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A power of appointment allows a person engaged in estate planning to direct where interest in an estate or trust is passed. Appointments are often classified as either general or limited/special. A general power of appointment gives the holder broad power to transfer a deceased person’s property. For example, if…
In accordance with the Tax Cuts and Jobs Act, a person can transfer up to $11,580,000 without facing either estate or gift taxes. This amount, however, will lower at the end of 2026 and revert to $5,000,000. Many people are worried, however, that due to the change in political administrations…
In September 2020, the nursing home staff at the Soldiers’ Home in Holyoke Massachusetts were indicted on criminal charges in what the Attorney General described as the first criminal case against nursing home operators in connection to the COVID-19 pandemic. Seventy-six veterans at the hospital died as a result of…
It’s a common predicament. After the holidays have concluded, adult children are frequently left concerned about whether their parents can live safe independent lives. These adults often are left feeling uncertain about what the best decision is to make so that their parents remain safe but also do not have…
People who have an estate with various assets often need to be prepared to contend with sudden changes in both market valuation and tax laws. During the COVID-19 pandemic and an era of both political uncertainty and quickly changing markets, it can be particularly difficult to decide what assets to…
The best types of estate planning involves a multi-faceted approach, which both addresses financial as well as health concerns. While many people are aware of the benefits provided by estate planning tools like wills and advance healthcare directives, one helpful but commonly overlooked estate planning tools are life insurance policies.…
Estate planning does not always appear on people’s things to do. Living through the coronavirus pandemic as well as approaching the second wave of the COVID-19 pandemic, however, should change the urgency with which people approach estate planning. New York currently has the fifth-highest number of COVID-19 cases among the…
Trusts are a nuanced part of estate planning and can make sure that assets are passed on to your loved ones in a controlled manner. While there are many terms and concepts to grasp when it comes to understanding trusts, it also helps to appreciate that there are several types…
Difficult times bring out the extremes in people. While the news is full of stories about altruism during the COVID-19 pandemic, there are countless examples of individuals who have come out with scams designed to capitalize on people’s confusion and fear. Besides being at increased risk of experiencing the most…
Wills are an excellent fundamental of many estate plans. If you pass away without a will, a New York court will be tasked with making the difficult decision of who should receive your assets as well as who should look after your children. If you’re like one of many adults…