A charitable remainder annuity trust or CRAT as is it more commonly known is a type of irrevocable trust that is used to pass on property to a charity while still receiving an income from the assets in the trust. The way it operates is that a fixed amount of…
In order to make and execute a valid will under New York law, a person must meet certain requirements. One of these requirements is that the testator or person creating his or her will have testamentary capacity. Testamentary capacity refers to a person’s ability to understand and execute a will.…
Making an estate plan tends to be something people ignore until the last minute. These documents are considered important, but only for those who are old or dying. Why would a person under 40 need an estate plan? Estate planning is a safety net. It is there if the unthinkable…
Parents believe that leaving their children the family home is a great boon but experience shows that beneficiaries are not happy with the bequest. For many people in the United States chances are that their house is their most valuable asset. It makes sense then for most parents to leave…
Newly proposed IRS regulations meant to curb common estate and gift tax planning tactics is being met with a firestorm of resistance from financial advisers and estate planners across the country. The proposed regulations (REG-163113-02) place limitations on the use of current valuation discounts that reduce the overall value of…
It is common knowledge that in order for a New York will to be valid that there must be other people to witness you signing your will as well as putting down their own signatures on your will. Despite this knowledge though improper execution of the will is the most…
The Durable Power of Attorney is a powerful estate planning tool that everyone should have. Properly drafted, a Durable Power of Attorney allows for the right person to be able to manage your affairs when you are physically or mentally unable to do so. However, a Durable Power of Attorney…
Beneficiaries Often Treat An Inheritance As A Windfall And Spend It As Such You spend your entire life working hard, accumulating wealth and you want to pass it onto your children, to provide for them and their families after you have passed. But will they appreciate your life’s earnings or…
An Often Overlooked Power in Durable Power of Attorney Documents Your elderly mother lives and intends to continue residing in Florida. You live in New York. She becomes mentally incapacitated and you move her in with you to take good care of her. You are her agent as designated by…
Nearly 55% of American adults die without a will or estate planning documents. This lack of planning can cause years of stress and heartache for your surviving family members and heirs. If you die without an estate plan in place, your family may be subject to: Attorney expenses and court…