Why Everyone Should Have a Will
It is estimated that 64% of Americans do not have a will! Some of the top reasons people give for not making a will include: I do not have enough money to need a will I just have not gotten…
Restorative Tax Exemptions for New York Property Owners
When you own a piece of real property in New York State, your circumstance dictates whether or not you are entitled to certain tax exemptions. What does this mean? Your personal residence may qualify for a number of exemptions based…
Estate Planning and Ironman: What’s the Connection?
Estate Planning and an Ironman event...what does one have to do with the other you ask? EVERYTHING! As a proud wife of a first-time Ironman and an elder law attorney, I can explain. Step 1: Hire a Coach Most first-time…
Trustee Responsibilities: Do’s and Don’ts for Success
*This article has been re-posted with permission from the author Harry S. Margolis. Whether it’s an honor or a burden (or both), you have been appointed trustee of a trust. What responsibilities have been thrust upon you? How can you…
The Impact of the Internet on Digital Afterlife
Millions of people use computers to conduct business and interact socially, and for general communications. Many of those computer users are registered in some way on dozens of websites, including social media outlets such as Twitter, LinkedIn, Instagram, and Facebook…
Why You Need Legal Advice for Elder Law and Estate Planning
Everyone has their niche. Financial advisors have a certain field of expertise, and most are very good at what they do. However, when it comes to elder law, Medicaid and estate planning, there is no substitute for sound legal advice…
The Complexities of Whitney Houston’s Estate and Trust
The tragic death of Bobbi Kristina, Whitney Houston’s only child, has left her estate in limbo.
Houston’s will left the entirety of her estate, including jewelry, clothing, cars, record profits and music royalties, in a spendthrift trust to the sole heir, Bobbi Kristina.
The provisions of this trust stated that Bobbi Kristina would receive the distributions in three installments: 1/10 at age 21, 1/6 to be received at age 25, and the remainder of the estate upon her turning 30. Based on these provisions, Bobbi Kristina was only entitled to 1/10 of the estate when she died since she was only 22 years old at the time of her passing.
Should You Have a Living Trust? Exploring the Benefits
Many clients frequently come to me and ask if they should have a trust. Sometimes they are not even sure what a trust is and, more often than not, they do not understand how a trust works. Although my mother…
The Problem With a Life Estate
A “life estate” is an ownership interest that a person retains in real property while transferring a remainder interest to one or more individuals. Life estates are sometimes used as a planning technique by individuals who wish to safeguard their…
Honoring Our Veterans: A Testament of Bravery
On a daily basis, there are numerous things we take for granted. We take for granted that we have food on our table, clothes on our backs, that the US is not a war zone and that our loved ones…