Estate Planning Archives - Page 3 of 4 - Neufeld O'Leary & Giusto

Yankees Win (Even on Estate Taxes)

As the calendar turns to Spring, the Yankees evil empire will try to best its own record of World Series wins. Whether they win or not, the heirs of their deceased owner, George Steinbrenner may have won a substantial victory in the form of significant estate tax savings thanks to a recent court case. Steinbrenner … Read more

What Happens to Your Estate Plan When You Divorce?

By Michael Giusto and Lois Brenner Getting a divorce is a stressful experience and it’s not unusual for spouses to forget to address estate planning issues either before, during, or afterwards. However, not updating certain documents or considering your future financial situation could have serious unintended consequences. Impact of divorce on existing planning documents … Read more

Execute a Will…But Only One!

There are many formalities required when properly executing a will. When these are not followed, there is a significant risk that the will cannot be admitted to probate. That means the decisions you made in designing your estate plan will not be implemented and instead, your assets will be distributed under intestate laws as if … Read more

The new tax law means it is time to review your estate plan

The new tax law has gotten a lot of media coverage in New York mostly because of the loss of the State and local tax deduction and the end of the “Obamacare” health insurance individual mandate. Less attention is paid to the significant estate and gift tax changes contained in the law. These provisions may … Read more

Can Beneficiaries be Deterred from Making Frivolous Challenges to Your Will?

When an individual wants to disinherit a family member, an “in terrorem” or “no contest” clause in his/her will can be effective. The clause can deter challenges to a will, but it does have its limits and should be used carefully.

Don’t Leave your Heirs with Problems Probating your Will

Typically, probating your will is a straightforward process, but sometimes issues can arise especially when a will was executed years ago and witnesses have died or moved, or the attorney who drafted the will and oversaw its execution did not follow industry “best practices.” These issues could create problems for your chosen executor when he/she seeks to probate the will.

Tax Benefits of Using Your IRA Distributions to Donate to Charities

Donating to charity your IRA distributions can be an excellent way to both support causes that are meaningful to you and reduce your taxes. Fortunately, a provision of the Internal Revenue Code, which gives donor’s a significant tax benefit, was made permanent at the end of 2015 so individuals can now take advantage of the rules as an integral part of their tax and estate planning.

Can an “Irrevocable” Trust be Changed?

Under New York law, a trustee can modify an irrevocable trust in certain situations. The process, called “decanting,” permits alteration of a trust by “pouring” the existing (invaded) trust into a new trust. This gives the trustee surprising flexibility to create a new trust that will better accommodate changed circumstances, notwithstanding that the trust is irrevocable.

How to Handle Digital Assets in Your Estate Plan

Increasingly, individuals are accumulating digital assets that they may want to pass on after their death. Social media accounts, websites, online libraries of content and the like can often be inherited like any other asset. Accordingly, individuals working on their estate planning should address how they want the executor of their estate to handle such assets in order to avoid complications after their death.

What You Need To Do To Safeguard Your Will and Property

A will is an important document needed to ensure that your loved ones are taken care of in a manner that you see fit. However, it’s not enough to prepare and execute a will. Important steps must be taken to safeguard your will and estate plan is actually carried out as you intend. One easily overlooked step, but which a former colleague turned Court attorney assures me comes up frequently, is securing the whereabouts of your original will and leaving behind appropriate information to aid those who will be handling your estate.

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