Trusts & Estates

Does New York R-E-S-P-E-C-T Handwritten Wills?
September 18, 2023 | Patricia C. Marcin | Trusts & Estates

Aretha Franklin, the Queen of Soul, died in Michigan in 2018, leaving not one but two handwritten wills. The 2010 will was found in a locked cabinet, signed on every page and notarized, while the 2014 will, which the courts would usually view as superseding the first and which was written in a spiral notebook

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Decanting a ‘HEMS Only’ Trust in Favor of a Supplemental Needs Trust
September 11, 2023 | Joseph T. La Ferlita | Nicholas G. Moneta | Trusts & Estates

In 1992, New York became the first state in the nation to enact a decanting statute, namely, New York Estates, Powers and Trusts Law (EPTL) 10-6.6. The statute subsequently was modified several times. The 2011 amendment was notable because it greatly liberalized the statute’s application. Today, New York’s decanting statute is a tool frequently used

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Strategies for Giving to a Favorite Charity
July 6, 2023 | Patricia C. Marcin | Trusts & Estates

This article appeared in the Summer 2023 issue of  Conservation News, a publication of the North Shore Land Alliance.

You may already know about many of the amazing things the North Shore Land Alliance has done to protect our beloved Long Island. The mission of the Land Alliance is: “To conserve and safeguard Long island’s natural

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The Gallo Exemption: What It Is and Why You Should Know About It
June 15, 2023 | Joseph T. La Ferlita | Nicholas G. Moneta | Trusts & Estates

While the generation-skipping transfer (GST) tax is complex, most estate practitioners who regularly deal with it eventually obtain a level of comfort, if not an expertise, concerning it. Such practitioners counsel their clients about avoiding or minimizing exposure to the tax. Some of the typical tools in the arsenal involve the GST tax annual exclusion

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Back to Basics: Wills & Revocable Trusts
June 7, 2023 | Patricia C. Marcin | Trusts & Estates

I am often asked about the difference between wills and revocable trusts, so I thought it important to explain the purpose of each.

Wills and revocable trusts basically do the same thing – each is a document in which you give away your assets to your beneficiaries upon your death. Both can be revoked and

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Cocktails & Estate Planning are Not Necessarily Good Mixers
April 14, 2023 | Trusts & Estates

Oh, the things you hear at cocktail parties: “Everyone should have a revocable trust,” “It’s easy to change your residence to Florida for tax purposes – just count days and get a Florida license,” “Make all your trusts Delaware trusts to avoid state income taxes.” The efficacy of any of these pronouncements depends on each

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Accounting for Digital Assets in Your Estate Plan
March 29, 2023 | Wendy Hoey Sheinberg | Stella Lellos | Privacy, Data & Cyber Law | Trusts & Estates

The beginning of March marked the collapse of crypto-focused Silvergate Bank. That same month, the bank shut down its Silvergate Exchange Network, which allowed clients with holdings in digital currency to move U.S. dollars from their own account to the bank accounts of other Silvergate customers.

Cryptocurrency, nonfungible tokens and other digital assets and emerging

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What Trustees and Executors Should Know About FDIC Coverage
March 27, 2023 | Wendy Hoey Sheinberg | Nicholas G. Moneta | Trusts & Estates | Banking

Recent headlines about bank closures have prompted people to check their personal bank accounts to make sure the balances are under the $250,000 FDIC insurance limits. The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects depositors of insured banks against the loss of their deposits if an

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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 | 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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