The amount you can gift to any one individual in a particular year without reporting it to the IRS is always changing. In 2023, you can gift $17,000 as an individual or $34,000 as a married couple to as many…
As time goes on, many of our clients see the value of creating trusts to protect family members such as a spouse, children, or grandchildren. Trusts can be used to protect a spouse with failing health. Some are used for…
In New York, if an individual passes away without a Last Will and Testament, or if the will is determined to be invalid, then the decedent’s assets are subject to the state laws of intestacy. Any assets held in the…
Under current law, certain transfers of assets by a Medicaid applicant or recipient don’t result in any transfer penalties. An asset of any value or type can be transferred without penalty to children with disabilities regardless of age. The law…
Senate Bill S4951A effectively amended the Surrogate’s Court Procedure Act (SCPA) § 1301 to increase the gross value of a “small estate” to $50,000. This change applied to estate administration actions and proceedings that began on or after November 25,…
We all love getting gifts. But sometimes, receiving a gift today may cost you later in capital gains taxes. So, when it comes time to passing your assets to your children and other loved ones, you should understand the pros…
Grandparents in love with their grandchildren – I am one of them. Our Ruby and Jo are so precious. So, we will do whatever we can to make our grandchildren’s lives the best. Not good or better, but the best.…
A guardianship proceeding can be very expensive, time-consuming, and emotionally and physically draining—for the person who needs a guardian and the family members as well. Why Guardianship is Such a Hassle You have to file a petition with the court You have to serve…
Legal disputes over wills and trusts, guardianships, and conservatorships can affect the authenticity of gifts and the ownership of family homes and land. The most successful approach to mitigating or avoiding probate litigation is carefully planning for the future. Comprehensive…
A family member’s passing is a difficult time that leads the family to question, among other things, what to do with their car. The decedent’s car is part of their estate and the estate administration process, requiring action by the…