In Brooklyn, NY, estate taxes are imposed by the federal government and state governments on transferring a person's assets or property upon death. These taxes apply to all inherited properties even if the decedent has an estate plan or will. In most cases, the...
Significant changes in the New York Power of Attorney (POA) form
There may be a time when you will have to pay the bills or make medical decisions on behalf of a sick loved one. Having a POA offers the ability to do those things, but the POA must be valid to be put into effect. It may be an easier process and ensure the validity...
New York’s new and improved power of attorney law
On December 15, 2020, New York Governor Andrew Cuomo signed the Advanced Power of Attorney Bill into law. Sponsored by Senator Brad Holyman and Assemblywoman Helene Weinstein, the law resolves issues with the old law, making the power of attorney a more helpful...
Who has rights to a copy of a decedent’s will?
Trust, but verify. That's an adage that comes to us from Russia. Ronald Reagan made it famous during his presidency, using it often in connection with nuclear disarmament talks.When it comes to the disposition of wills and other elements of a New York estate plan, it...
Are heirs obligated for a deceased relative’s debts?
Most of the time, relatives of a decedent bear no responsibility for debt owed by that person. However, the existence of such debt does create the potential risk of reducing the value of the estate and how much heirs receive. That's because debts of the deceased are...
Make estate plan review a matter of habit
Many in New York City don't have wills. Few have any valid excuse for being in that situation. If you work, are investing money for retirement and care for the welfare of your family, you should have a plan. If you have complex assets, it is even more important to...
Managing the estate executor role
It's an honor to be named executor of a will, but it's also hard work. While most executors understand their role, there can be a lot of confusion when it comes down to getting things done. Unless you work in the legal industry, the order of the process, the different...
Caring for the elderly can cost more than raising a child, report finds
It is no surprise that the cost of caring for ourselves and our loved ones as we age is expensive. We expect there to be certain costs tied to nursing care, medical care and other needs as we age. We plan, we save and we do our best to make the right choices for our...
Avoid these three headaches by getting an estate plan
Putting together an estate plan is likely on your to-do list. You know that list. The one that also includes other fun projects like putting together a budget, double checking the health insurance policy and cleaning out the basement. This list likely gets brushed...
We can all learn from Prince’s estate planning mistakes
Recently, the world was shocked to learn of the unexpected death of the musical legend Prince. Best known for his provocative lyrics and flashy on-stage performances, Prince was also intensely private and fought fiercely to maintain ownership of and control over his...
