If you inherited a piece of real property and have, or want to sell it then you should consider the tax consequences. The sale of real property is a taxable event that must be reported on the seller’s income tax…
If you have been through a divorce and find yourself at the threshold of marriage again, before you say “I Do” there are many decisions to be made. One that shouldn’t be overlooked is modifying your estate plan. Second marriages…
We’ve all heard the phrase, “possession is nine-tenths of the law.” When it comes time to estate administration, this phrase holds particularly true. It can be very challenging to understand what assets are part of an estate, and it can be…
There is a common expression we hear a lot "penny wise and pound foolish," but we rarely hear it being used by a state supreme court justice to describe a situation that could have been avoided. Since we live in…
If you are single, then you may face some unique challenges when it comes to estate planning. With millions of single adults in America today, it is more important than ever to understand the estate planning options and to take…
Abraham Lincoln, one of the greatest minds of the 19th century, died without a will. Although the 16th President of the United States died unexpectedly at age 54, it may still seem surprising that the Great Emancipator did not take…
If you have received a document called a “Waiver of Process; Consent to Probate”, from the nominated executor of a Will then you should stop and consider your rights before signing anything. This document (the “Waiver and Consent”) was sent…
The use of life insurance can be an excellent option not only as an investment tool, but also as an intricate part of an individual’s estate plan. Should an individual choose to purchase a life insurance policy, careful attention must…
A big congratulations to Vincent J. Russo who has yet again, been named the Best Lawyers' Elder Law “Lawyer of the Year” for the Tri-State Area (New York, New Jersey and Connecticut). Vincent has been honored in the Best Lawyers…
If the Last Will and Testament allows for statutory compensation for an executor, the executor can get paid commissions which are calculated as a percentage of the combined value of the assets of the estate plus income. However, some assets…