Earlier this week we shared information on the latest challenge to the U.S. Defense of Marriage Act (DOMA), Windsor v. United States. While the case awaits final resolution, many are working to spread information about the story behind the lawsuit. The goal is to better explain to the community at…
http://www.washingtonpost.com/lifestyle/style/edie-windsors-fight-for-same-sex-marriage-rights-continues-even-after-partners-death/2012/07/19/gJQARguhwW_story.html In the wake of the passage of marriage equality laws in our state, many assumed that the issue was settled for New York’s same-sex couples–they would be treated the same as all other couples in our state. Not so. Our New York estate planning attorneys are acutely aware of…
A recent Forbes article put out yet another call for residents to take stock of their estate planning details by the end of the year to take advantage of a favorable tax situation that may be gone soon. The story notes that interest in the gift and estate tax rates…
The National Association of Personal Financial Advisors was recently polled to get an idea of common surprises encountered by their clients–those planning for retirement. A a Chicago Tribune article highlighted one of the most common responses from those advisors: a failure to appreciate the need to set aside significant income…
This weekend Lake County News published an interesting story noting how so many community members spend more time planning their summer vacation than their inheritance and long-term issues. Think about it: how many different contingencies are accounted for when heading away from home for a one to two week trip?…
One of the more unique estate planning feuds in recent memory remains under investigation, three years following the death of the family matriarch that started the debacle. While few families descend into physical violence, our New York estate planning lawyers appreciate that this case is a stark reminder of the…
Our New York estate planning attorneys frequently remind residents that it is important to update an estate plan following major life changes, such as a divorce or marriage. However, that basic advice may be misleading, because in some cases it is crucial to consider updating the plan before the major…
Taxes undoubtedly play a determinant role in New York estate planning. Understanding how assets can be transferred and passed on while incurring the lowest tax burden is crucial. Yet, it is a drastic oversimplification to assume that planning involves only looking at taxes. The “human” element is often even more…
No legal news item last week was bigger than the U.S. Supreme Court’s decision to uphold virtually the entirety of the Affordable Care Act (so-called “Obamacare”). In a move that surprised many observers, in a 5-4 decision the Court deemed the controversial “individual mandate” portion of the measure constitutional on…
Most local residents understand that a New York estate plan needs to be updated to account for changing life circumstances. If one is divorced, has a child, has a falling out with a relative, acquires a significant asset, or experiences countless other life changes, then planning documents need to be…