read the full article →

New York Holographic Wills Made by Military Personnel

February 16, 2012

A holographic will is one which is entirely written in the handwriting of the testator (the person making the will).  A holographic does not have to meet all of the formal requirements of a last will and testament under New York law. Why doesn’t everyone just write their own will in their own handwriting if […]

Read the full article →

New York State vs. Federal Tax Laws in Estate Planning

February 15, 2012

Every state has unique laws for estates which determine distribution and state taxes. The federal tax laws and state tax laws have in many areas different exemptions and requirements. Same Sex Marriage Rights in New York For example, in New Yorksame sex married couples have the same rights as heterosexual married couples. Conversely, federal law […]

Read the full article →

Estate Tax Philosophies of the 2012 Presidential Candidates

February 14, 2012

The current estate, gift and generation skipping transfer tax laws are set to expire at the end of 2012.  The President and Congress will have to decide whether they extend the current laws or implement new laws. Politicians have been arguing about the value of the “death tax” for many years.  The U.S. Department of […]

Read the full article →

Politics and Estate Taxes

February 13, 2012

Estate Taxes Change with New White House Administration With each new administration in the White House and new Congress there are new tax laws and changed agendas.  In 1937 whenAmerica’s first billionaire John D. Rockefeller died, the estate tax was 70%! Estate taxes have fluctuated over the years but have decreased over the last decade […]

Read the full article →

The Will: Family Secrets Revealed

February 9, 2012

There is a television program airing on Oprah Winfrey’s new network called “The Will: Family Secrets Revealed”. The title alone should inspire people to get their estate plans in order and avoid litigation over an estate but if the title doesn’t do it, watching just one show will probably have you picking up the phone […]

Read the full article →

Estate Litigation can be Complex

February 3, 2012

The Hadley case inRhode Islandwhich was decided in 2005 is a well-known case for good intentions gone awry in estate planning. Art Hadley created a trust for his adult children and his wife. When he died his wife established a trust of her own which named their children as beneficiaries along with common provisions in […]

Read the full article →

Lawsuits Filed Against an Estate

February 2, 2012

In our last post we discussed people who make claims against an estate as a beneficiary. It is also possible for a lawsuit to be filed against an estate.  Lawsuits occur against estates for a variety of reasons. One example is a lawsuit filed against the estate of a reckless driver who passed away as […]

Read the full article →

What is a Claim against an Estate?

February 1, 2012

Claims Made Against Estates When someone claims an asset in an estate belongs to him/her but it is not left to him/her in the will or any trust document, he/she may make a claim against an estate. Similarly, if a person is owed money from the decedent or if a person wants to sue the […]

Read the full article →

Organize Your Paperwork in January

January 18, 2012

In order to create an accurate estate plan, people need to organize their documents and take a complete inventory of all their assets and liabilities.  Creating an inventory not only helps in creating an estate plan, but it helps in getting a handle on eliminating debt and may help in uncovering assets which haven’t been […]

Read the full article →