Articles Posted in Wills

For federal gift tax purposes, the value of a gift of property is the fair market value of the property at the time of the gift. Where property is transferred for less than full consideration, the amount by which the value of the property exceeds the value of the consideration is considered a gift and…

What is a trust? A trust exists when one person (the trustee) holds title to property for the benefit of another person (the beneficiary). A person called the grantor (also known as the settlor or trustor) creates the trust and transfers property in the trust. The grantor, trustee, and beneficiary can be different people. It…

For federal estate tax purposes, the terms “spouse,” “husband,” and “wife” includes individuals of the same sex who were lawfully married. However, the terms “spouse,” “husband,” and “wife” do not include individuals (whether of the opposite sex or the same sex) who have entered into a registered domestic partnership, civil union, or other similar formal…

The Federal Estate Tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the time of your death. The total of all of these items, valued at their fair market value, is your “Gross Estate.” The property…

The New York Attorney General’s Charities Bureau protects the public interest in charitable gifts and bequests contained in wills and trust agreements. Which estates must register? Estates When a will makes a bequest to charity, the estate must register with the Attorney General. Are any charitable estates exempt from registration? Registration is not required if…

In New York State, the Surrogate’s Court decides what happens to a person’s property when that person dies. The Judge in Surrogate’s Court is called the Surrogate. The person who died is called the Decedent. That person’s property is called the estate. When a person dies and leaves a Will then they died testate. If…

The spousal right of election must be made within 6 months from the date of the issuance of letters testamentary. New York Estates Powers and Trust Law (EPTL) Section 5-1.1-A provides a right of election for the surviving spouse to take a share of his or her spouse’s estate, no matter what the will provides.…

You may have read or heard news about two bills recently introduced in the Senate that, if enacted, could have a significant impact on many estate plans. I am writing to you, as a valued allied professional, to provide you with some additional information on these proposals, and the effect they may have on estate…

It has been this authors experience that the engagement agreements of many divorce attorneys specifically disclaim the divorce attorney’s responsibility for any tax or estate planning issues involved in the divorce settlement. When divorce occurs, there are important tax law and estate planning issues that need to be addressed. — especially by high net worth…

ABATEMENT Cutting back certain gifts under a will when it’s necessary to meet expenses, pay taxes, satisfy debts or take care of other bequests that are given priority under law or under the will. ADEMPTION The failure of a testamentary gift of real or personal property due to the absence of the item given in…