As of January 1, 2016, the amount of money which you can leave to your family and friends at death-- the “unified credit”-- is $5,450,000 at the federal level. This credit may also be used to make gifts while you are alive.  Most states impose their own estate tax and/or inheritance tax so one...

The mere mention of the word “probate” usually engenders a rather negative reaction. For many people, the word conjures up visions of extensive delays and enormous expense involved in settling an estate.  Seminars promoting living trusts are pervasive and they promote the misconception that probate is an evil to be avoided.

The truth is that...

A very common mistake clients make, in their estate planning, is that they name grandchildren, or other persons under the age of 18, as the beneficiary of their retirement accounts, annuities, or other investments.  Since persons under the age of 18 can not legally inherit assets in New York, and in most other states,...

Clients are often understandably confused about the differences between revocable trusts, irrevocable trusts, and testamentary trusts.  Very simply, testamentary trusts are those created pursuant to one’s last will and testament. Such trusts do not get established until the death of the person who created the will, and the provisions which govern the trust are...

Long-term health care insurance is essential for anyone who has assets to protect and does not have the financial ability to pay well in excess of $10,000 per month for a nursing home without jeopardizing one's financial stability.  This is especially true when one spouse becomes ill, and the other is able to live...

While it is not necessary, nor necessarily desirable, to name beneficiaries on one's savings, checking and investment accounts, it is essential that retirement accounts have named beneficiaries.  Retirement accounts include IRAs, 401ks, TDAs, 403(b) accounts, and the like.  If one does not name an individual beneficiary or beneficiaries, and these accounts pass to one's...

A very common misconception is that probate is to be avoided at all costs.  While the probate process in some states can be long and arduous, probate in New York, if handled by a competent attorney, is usually quite simple.  One advantage of going through probate is that the Courts oversees the process, to...

Second marriages create special issues for estate planning.  In the absence of a prenuptial agreement, the new spouse is entitled to inherit, generally, one-third (1/3) of the estate of the other, regardless of what the spouse's will dictates.  This right is referred to the right of election.  It was designed to...

One of the most important decisions clients need to make, when preparing their will, is who to choose as Executor of their estate.  An Executor is the person who will be responsible for collecting assets, paying taxes and other expenses, and then distributing what is left.  If there is a home, the Executor will...

Federal law allows one to gift up to $14,000 per year to as many individuals as desired, without any adverse gift tax consequences and without the filing of a gift tax return.  Certainly, this is a very effective way of reducing one's estate and, therefore, reducing or even eliminating the estate tax.  In addition...