Articles Posted in Wills

A durable power of attorney is a legal document that authorizes an individual to legally act on behalf of another individual. The individual granting the authority to someone else to act on their behalf is referred to as the principal, and the individual being given the authority is referred to as the agent. Executing a…

The primary reasons for making a will are: (1) to leave your property to those about whom you care in the manner and proportions you choose; (2) to choose the person(s) you want to handle your estate (i.e., executors and trustees); (3) to name a guardian for your minor children; (4) to determine how assets…

The origin of estate planning as an active force in asset conservation can be traced back to the 15th century and the English feudal system. Under that system, the primary property owner or lord of the manor, in exchange for a lifetime of faithful service and allegiance, allowed individuals to hold legal title to portions…

While virtually every American is familiar with the federal income tax, the U.S. Internal Revenue Code contains another system of taxation related to individual wealth: the taxation of the passage of wealth through gratuitous transfers of property by individuals. This overall area of federal taxation is embodied in three separate, but interrelated “taxes”: the estate…

In a common law state (like New York State), an individual whether married or single, is a separate individual with separate legal rights to property and separate tax obligations. Common law states are typically referred to as “separate property” states. In a community property state (like California) a married couple each owns an undivided one-half…

It is important to review your estate plan at regular intervals. While every family situation is different, it is generally advisable to review your estate plan at least every three to five years or sooner if any of the following events are applicable to your situation: Reviewing your estate plan regularly (and when major life…

A testamentary trust is a trust contained in a will. A will can contain one or many testamentary trusts each serving its own unique purpose. For example, a testamentary trust can be created to manage the inheritance of a minor child, or manage the inheritance of an individual with disabilities, or even manage the inheritance…

As relayed by the staff at the New York County Surrogate’s Court: As part of the measures adopted by the NYS Unified Court System to combat the spread of COVID-19, the following actions are being implemented by the New York County Surrogate’s Court effective April 13, 2020: At this time, the court is addressing all…

The laws in New York formerly required people to be in the same room to sign or witness documents like wills, trusts and powers of attorney. On March 7th Governor Cuomo issued an expanded emergency order that enables us to get documents signed, witnessed and notarized 100% by video conference. No need for anyone to…

Internal Revenue Code Section 6166(a)(1) provides that an executor may elect to pay all or a portion of the estate tax attributable to a closely held business in two (2) or more equal annual installments (no more than 10 annual installments are allowed). Requirements to qualify: An interest in a closely held business is defined…