Recent Publications - Trusts & Estates


11 Estate Planning Myths Debunked
July 25, 2018 | Trusts & Estates
Misconceptions about wills, trusts and estate planning in general abound. Here, we help you separate fact from fiction. 1.      Estate planning is only for the wealthy. Besides preserving and protecting assets, estate planning preserves dignity. It allows you to make decisions about your physical and mental healthcare while you are able to do so, before …
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New York Medicaid Trusts: The Devil Is in the Details
November 14, 2017 | Trusts & Estates
Irrevocable Medicaid trusts can be a powerful tool for families seeking to protect assets from the costs of long-term care, if drafted and administered properly. A failure of either can create bad blood within the tightest of families, with resulting financial repercussions, so the Suffolk County Surrogate’s Court reminds us in its September 7, 2017, …
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Electronic Wills and Digital Estate Planning: Still in the Concept Phase
September 29, 2017 | Trusts & Estates
For trust and estate attorneys, the big news this summer from Florida was not Hurricane Irma, but Governor Rick Scott’s veto of proposed legislation to legalize what are often called “electronic Wills.” These are Last Will and Testaments that are digitally created, signed and stored online or on a tablet, smart phone or similar electronic …
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New Medicaid Planning Tool
August 22, 2017 | Trusts & Estates
The most costly item in retirement isn’t housing; it’s healthcare. According to the AARP, some 70% of Americans will require long-term care during their lifetime. With nursing homes in New York costing $12,000 to $14,000 per month and the future of Social Security and Medicare unclear, many retirees risk financial ruin unless they have put …
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Planning For Long Term Care: The Irrevocable Income Only Trust
August 5, 2016 | Trusts & Estates
After many years of hard work, sacrifice and saving, most people look forward to a secure and stress-free retirement. Few, however, consider the probability of needing costly long-term care, either at home or in a nursing home. According to the AARP, approximately 70% of Americans will need some type of long-term care. Nursing homes in …
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Will Contests
May 31, 2013 | Trusts & Estates
In New York State, a Will of a deceased person is given legal effect only after it is admitted to probate by the Court.  In the event someone objected to the admission of the Will to probate, i.e. a Will contest, the Court must consider four issues: (1) Did the Testator have mental capacity to …
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IRS In the News
May 31, 2013 | Tax
Sequestration and the IRS Earlier this year, the previously little-known word of “sequestration” was catapulted to the forefront of the news because effective March 1, 2013 the American Taxpayer Relief Act of 2012 mandated an approximate $1 trillion spending cut for federal agencies over a 10-year period.  So, what exactly is sequestration and how does …
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Net Investment Income Tax
May 31, 2013 | Tax
The “Obamacare” tax on net investment income came into effect on January 1, 2013 although the guidance on the regulations under Section 1411 is not effective until after December 31, 2013. First and foremost – what is this new tax? Basically, taxpayers must add an additional 3.8% tax on the lesser of their net investment …
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Amending a Trust with a Power of Attorney
January 31, 2013 | Trusts & Estates
Under certain circumstances, a designated agent under a power of attorney (“POA”) has the authority to amend an irrevocable trust.  New York recently supported this authority in the Second Department case, Perosi v. LiGreci, 98 A.D.3d 230 (2012).There are many variables involved to determine whether an agent (also referred to as an attorney-in-fact) has the …
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Home Is . . . Where the Domicile Is? – Part II of a two-part series
January 31, 2013 | Trusts & Estates
In our fall newsletter, we advised you of the intense review given a residency audit.  In the second part of this article, we have outlined the following steps that should be taken to successfully transition into a new domicile: Declare your new state to be your place of domicile and residence in all forms or …
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