Trusts & Estates
June 16, 2022 | Jennifer F. Hillman | Wendy Hoey Sheinberg |
What Happens?
In a twisted psychological experiment, Allison and Peter Novak set up their friends Holly Berenson and Eric Messer (a/k/a Messer) on a date. Holly and Messer are as incompatible as pineapple and New York pizza, and the matchmaking experiment predictably tanks. The Novaks cannot leave well-enough alone, they double down and pull an
Read MoreMay 19, 2022 | Wendy Hoey Sheinberg | Jennifer F. Hillman |
What Happened:
Henry Hobson is a widowed blowhard who fancies himself superior to everyone because he owns a shoe business. Hobson’s daughter Maggie actually runs the business, but Hobson does not pay her.
Hobson is downright nasty to most of the people in his life. He demeans Maggie and tells her she is too old
Read MoreMay 6, 2022 |
Jennifer Hillman’s and Joseph La Ferlita’s article, “SSHHH! Should Trustees Speak Up About Quiet Trusts?” was published in the New York State Bar Association Trusts and Estates Law Section Journal.
Although some may question whether financial modesty is a virtue, there is no requirement that parents disclose their net worth to their children. However, the
Read More| Patricia C. Marcin |
Crypto assets (such as non-fungible tokens, or NFTS) and cryptocurrencies (such as bitcoin) are types of digital assets, which are typically transmitted by means of blockchain technology. (I know, this makes my brain hurt, too!) Crypto assets are growing in popularity as an investment class, and you may already own some or may be thinking
Read MoreApril 21, 2022 | Jennifer F. Hillman | Wendy Hoey Sheinberg |
What Happened:
Montgomery Brewster’s minor league baseball career is fizzling. Optimistic Brewster believes his big break is just around the corner, but the break he gets is not the one he expects.
Brewster’s previously unknown great-uncle Rupert Horn dies leaving Brewster $300 million – but only if Brewster can spend $30 million in 30 days
Read MoreMarch 30, 2022 | Patricia C. Marcin |
New York has an “estate tax cliff,” which can result in heirs paying New York estate tax at a rate exceeding 100%. The current per-person NYS estate tax exemption is $6.11 million, which is the amount you can leave to your heirs at your death without paying NYS estate tax. If your taxable estate, however,
Read MoreMarch 17, 2022 | Wendy Hoey Sheinberg | Jennifer F. Hillman |
What Happened:
Uptown Girls begins as all fairy tales should:
“There was once a princess who lived in a castle high above the streets of an enchanted kingdom (New York). The king and queen were long gone but they left her with their treasure so that she could stay a princess forever…”
Some people thought
Read MoreMarch 1, 2022 | Patricia C. Marcin |
We were all set for big changes in the federal estate and gift tax laws last year and, by the end of the year, almost nothing changed. Who knows what changes will ultimately come down the pike when Congress finally becomes functional, and when those changes will take effect? For now, we’ve escaped the reduction
Read MoreFebruary 17, 2022 | Wendy Hoey Sheinberg | Jennifer F. Hillman |
What happened
Sanford Babbitt, Charlie Babbitt’s estranged father, died. Charlie returns home and finds out he is only receiving a car and prize-winning roses, and that all of his father’s other assets have been left in trust for the benefit of an unnamed individual.
Eventually Charlie finds out he has an older brother named Raymond
Read MoreFebruary 7, 2022 | Patricia C. Marcin | |
It has been a long, cold winter, and many of us are yearning for warmer weather. With New York’s fiscal crisis due to the pandemic, and the prospect of higher taxes, many are thinking about changing their primary residence to a warmer and “friendlier” taxing jurisdiction. While an easy topic of cocktail party talk, changing
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