Parents believe that leaving their children the family home is a great boon but experience shows that beneficiaries are not happy with the bequest. For many people in the United States chances are that their house is their most valuable asset. It makes sense then for most parents to leave…
It is common knowledge that in order for a New York will to be valid that there must be other people to witness you signing your will as well as putting down their own signatures on your will. Despite this knowledge though improper execution of the will is the most…
Many people believe that estate planning is primarily a tool to minimize taxes by the state and ensure that your assets are passed on to the people you want them to go to. However, an important part of estate planning is ensuring that when you are incapacitated that your wishes…
Minnesota Judge Shows No Urgency To The Detriment Of The Estate Carver County District Judge Kevin Eide has announced that there will be no quick decisions in who will be inheriting from the late superstar according to USA Today. The probate judge in charge of the legal proceedings surrounding Prince’s…
Dr. Martin Luther King Jr. left behind a legacy of peace and understanding, but he may have been surprised by the legacy that his estate is forging. Last Friday, a Fulton County Superior Court Judge declined to make a ruling in a dispute over two items left behind by Dr.…
What’s In a Name Depends on Who You Are. It Could Be Hundreds of Millions According to the IRS There has been an ongoing battle in recent years between decedents’ estates and the Internal Revenue Service (IRS). While it is only to be expected that the IRS attempt to…
LARGE NEED TO REDUCE AND PREVENT FINANCIAL EXPLOITATION The American Bankers Association is looking to serve a large market that is only getting larger by the day. At the same time, they are working to shore up the larger financial markets in a larger effort to prevent financial fraud…
ORDER OF PAYMENT It should not be a surprise to anyone that when someone passes away, their estate must pay for all legally binding outstanding debt owed by the decedent just prior to passing. New York as well as just about every other jurisdiction has laws that address how the…
BEST LAID PLANS DO NOT ALWAYS WORK OUT A case with an interesting factual background came out of Texas recently. While it was based on Texas law and the case is binding in only Texas, the legal principles discussed by the Court are equally applicable to New York or any…
HUGUETTE CLARK AS EXEMPLAR The last member of the gilded age passed away just a few years ago. Huguette Clark’s life, in some ways, seems to mirror the classic Orson Welles classic One of the first things that she did to insure an estate battle was to pass the entirety of her…