We previously discussed the Supreme Court case Astrue v. Capato. At root in the case was the issue of whether or not children conceived after the death of a parent are entitled to federal survivorship benefits. It is important to note that this refers only to those whose actual conception…
Many senior residents have concerns about outliving their beloved pets. That concern can be met as part of a thorough New York estate plan. Our state allows residents to create “pet trusts” that work just like regular trusts. Individuals can transfer assets into these entities with the funds to be…
The economic recession of 2007 and 2008 hit many residents quite hard. Retired and those near retirement in New York were often hurt hardest as the values of many assets were decimated. Our New York estate planning lawyers appreciate that fears about outliving one’s money are very real for thousands…
Two of the most common claims local seniors give for failing to visit with a New York estate planning lawyer are: (1) I do not have much wealth, so I don’t need fancy planning. (2) I just want my children to split everything and make decisions together. Neither of these…
Some local residents might be tempted to come up with short-cut methods of New York estate planning. Unfortunately, many of these efforts not only fail to work as intended, but they may actually lead to many unintended consequences. For example, some senior residents may be tempted to protect their family…
New York estate planning is a family affair–husbands, wives, children, grandchildren and others all have a stake in ensuring that planning is done properly and timely. This might lead some to wonder whether each individual with a stake in the planning needs their own lawyer. In particular, in blended families…
TV Star Gary Coleman died unexpectedly nearly two years ago in May 2010. He was only 42 years old. Coleman had some previous estate planning measures handled, because his former manager was apparently named as executor and beneficiary of his estate as early as 2005. However, the plan does not…
A New York elder law estate plan usually includes a range of features, from a trust and pour-over will to a Power of Attorney and Health Care Proxy. Yet, no two plans are identical. While inheritance, retirement, and long-term care issues are common to all, the exact way to accomplish…
Most discussion about taxes and death involve the “estate tax.” This is a tax imposed on certain assets usually given to others as an inheritance by a deceased individual. However, after a passing there are still other tax issues that surviving family members have to deal with, even if estate…
Well-known architect and designer Eliot Noyes died thirty five years ago, in 1977. Some of his prized possessions were large mobiles by famous sculptor Alexander Calder. Calder was a personal friend of Noyes, and the artwork was commissioned especially to fit the family home. Upon Noyes’s death there was no…