Often we are asked by our clients to differentiate between “per stirpes" and “per capita”. For this blog post, we would like to revisit a blog that explains the difference between the two: You may have heard or read the…
If you are a trustee of a trust or an executor of an estate that owns real property, you may need to sell the real property throughout the course of the administration of the trust or estate. Before you move…
An ancillary estate proceeding is a secondary proceeding to appoint an estate representative, in a state other than the initial “home state.” The home state is the state where the decedent was domiciled and where the initial probate or administration…
To the average person, there may not seem to be much of a difference between an agent under a power of attorney and a court-appointed guardian, since both are third parties that could be authorized to handle financial and legal…
In Do I Need a MOLST Form? Part 1, we discussed who might need a MOLST form and in which situations. Below we’ll discuss how a MOLST form is executed.
There are certain medical requirements that need to be met in order for a MOLST to be in place for the patient with developmental disabilities.
A MOLST (Medical Orders for Life-Sustaining Treatment) form is a medical order form that tells healthcare providers a patient’s medical orders for life-sustaining treatment. The form includes medical orders and patient preferences regarding resuscitation instructions when the patient has no…
There are three types of guardianship proceedings in New York State:
Today (March 6, 2017) marks the last day a fiduciary of a trust or estate can make a distribution from the trust or estate, and still take the 65-day election on the fiduciary income tax return. The general rule is,…
On Long Island, a tax break affecting 35,000 Nassau County seniors was not renewed this year.
Recently, Nassau County let a long-standing property tax abatement expire without any notice to the recipients of the abatement.
Approximately 35,000 seniors, all earning less than $86,000 a year in income, were receiving approximately $200 a year in tax abatement. But now the abatement has been removed because the county legislature did not re-approve the abatement.
Reporting the sale of real property could be either really complicated or relatively simple, depending on the facts and circumstances. The type of property will also impact the manner and type of taxes that need to be paid.
There may also be different tax ramifications depending on who you are selling the real property to and the structure of the sale. For instance, selling real property outright is different than selling property as an installment sale. In an installment sale, you are receiving payments periodically (annually, monthly, etc.) for an extended period of time and may be able to delay the reporting and taxation of these periodic payments until they are actually received—rather than all at once in an outright sale.