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Category Archives: estate planning
March 13, 2013 – 12:36 pm
Recently I was reminded of how important it is to update your Will when circumstances change. A client came to see me about probating her husband’s Will. Unfortunately, her husband had signed the Will before he met my client and did not take the time to revise it. Since he did not have any children […]
February 20, 2013 – 1:25 pm
This time of year I frequently hear from clients who made gifts to family members asking if they need to file a gift tax return. Gifting can play an important role in an estate plan as a means to avoid estate tax. However, there are limits as to the value of gifts that can pass […]
January 29, 2013 – 11:24 am
I cannot stress enough the importance of updating the beneficiary designation on your life insurance policy. So many people simply forget to change the designated beneficiary when they experience a death, marriage, divorce or other major life event. As a result, the insured’s intended beneficiaries have to fight for what the insured would have wanted […]
January 23, 2013 – 11:28 am
There seems to be a great deal of confusion about the commissions that may be paid to the executor of an estate. Clients frequently ask me if they should specify in their Will the total commission that should be paid to the executor or if it is better to have the commissions determined by the […]
January 8, 2013 – 2:03 pm
The Facts: Some people who have been named as executors told me their jobs were quite simple while others complained about all the time and effort it takes to administer an estate. The Question: What are the responsibilities of an executor and why does the complexity of the process vary so much? The Answer: The […]
January 8, 2013 – 1:52 pm
The Facts: I thought that the only legal document I would need in the event of a medical emergency was a healthcare proxy. However a friend told me that a power of attorney (“POA”) can play a critical role in a medical emergency. The Question: Is this true? The Answer: Absolutely! While the person you […]
December 23, 2012 – 4:20 am
The Issue: My mother recently died. In her Will she left her entire estate to me. If I had died before my mother, her estate would have passed to my children in equal shares. I would like my inheritance from my mother to pass to my children. Is there a way I can accomplish that? If […]
August 23, 2012 – 6:46 pm
The Facts: I was told that the money in the joint account I have with my son and the money in my IRA will not be distributed according to my Will when I die. The Question: Is that correct? The Answer: Yes, that is correct. Many people mistakenly believe that, following their death, the provisions in their Will […]
The Facts: I have been making gifts of $13,000 per year to my children for some time. I was told that as long as I did not give any of my children more than $13,000 a year, I would not be penalized when I applied for Medicaid benefits. A friend of mine who also gave gifts […]
The Facts: My lifelong friend Mary recently suffered a massive stroke. She has lost the ability to speak, cannot walk and cannot handle her affairs due to the cognitive impairment caused by the stroke. Mary is currently living in a nursing home. A few years ago Mary had her attorney prepare a Will as well as […]
The Facts: My father died 2 years ago. My mother is receiving hospice care. In her Will my mother leaves her estate to me and my sister. Her Will provides that my estranged brother who has not been seen or heard from by anyone in the family for over a decade is not to receive anything. […]
The Facts: My elderly father is putting his house into an irrevocable trust and naming me and my brother as beneficiaries of the trust. The Questions: If my father decides to move out of his house, will we be able to sell the house while my father is still alive? Would it be better if my father […]
February 9, 2012 – 6:55 pm
The Facts: I am divorced and getting married for the second time. I have two children. The woman I am marrying, Sally, is a widow with two children. All of the children are grown and living independently. We are both fairly well off and each have some investments as well as IRAs. Sally and I are […]
January 12, 2012 – 6:55 pm
The Facts: I was married for 20 years and have two sons ages 19 and 13. I am now divorced and my ex-husband has remarried. Despite the settlement papers we signed in connection with our divorce, my ex never paid child support or contributed to my sons’ education expenses and has not been part of my […]
December 8, 2011 – 6:56 pm
The Facts: My mother’s brother, Frank, never married and did not have any children. He died with a Will that left everything to my mother. Although Frank and my mother had a brother, John, Frank did not mention John in his Will. Unfortunately, my mother died a year before Frank. I am my mother’s only heir. […]
November 10, 2011 – 6:57 pm
The Facts: My mother opened a joint account with my sister Jane so Jane could pay my mother’s bills. At the time of her death, my mother had $100,000 in the joint account. Jane is claiming that the money in the account is hers since she is the joint account holder. My mother always said she […]
October 13, 2011 – 6:57 pm
The Facts: When I was unable to pay my medical bills, my doctor obtained a money judgment against me. The judgment was docketed in the county clerk’s office a few years ago. My father just passed away and I inherited his house. The Questions: Can the doctor’s judgment lien attach to the property I am inheriting even […]
August 18, 2011 – 6:58 pm
The Facts: My aunt is widowed and living alone. Lately it has become clear that she cannot continue to live independently and cannot handle her finances. She is confused and does not appear to be eating well or bathing regularly. Unfortunately, there are no family members in a position to take care of my aunt. She […]
The Question: Despite a strained relationship with my daughter-in-law Jane, I have cared for my grandson in my home three days a week since he was born 5 years ago. My son died tragically a few months ago. Jane made new arrangements for my grandson’s care and will no longer allow me to see him. What […]
The Question: Is it true that I can spend down my resources in order to become Medicaid eligible by paying for my funeral in advance? The Answer: Absolutely. Not only can you prepay all of your funeral expenses without triggering a penalty under the Medicaid guidelines, but there is no limit to how much you may prepay […]
The Question: What, if anything, can be done if someone created a trust but failed to transfer any assets into the trust? My father intended to transfer his house and the funds in his brokerage account into his revocable trust to avoid probate and a possible Will contest by my brother. Unfortunately, my father never signed […]
The Question: I created an irrevocable trust to protect my assets in the event I needed nursing home care in the future. The trust was funded over five years ago so I know that the Medicaid look-back period is not a problem. However, I am concerned about the income I receive from the trust. Is it […]
In November, 2010, a new law took effect in New York which allows senior citizens 65 years of age or older, to designate a third-party to be notified by insurance carriers in advance of the cancellation or non-renewal of the senior’s health insurance or long term care insurance policy. Recognizing that many seniors can no […]
February 3, 2011 – 7:04 pm
Facts: I have a two year lease on the apartment where I live. Due to my deteriorating health, I want to move into an assisted living facility. Question: Can my landlord insist that I pay the rest of the money due on my lease? Answer:Depending on your age and the circumstances of your move, you may be […]
January 6, 2011 – 7:06 pm
Clients often express concern that a dissatisfied family member may contest the probate of their Will. While a Will contest can be costly both in terms of money and time, only certain individuals can object to the probate of a Will and only certain grounds for objecting are acceptable. A person is able to file […]
December 2, 2010 – 7:11 pm
Many people mistakenly assume that, if they die without a Will, all of their assets are taken by the government. Although seizing a person’s assets may be a great way for the government to raise revenue, unless a person owes the government money, the government will not step in and seize a person’s assets when […]
November 4, 2010 – 7:08 pm
With low interest rates and a glut of properties on the market, an increasing number of clients are looking to purchase real property. Many of those clients are purchasing the property with friends and family members and have questions about how best to take title to the property. Since joint ownership of property can take […]
October 7, 2010 – 7:09 pm
As an attorney that focuses on estate planning, I am frequently asked what “probate” means. Technically, probate is the court procedure by which a decedent’s Will is either proved to be valid or found to be invalid and unenforceable. However, many people use the word probate in a more general sense to mean the process […]
September 9, 2010 – 7:09 pm
The saying that nothing is certain except death and taxes is not accurate. The fact that taxes will increase is also a certainty, as is the fact that many people try to avoid paying taxes. Unfortunately, some attorneys take advantage of the public’s aversion to paying taxes and convince people that living trusts, also known […]
August 12, 2010 – 7:10 pm
After a 17-year battle, New York State finally has a law that provides a procedure whereby individuals can be named as surrogates with the authority to make health care decisions for incapacitated patients who have not signed a health care proxy. Considering the fact that only about 20 percent of the adult population have health […]
The Facts: I have an IRA with a balance of $400,000 and a life insurance policy with a $400,000 death benefit. I was advised that if I name my son Mark as the beneficiary of my IRA, and my son Steven as the beneficiary of the life insurance, Mark will end up with less money. The […]
The Facts: My father had a daughter, Jane, from a prior marriage. He and Jane did not stay in touch. Since he wanted me to have his house after his death and wanted to avoid probate, my father put my name on the deed to his house after my mother’s death. The deed does not identify […]
February 18, 2010 – 7:14 pm
The Facts: My husband and I agreed to separate over 20 years ago. Since neither of us wanted to remarry, we never filed for a divorce. In my Will my estate is divided equally between my current partner and my son. The Question: I was told that my husband may have a claim against my estate when […]
January 21, 2010 – 7:17 pm
The Facts: I recently went to the bank where I had a checking account with a balance that reflected over 50% of my estate. The account was in my name only. I am not well and am living with my son. I have two other children who, according to my Will, are to share equally in […]
October 15, 2009 – 7:15 pm
The Facts: Since my son is gong to inherit my house when I die, I was thinking about putting his name on the deed now as a joint tenant with right of survivorship so he would not have to probate my Will. The Questions: What are the pros and cons of doing this? The Answer: If your only […]
September 24, 2009 – 7:15 pm
The Facts: The NYS legislature created a new power of attorney form that became effective on September 1, 2009. The Questions: How does the new form differ from the old one? Is the power of attorney I signed last year still valid? The Answer: To understand how the new power of attorney (“POA”) differs from the old […]
The Facts: In her Will my mother directs that her estate be divided equally between me and my two siblings. One of my sisters is named as a joint account holder on my mother’s checking account. The Question: Is my sister entitled to the balance in the joint account in addition to a full 1/3 share of […]
The Facts: My friend Mary and I purchased a house together and are named on the deed as tenants-in-common. We each contributed $150,000 to the purchase price, have both lived in the house and have split the carrying costs equally. Recently we had a falling out and I moved out of the house. I want to […]
The Facts: My daughter told me that I should have a healthcare proxy. The Question: What is a healthcare proxy and should I have one? The Answer: A healthcare proxy is a legal document by which competent adults appoint a person to make medical decisions for them in the event they are unable to make those decisions themselves. […]
January 10, 2008 – 7:07 pm
It is well-settled that executors and other fiduciaries such as attorneys-in-fact are required to handle the assets under their control in a reasonable and prudent fashion. When a fiduciary crosses the line either by failing to act, or by engaging in imprudent management of assets, he risks being relieved of his authority to act and […]
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