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… Read More »
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… Read More »
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…. Read More »
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… Read More »
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… Read More »
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… Read More »
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… Read More »
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… Read More »
For many people, the word probate conjures up fears that their hard-earned money and property will disappear after their death into the black hole of court costs and lawyers fees, dragging their heirs through a long, torturous and painful process. As a result, many people look for ways to avoid probate. The truth is that… Read More »
When it comes to wills and inheritance, New York works hard to create laws that are generally fair and even-handed for all parties involved. Thus, if a person dies without a will, there are rules for who inherits property. If a person writes a will, gets divorced, and dies afterward without changing the will, the… Read More »