Trusts & Estates

Got a Charitable Interest? Revisiting the Registration Requirements for Charitable Estates and Trusts
March 22, 2023 | Joseph T. La Ferlita | Nicholas G. Moneta | Trusts & Estates

Joseph La Ferlita and Nicholas Moneta authored the article “Got a Charitable Interest? Revisiting the Registration Requirements for Charitable Estates and Trusts” for the New York State Bar Association’s Trusts and Estates Law Journal.

“Frequently, estates and trusts have charitable beneficiaries. Trusts and estates attorneys should familiarize themselves with the rules that require certain estates

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Estate Planning Lessons from the Presley Family
March 21, 2023 | Wendy Hoey Sheinberg | Lisa Bordoff Procopio | Trusts & Estates

Attention-grabbing headlines declare that Priscilla Presley is challenging Lisa Marie Presley’s trust. The facts of the case, as they appear in the court filing, are not as dramatic as the headlines, but the controversy surrounding Lisa Marie Presley’s estate highlights many of the potential pitfalls that can arise when estate planning occurs without the input

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Estate planning for the second marriage: Protecting the kids
March 6, 2023 | Patricia C. Marcin | Trusts & Estates

What is one of the things that kids from a first marriage worry about when their parent re-marries? The “evil” step-parent getting it all, of course. Many parents struggle with the problem of alleviating the fears of their children in this regard. There are steps you can take to ease their minds and your own.

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The War on A Decedent’s Real Property: The Uniform Partition of Heirs Property Act to the Rescue
February 24, 2023 | Real Estate, Zoning & Land Use | Trusts & Estates

Many individuals are considered “house rich, cash poor,” meaning that their biggest asset is their house. While some of these individuals have an estate plan in place, many do not and are unaware of the consequences. Without proper estate planning, heirs inheriting a house can find themselves in a precarious situation. Fortunately, a provision in

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New Year, New Estate & Gift Tax Exemptions
February 22, 2023 | Patricia C. Marcin | Trusts & Estates

As we turn the calendar to 2023 and the holiday gift-giving season is behind us, now is the time to consider this year’s changes to the estate and gift tax exemption. You may recall from earlier columns that the estate and gift tax exemption is the amount of money or assets the government lets you

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Can You? Should You? When Your Trusts and Estates Client Crosses New York State Lines
January 31, 2023 | Jennifer F. Hillman | Trusts & Estates

By Jennifer Hillman and Jill Choate Beier

For years trust and estate practitioners have shared their concerns that New York’s high taxes are pushing wealthier residents to move out of state. In fact, an analysis released this year by New York City’s Independent Budget Office showed an 11% decline in the number of city taxpayers

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The LICF: The Easy Way to Charitable Giving
January 18, 2023 | Patricia C. Marcin | Trusts & Estates

One of the easiest ways to give to charity and one of the best-kept “secrets” is to open a fund at the Long Island Community Foundation (LICF). A community foundation is a public charity that connects you to a variety of other
charities, and most often, there’s one right in your own neighborhood. Opening

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Wendy and Jen Wreck the Movies: How the Grinch Stole Christmas (1966), or “It Ain’t Over til All the Whos in Whoville Sing”
December 15, 2022 | Jennifer F. Hillman | Wendy Hoey Sheinberg | Trusts & Estates

What Happened:

The Grinch lives alone in a mountaintop cave with his dog, Max, and no medical attention for his undersized heart and oversized unpleasantness. The Grinch observes the noisy holiday festivities of Whoville from afar. The happy racket fuels his anger and furthers his feelings of isolation. In a misguided attempt to salve his

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Wendy and Jen Wreck the Movies (And the Books They Are Based On): Howards End (1992), or “Estate Planning Should Not Wait Until the End”
November 17, 2022 | Wendy Hoey Sheinberg | Jennifer F. Hillman | Trusts & Estates

What Happened:

Margaret Schlegel and Ruth Wilcox bond over Christmas shopping, their shared attachment to their respective childhood homes and familial loyalty. Ruth enchants Margaret with stories of her ancestral home, Howards End. Ruth confides in Margaret that her husband, Henry, and children do not share her connection or affection for Howards End. They are

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Joint and Designated Beneficiary Accounts: BEWARE!
November 14, 2022 | Patricia C. Marcin | Trusts & Estates

Your friendly neighborhood branch banker suggests that you change all your accounts to either joint with your kids or to
name your kids as beneficiaries on all your accounts (a “pay on death” beneficiary designation). She says this will make the administration of your estate when you die much less complicated and easier for

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