Search Results for: new york will

In order to keep the wealthy and elderly citizens residing in the state, New York recently raised its state estate tax exemption to five million dollars, up from the mere one million dollar limit of previous years. Matching the federal exemption level, many people in the state were thrilled that their estates were now shielded […]

For many New Yorkers, the term ‘trust‘ continues to invoke visions of the super wealthy. Similarly, terms like “trust fund baby” are used to refer to spoiled, rich individuals who do no work on their own and simply live off their parents savings. The connotation is always negative. As our estate planning attorneys often explain, […]

Many people know that having a will is necessary in order to properly ensure the deceased’s wishes are followed and desired transfers are carried out once they are gone. However, the importance of having the proper documentation in place does not end there. Careful estate planning is crucial to a will being upheld as valid […]

We often discuss the importance for local families to account for the New York estate tax. Far more media coverage is given to the federal tax, and some local residents are under the mistaken assumption that the state law mirrors the federal. It currently does not. Even families who do not have asset to trigger […]

New York residents are urged to craft an estate plan so that their assets are passed on per their own wishes–and not based on arbitrary state laws. Unless you explicitly make your desires known, then all decisions will be left up to others. However, there are actually a few rare instances when the law explicitly […]

Some New Yorkers eschew an estate plan because they assume their wishes are very simple. “I just want the kids to split it” is a common refrain. For one thing, default rules in the state do not automatically mean that children will split a parents’ assets. The only way to do that is by ensuring […]

Property rights and rules are some of the most complex (and arcane) areas of the law. Of particular importance for estate planning purposes, property rules allow different individuals to each have different “interests” in the same piece of property. It is not necessarily as simple as one person owning each piece property. This presents unique […]

This week we discussed the growing belief among policymakers that estate tax changes are on the way for New York. Governor Cuomo proposed changing the exclusion rate for the NY estate tax up to the federal level ($5.25 million now and pegged to rise with inflation). This would be accompanied by a lowering of the […]

There will soon be a new chief in town when it comes to monitoring the activities of New York charitable organizations. According to a report last week in the Wall Street Journal, James Sheehan was named the head of a state agency known as the Charities Bureau. This entity may not be a well-understood by […]

New York State, known as one of the heavier tax-imposers in the country particularly when it comes to estate tax, may soon be more appealing to retirees. New York may be following on the heels of the federal government’s revamped estate tax codes, which raised exemption amounts to levels that effectively omitted the vast majority […]

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