New York inheritance planning involves passing on values as well as assets. No matter how large the family estate, most parents think long and hard about how their inheritance will affect the lives of their children. For many there are no easy answers to questions like how new wealth will…
Perhaps no New York estate planning effort has received more attention over the past few years than that of well-known New York hotelier Leona Helmsley. Upon her death in 2007 a scramble ensued to determine what would happen with her estate, estimated to be worth billions. As a post yesterday…
Virtually all local families have much to gain from taking the time to conduct proper New York estate planning. However, for some the need to ensure that future finances are in order and loved ones are secure indefinitely is a particularly strong necessity. Families who have children with special needs,…
Many seniors know that they need to get in touch with a New York elder law attorney to help update and handle matters related to their estate. Yet much of the actual work that those lawyers do is shrouded in mystery to the average community member. Some believe that it…
by Michael Ettinger, Esq. A couple came in to see me today for the husband’s 88 year old father who is a nursing home in Florida. They now wish to bring him up to New York to be nearer to the family. He has about $600,000 in assets, including his…
by Michael Ettinger, Esq. Commonly used in estate planning today, disclaimer trusts allow the surviving spouse great flexibility in optimizing estate tax savings. Here’s how they work. Each spouse sets up their revocable living trust. Husband and wife are co-trustees of his trust, using his social security number and, similarly,…
by Peter Lennington, Esq. This post by American Association of Trust, Elder Law and Estate member, attorney Peter Lennington, examines the unique planning requirements of families with children, grandchildren or other family members with special needs including the establishment of Special Needs Trusts. COSTLY MISTAKE #1: Disinheriting the child. Many…
Pioneered by Ettinger Law Firm, the IRA Contract solves a technical problem that arises when a spouse in a second marriage wishes to leave their IRA, or other qualified plan, to the husband or wife but also wants the unused funds to go to their children from a previous marriage…
With the economy improving, seasoned collectors are now watching the fine art estimates in New York’s upcoming auctions. Collecting art, a passion and hobby for many, is also a way to accumulate and transfer wealth for next generations. The disposition of art, however, should include careful planning with a trusted…
by Michael Ettinger, Esq. The year 2001 was a space odyssey in more ways than one. It was also the last time we faced Federal estate tax rates as high as 55%, and exempt amounts as low as one million dollars. Nevertheless, this appears to be what we are going…