WHO CAN SIGN THE DEED IF YOU DON’T HAVE POWER OF ATTORNEY IN NEW YORK?

When an “Incapacitated Person” (IP) is no longer able to make certain decisions concerning the management of his or her property and/or health or well-being, the court can appoint a guardian to make these decisions for him or her. Mental Hygiene Law Article 81 ensures that the guardian’s authority is narrowly tailored to do only […]

IS LIFE INSURANCE TAX-FREE IN NY?

Life insurance is not entirely “tax-free.” While death benefit proceeds are income-tax-free, they are not estate-tax-free unless the beneficiary is a spouse. Life insurance can be an essential component of estate plans for same-sex couples as it is often an effective way to provide liquidity to satisfy any estate taxes due as a result of […]

WHAT ARE THE SUPPLEMENTAL NEEDS TRUSTS (SNTs) IN NEW YORK?

SNTs are legal tools used to help disabled people keep more of their income or assets without losing their public benefits. SNTs were originally invented to allow parents of children with developmental disabilities to provide for them after they grow up without making them ineligible for public benefits (like SSI and Medicaid). Ordinarily, if a […]

WHAT ARE THE TRUSTEE’S DUTIES IN NY?

If someone has appointed you trustee of a trust that is a vote of confidence in you, but it is also a lot of responsibility. Below is a list of your main responsibilities: Fiduciary Duties – you are held to a very high standard in a fiduciary role in relation to the beneficiaries or remainder […]

IS THERE A LIVING TRUST MORE PRIVATE THAN A WILL IN NEW YORK?

Yes, a will becomes a matter of public record during the probate process, and a copy can be obtained upon request to the Surrogate’s Court. A living trust is a private document that is not subject to public scrutiny. However, a “pour-over” will becomes a matter of public record when it is submitted for probate, […]

WHAT IS A "POUR-OVER" WILL IN New York?

A “pour-over” will is necessary to distribute any property that was not transferred into the trust. The use of “pour-over,” together with a living trust ensures that assets not held in the name of the trust will be distributed in accordance with the wishes of the deceased, and not by the laws of intestacy. A […]

DOES A LIVING TRUST AVOID PROBATE IN NY?

Yes, one of the biggest advantages of a living trust is that it does not have to go through probate, as does a will. However, there are other estate planning devices which avoid probate, such as a joint tenancy, life insurance, in-trust-for bank account (also known as a Totten Trust), and individual retirement, pension or […]

CAN CHARITABLE CONTRIBUTIONS ALWAYS BE DEDUCTED FROM TAXABLE INCOME?

The gift has to be made to a qualified tax-exempt charitable organization and the charitable deduction has to be itemized. If your total itemized deductions are less than your standard deduction, your taxes won’t be reduced. If you or a family member need assistance with estate gift tax call me at (716) 333-5144.