NY Right of Election

Don’t You, Forget About Me: No You Cannot Disinherit a Spouse

Does a Spouse have a Right to Inherit? New York does not allow a spouse to be disinherited. Children, yes. It has not always been the case that spouses were protected over children. Some countries, and even Puerto Rico, still have forced heirship laws, mandating assets to pass down the blood line. But New York …

Don’t You, Forget About Me: No You Cannot Disinherit a Spouse Read More »

Estate Planning & Divorce

Pending Divorce? Run, Don’t Walk, to your Estate Planning Attorney

Estate Planning Changes after a Divorce or Separation The literal meaning of divorce is to “turn to different ways.” Once the decision is made to part ways, the physical and emotional separation is usually immediate, but the legal severing of ties can take months, if not years. Even in the most amicable divorces, does anyone …

Pending Divorce? Run, Don’t Walk, to your Estate Planning Attorney Read More »

Estate Planning for Musicians

Estate Planning for Musicians

New York is a mecca for the arts and there are approximately 12,000 professional musicians living in New York City and countless others just breaking into the music business. This includes studios musicians, band members, opera singers, soloists, hip hop artists, Broadway performers, orchestra musicians, composers, and songwriters. In addition to having the same estate …

Estate Planning for Musicians Read More »

Estate Planning Artists

Estate Planning for Artists : A Primer

Many of my clients are artists and their estate planning involve unique issues surrounding both practical hurdles and intellectual property matters. Artists worry about their creations and how they will fare in the world after they are gone – much like they would their children. This is a legitimate concern and I thought it would …

Estate Planning for Artists : A Primer Read More »

What is New York’s New Power of Attorney Form?

New York’s New Power of Attorney Starting June 13, 2021, New York State will enact a new statutory Power of Attorney. This new law requires a different form to be used for all Power of Attorney documents executed on or past this date. So, is this new law necessary and, more importantly, do you need …

What is New York’s New Power of Attorney Form? Read More »

Estate Planning for Minors

How to Appoint a Guardian for your Child

Naming a Guardian for Your Child I do not know if it is because people are having children later in life or they are more sophisticated (don’t they go hand in hand?) but they are definitely more responsible than parents of my generation (in the 70’s we didn’t have car seats and people still smoked …

How to Appoint a Guardian for your Child Read More »

Step Up in Basis

What is Basis and Why You Should Care

This dilemma may fall under the first world problems category. Nonetheless, I am sure even the most progressive among us can agree that a nearly 40% tax on proceeds from a brilliant investment you made decades ago (hello investing in a building in Bushwick or Amazon in the 1990s) is a bit excessive. I, for …

What is Basis and Why You Should Care Read More »

IDGT

The Fully Functional Intentionally Defective Grantor Trust

What is an Intentionally Defective Grantor Trust? Why would an attorney suggest an intentionally defective trust? It is certainly better than an unintentionally defective grantor trust, believe me. These types of trusts are referred to as IDGTs because the grantor intentionally retains enough power over the trust assets  to cause the grantor to be treated …

The Fully Functional Intentionally Defective Grantor Trust Read More »

Gifting & Taxes

Avoid Gifting One Tax for Another : Estate Tax, Capital Gains & Gifting

Estate Tax, Capital Gains & Gifting There is a balance that must be struck between capital gains taxes and estate taxes. One of the simplest and cost-effective means of reducing estate taxes at death is gifting while alive. Anyone can move cash out of their estate by gifting up to the IRS annual exclusion amount …

Avoid Gifting One Tax for Another : Estate Tax, Capital Gains & Gifting Read More »

Big Changes to Medicaid Home Care Effective October 1, 2020

New York Community Medicaid Changes In April 2020, amidst the beginning of the COVID-19 pandemic the New York State Legislature passed the 2020-2021 budget. Every year the governor threatens to slash the Medicaid budget and considering the dire fiscal straits, it is not surprising that significant changes to Medicaid were passed. These changes will adversely affect …

Big Changes to Medicaid Home Care Effective October 1, 2020 Read More »

Covid emergency planning

Wills and Trusts: Why the Revocable Trust Wins

Wills vs. Trusts Before the Covid-19 pandemic, I used to talk clients out of revocable living trusts – unless there was a serious enough “trigger” that necessitated the added expense and retitling of assets. In order for a Trust to make sense to my younger clients especially, multiple boxes had to be checked. However, the …

Wills and Trusts: Why the Revocable Trust Wins Read More »

Advance Directives

Why Covid-19 Has Made Advance Directives Crucial

The Trifecta: Power of Attorney, Healthcare Proxy and Living Will Although attorneys have long advised that anyone over the age of eighteen needs advance directives—Health Care Proxy, Living Will, Durable Power of Attorney, nomination of guardian if you have minor children—we contemplated life changing events particular to a single person not a global event that …

Why Covid-19 Has Made Advance Directives Crucial Read More »

Scroll to Top