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 [...]
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 [...]
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 [...]
Getting old and getting sick can place an enormous strain on families. With nursing home costs in New York often exceeding $12,000 a month, many elderly patients who need nursing home care simply cannot afford it. Some turn to their adult children to care for them at home while juggling their work and other family [...]
Dan L. Duncan, a Texas billionaire, described by Forbes as the 74th richest person in the world, died unexpectedly from a brain hemorrhage in 2010. His untimely death generated a number of reports by the media, noting that from an estate taxation perspective, his timing couldn’t have been better. In that year, Congress failed to [...]
Petitioning The NY Court For Guardianship Most people are able to manage their lives, jobs, relationships, and property. At times, however, either because of physical or cognitive impairment, or because of the debilitation of age, some are unable to manage. When this happens, the law provides a possible solution in the form of a guardianship. [...]
The lives of the rich and famous proceed in the public eye. Press coverage of their doings is no longer only the province of the tabloids, but also appears in more mainstream magazines, TV news outlets and websites. Most celebrity lives, however, do not provide us lessons for our own lives. In death, however, there [...]