As a general rule, a will must be in writing and properly witnessed to be valid in New York. You should assume that this is the sort of will you will need to make to ensure that your property is disposed of as you wish. Unlike many states, New York does not generally recognize handwritten, [...]
If you are a parent, you probably already know how a baby can change your life. But what you may not know is how the birth or adoption of a child can radically upset an estate plan. What is a pretermitted child? A child who is born after someone makes a will but before the [...]
Important life events — like births, deaths, marriage and divorce — are a good time to revisit your estate plan. (Or make a plan for the first time!) Sometimes, however, a divorced person dies without ever having changed the will that left most or all of their estate to someone they are no longer in [...]
Some of your most precious possessions may be collections of items you have accumulated over your lifetime. You have probably put a great deal of thought into who should receive these collectibles as part of your estate plan. But have you considered the tax consequences of the eventual sale of these items? Gifts of collectibles [...]
If you write a will, one of the most important decisions you make will be choosing the executor. The executor is the person in charge of presenting the will to the court and carrying out your wishes as expressed in the will. A New York elder law attorney can help you make an appropriate choice. [...]
For a variety of reasons, you may not want to leave your spouse anything from your estate when you die. For example, you might wish to give all of your property to your children or a charitable cause, and your spouse might have adequate assets of their own. A spouse is also sometimes omitted from [...]
If you die without a valid will, New York’s law of intestate succession will determine who receives your property. If you want your property to go to any non-relatives, such as friends or charities, you must make a will. A New York elder law attorney can assist you in ensuring your property goes where you [...]
For 2013, only estates worth more than $5.25 million will owe federal estate taxes. But New York residents, and non-residents owning property in New York, may be surprised to learn that the State of New York imposes estate taxes on much smaller estates — those worth $1 million or more. Given that current median home [...]
The rising costs of health care in the United States make it difficult for many Americans to get medical treatment. In fact, a recent study of older unemployed workers by the National Bureau of Economic Research found that Americans in their fifties who lose their jobs and their health insurance during an economic recession cut [...]
Here is one example of a celebrity who apparently did just that. When Rocky Aoki, the founder of the Benihana chain of restaurants, died in 2008, he left behind a huge empire of restaurants and a fractious relationship with his family. At the time of his death, he had effectively disinherited his children and left [...]