Popular Articles

19 February, 2021

Estate Planning Law Articles

Why are Charitable Remainder Trusts becoming popular after the SECURE Act? Because these types of trusts are income tax exempt. Accordingly, if you name your Charitable Remainder Trust as the beneficiary of your IRA, at your death, your estate receives a charitable deduction for the portion that is attributable to the charity. Only when your beneficiary receives a distribution from the trust, will the income portion of the distribution be subject to income tax. Continue reading →

Any divorce, regardless of the amount of assets of the couple, involves changes to the legal status between two individuals that will have a natural effect on your estate plan. Meeting with your estate planning attorney and having that attorney coordinate with your matrimonial attorney can prepare you for the most positive outcome. With input of both attorneys, you will be able to understand what changes you can make and at what point in the process you can and should make the changes. Continue reading →

29 March, 2021

Probate Law Articles

When a co-owner of real property passes away, what happens next depends on how the co-owners took title to the property. Upon the death of a co-owner, it is necessary to review the last deed of record to make this determination. There are three ways to own property in New York as co-owners: tenants in common, joint tenants with rights of survivorship or tenants by the entirety. Continue reading →

24 March, 2021

Trusts Law Articles

A credit shelter trust (CST) is an estate planning tool used for married couples to help reduce, if not eliminate, estate tax due at the death of the surviving spouse. Continue reading →

In general, a person cannot be removed from a deed without his or her consent and signature on a deed. Absent legal action with a court order, such as a foreclosure or a partition action, the only way an owner’s interest in real property can be transferred is by a properly executed, acknowledged and recorded deed conveying that owner’s interest to a new party. If two or more people own real property jointly as tenants in common, a co-owner is unable to remove the other co-owner by executing a new deed – a person can only convey what they own. A title company will search all transfers to certify the record owners and those with an interest in the property will be required to execute the deed to the purchaser. Continue reading →

17 March, 2021

Probate Law Articles

Even if someone passes away with an estate below the federal estate tax exemption amount of $11.7 million dollars, if married, the estate should consider filing an estate tax return to capture the deceased spouse’s unused exemption amount. In 2017, the Tax Cuts and Jobs Act increased the federal estate tax exclusion amount for decedents dying in years 2018 to 2025. The exclusion amount is for 2021 is $11.7 million. This means that an individual can leave $11.7 million, and a married couple can leave $23.4 million dollars to their heirs or beneficiaries without paying any federal estate tax. This is a good thing because the federal estate tax rate is 40 percent. Continue reading →

Generation Skipping Transfer Tax (GSTT) is the tax imposed on transfers made to grandchildren, or individuals (other than a spouse) who are at least 37 ½ years younger than the donor of the gift. GSTT sounds complicated, and can be complicated, but the concept is simple. The tax was instated in 1976 to prevent wealthy individuals from leaving assets to their grandchildren as a way to avoid estate taxation twice – once when they leave assets to their children and then again when their children leaves assets to their children. Continue reading →

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