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Advanced directives to end the pain of terminal illness within a “living will” became a near future possibility for terminally ill individuals at the end of May this year. Euthanasia has been offered to resident of California, Montana, Oregon, Vermont and Washington) for some time, yet physician assisted suicide continues…
Trustees make difficult decisions about estate or trust investments, distributions and requests for disclosure of financial information. If an estate holder’s investment portfolio is comprised of assets held by onshore and offshore institutions, trustee decisions are especially at risk of an inquiry giving rise to significant claims. Where ambiguities exist,…
Traditionally, estate planning has primarily been focused on transfer of assets to a tax-exempt shelter for distribution to named heirs or beneficiaries at time of an individual’s death. In addition to a written will, these five (5) directives specifying “end of life” actions to be taken by a Trustee or…
The Securities and Exchange Commission (SEC) recently issued a warning to consumers about the risk associated with adding cryptocurrencies to so-called self-directed individual retirement accounts. These types of unregistered IRAs allow individuals to invest their nest eggs outside of the stock market and bond market and often incorporate holdings in…
Homestead exemption protect property assets from probate. Properties recognized under laws of homestead are off-limits to creditors seeking attachment. New York homestead law protects property owner rights to the value of an asset transferred to an estate or trust. Homestead declarations are automatic for title holders of residential property in…
A recent study by the University of California, San Diego School of Medicine suggests that women whose mothers lived healthy lives into their 90’s may be a key indicator for longevity and overall health. The study was published in the Journal of Age and Ageing and examined over 22,000 participants…
Publication of the Financial Industry Regulatory Authority’s (“FINRA”) rule reform by the federal Securities and Exchange Commission (“SEC”) clarifies the enhanced practice rules recently enacted to protect investors from financial exploitation. As of February 2018, FINRA Rule 4512 Financial Exploitation of Specified Adults requires FINRA members to place a temporary…
Professional assessors have a duty to a standard of care under federal and state law. New York Department of Taxation and Finance (“DTF”) licensed assessors must take adequate precautions to not commit 1) errors of omission; or 2) commission that would significantly affect a valuation appraisal. All valuation of real…
Most of us would not want to be anywhere else but in our homes as we grow old and enjoy our Golden Years. However, as we age the daily activities and chores we took for granted can become greater burdens or turn into situations where we may suffer serious injury…
The New York Department of Taxation and Finance (‘DTF”) recognizes the Office of Real Property Tax Services (“ORPTS”) and Appraisal Standards Board (“ASB”) definition of Uniform Standards ofProfessional Appraisal Practice (“USPAP”) guidelinesfor the appraiser inspection process requiring licensed appraisers identify 1) the property to be inspected; 2) the purpose and…