Articles Posted in Estate Planning

If a deceased taxpayer was a party to a financial arrangement providing that income which he earned is to be paid after his death to his estate or his heirs, such income is referred to as “income in respect to a decedent” (“IRD”). Income which the taxpayer was unconditionally entitled to receive prior to his…

A will is a legal document that sets forth your wishes regarding the distribution of your estate and the care of your minor children after your death. A last will and testament is among the most important legal documents that you will ever sign. Wills are the foundation of your estate plan and help protect…

1. Failure to Make a Proper Will or Living Trust and Revise It Periodically By failing to prepare a will or revocable living trust, a decedent surrenders the right to distribute his or her property and allows the state to assume that task. A will or revocable living trust enables the decedent to control the…

New York State has an estate tax on the transfer of property at death. New York State does not have a gift tax. But, since April 1, 2014, gifts made by N.Y. residents, within three years of death are “clawed back” (that is, they are brought back into the New York taxable estate and subjected…

Mr. Rice formed a trust for the benefit of his children in his home state, New York, and appointed a New York resident as the trustee. Under the terms of the trust the trustee has “absolute discretion” to distribute the trust’s assets to the beneficiaries. In 1997, Rice’s daughter, Kaestner, moved to North Carolina. North…

A number of New York State legislators are sponsoring A 2694 / S 3947, Medical Aid in Dying Act. The bill would allow qualified, terminally-ill adult residents of New York to legally obtain a prescription from their physician for medications to end their life peacefully, in a dignified way, at the place and time of…