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Contrary to the European model, American parents are legally free to disinherit their children, but at the same time, they cannot simply forget or omit their children in their will by mistake. If the child is specifically addressed in the will and, at the same time, the will either fails…
WHAT IS BEST FIT Both an ABLE Act account and a special needs trusts try to accomplish essentially the same thing. Both attempt to ensure that a special needs child or person are financially planned for through various legal and financial means so as to enrich the life of the…
WRONGFUL INTERFERENCE WITH WILL It is known by many different names, depending on the state and the era. Most recently it made its appearance in news headlines with the name – intentional interference with expected inheritance, sometimes even shortened it IIEI. The United States Supreme Court referred to it as…
On December 18, 2015 President Obama signed the Protecting Americans from Tax Hike (PATH) Act, which made permanent, among other things, three rather popular charitable tax incentives were set to expire January 1, 2016. The most important provision of the PATH Act for estate planning purposes is the continued allowance…
Sumner Redstone is an entertainment business mogul with a majority share ownership of CBS entertainment and Viacom, and through Viacom, BET and Paramount Pictures, all through his majority ownership of his family business, National Amusement, which originally started out in the drive in movie theater business during The Great Depression.…
Deferred income annuities are a financial product that, by definition, are paid in one premium and payout after at least one year after purchase. While they have been around for quite some time, although they are only beginning to come into their own as a part of a sound retirement…
IRREVOCABLE TRUSTS COSTS AND BENEFITS Trusts are valuable estate planning devices that allow for the transmission of wealth with lower tax liability. When proper estate management is picked, they also allow for the creation of future income, potentially allowing for the life of the trust in perpetuity. Trusts also allow…
WHAT HAPPENS IF A WILL IS INVALIDATED? Wills are perhaps the most basic and simple form of passing on property and the transmission of wealth from one generation to the next. It allows the testator to give away the property and money that they own and have on hand as…
THE BASICS – FEDERAL LAW In 1965 federal law enabled the federal government to license nursing homes, under two categories; skilled nursing homes and intermediate care facilities that required less medical care and more personal care. In 1980 Congress enacted the Civil Rights of Institutionalized Persons Act which covered…
VALUABLE ASSET A residential lease in New York City or any desirable locale can provide many benefits. Some people wait years to get into a rent stabilized apartment. There is even a Seinfeld episode where Elaine quips that some people scan the obituaries to see if someone in a…