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Many families in New York, as well as the rest of the country, are considered “blended”, which means that many families bring children from previous relationships into new relationships or marriages. Whether or not a family is blended can end up influencing how families should structure estate plans to achieve…
Recent and substantial changes in the country’s executive and legislative branches have many people curious about how the estate and gifts tax will be impacted as well as when such changes will occur. During his campaign, President Biden pledged to cancel many tax policies implemented by President Trump. Most…
In the recent case, In the Estate of Hohmann, a person passed away without leaving an executed will. The deceased man’s caretaker, however, found a handwritten document where the deceased man stated his wishes for his assets. The deceased’s cousin later applied to probate the handwritten document like a written will.…
One of the biggest changes to estate planning over the last few decades has been the increase in the number of estates that own digital assets. If you fail to create plans for how your digital assets should be handled after your incapacity or death, undesirable consequence could occur involving…
As we enter into 2021, the country remains in a state of flux. Following the United States Presidential election in November 2020, the beginning of January also saw the Georgia run-off which involved two seats in the United States. While the Republican Party had 50 seats in the Senate before…
The term, sandwich generation, was created to refer to a generation of individuals who were taking care of their parents while also having their own children. As the baby boomer generation ages, younger individuals are moving into a similar situation and in many cases are doing so at a younger…
In the November 2020 case of Ochse v. Ochse, a Texas court heard a case that could potentially have a ripple effect on how trusts are interpreted. In this case, a mother established a trust that provided the trustee was authorized to make distributions to both the trustee’s son as…
Executors as well as the personal representatives of estates can be held personally liable for either applying or distributing estate assets when there are unpaid estate taxes owed in case the Internal Revenue Service is not paid. When estate tax returns are not filed, the final amount of estate taxes…
The Department of Justice recently indicted four men including two individuals who are located in Canada and two in the state of New York for a mass-mailing scheme that robbed thousands of senior citizens of tens of millions of dollars. Based on the Canadian indictments, the accused fraudsters sent…
While many members of the Baby Boomer generation view Millennials as self-involved, the Millennial age group has been maturing. Some Millennials are even currently in their early 40’s. This means that many Millennials are reaching a point where they are having to engage in difficult conversations with their parents about…