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Amoruso & Amoruso
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Can you just show a will to the holder of the assets and take possession? No, you need to head to court. There are numerous misperceptions about how a will works. Attorneys often deal with people upset that it requires approval from a court before it is official, according to... Continue reading
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A slight increase could bring estate tax exemption for couples to $11 million. Analysts are projecting the IRS will increase estate tax exemptions for 2018, as well as boost the annual gift tax exemption, according to Forbes in "Estate Tax Exemption To Top $11 Million Per Couple in 2018." Analysts... Continue reading
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McClatchy Trust case finally goes to court. James B. McClatchy created a trust in an effort to prevent his media company from being absorbed by a larger company. His son, Carlos McClatchy, is now getting his day in court concerning the trust after years of preliminary work, according to the... Continue reading
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Fraudulent bankruptcy, jail time and return the £300,000. Julie Spalding, an elderly woman in the U.K., passed away and left her window cleaner her entire estate. Spalding’s nephew challenged the will in court and won, according to the Telegraph in "Window cleaner bequeathed £300,000 by customer faces jail for failing... Continue reading
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If the elderly have problems handling their finances, Social Security has a helpful option. Families sometimes have problems with elderly family members losing the ability to handle their own finances. A general durable power of attorney can help. Social Security also has a program that can help in the situation... Continue reading
Most issues were resolved. However, some challenges remain, including child custody. Despite the Supreme Court decision allowing same-sex marriages, not all potential estate planning issues for same-sex couples are fully resolved, according to the Cleveland Jewish News in "Same-sex couples could face estate planning road blocks." One of the biggest... Continue reading
Posted Oct 13, 2017 at New York Estate Planning & Elder Law
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Prenuptial agreements protect assets. However, sometimes they are planned to prevent certain behaviors. Prenuptial agreements are set up to equalize assets such as when one or both parties enter the marriage with children from a previous relationship. It is an agreement that is arranged so the couple comes to terms... Continue reading
Posted Oct 12, 2017 at New York Estate Planning & Elder Law
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An estate plan needs constant review that reflects changing circumstances. Most people's lives are not constant and are often affected by divorce, remarriage, additional children or additional assets, as well as many other circumstances as their lives unfold. When things change, then estate plans normally need to be changed as... Continue reading
Posted Oct 11, 2017 at New York Estate Planning & Elder Law
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There is a close relationship between the estate tax and charities. The estate tax aims at taxing the largest estates to help fund government programs and charities aim at voluntarily raising money to support causes that benefit society. However, they are actually closely linked, according to Bloomberg in "GOP Plan... Continue reading
Posted Oct 10, 2017 at New York Estate Planning & Elder Law
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Parents may become disappointed with a child and plan to leave them out of their estate plan. However, they may want to think again, considering the potential problems that can follow. Sometimes the black sheep of the family can create sufficient problems that parents may consider cutting him or her... Continue reading
Posted Oct 9, 2017 at New York Estate Planning & Elder Law
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An estate plan should reflect marriage, separation or divorce or the law makes assumptions. Things can get difficult with an estate plan, especially if it includes a trust, if you and your spouse have separated but have not yet gotten divorced, according to the Canadian newspaper The Globe and Mail... Continue reading
Posted Oct 6, 2017 at New York Estate Planning & Elder Law
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Almost anything can be done digitally today. However, strict rules make it difficult for wills to follow suit. Legal tradition calls for wills to follow strict procedures and be signed and witnessed to be accepted in probate court. However, the law is beginning to adapt in ways that will make... Continue reading
Posted Oct 5, 2017 at New York Estate Planning & Elder Law
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The decision is usually made quickly and involves a close relative, but is that always the right answer? People instinctively write down their spouse, their children, parents or siblings when deciding the beneficiary of an IRA. However, it may not be the best decision and should be carefully considered and... Continue reading
Posted Oct 4, 2017 at New York Estate Planning & Elder Law
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You don’t get a say in the distribution of your assets unless you make a plan and get it written down. What happens to your assets when you pass away isn’t as simple as the people important to you automatically getting what they want, according to the New Jersey Herald... Continue reading
Posted Oct 3, 2017 at New York Estate Planning & Elder Law
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It is possible you may not be confident of the intentions of your in-laws. There is often tension between in-laws. Someone in the U.K. recently expressed concern on how to protect a child’s inheritance from a bad son-in-law, according to the This Is Money advice column "I have a terminal... Continue reading
Posted Oct 2, 2017 at New York Estate Planning & Elder Law
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When a spouse passes away, some elderly women need help with handling finances. Many women defer family finances to their husbands. This is especially true for older women, which can leave the women ill-prepared to handle things after their husbands pass away, according to The New York Times in "Helping... Continue reading
Posted Sep 29, 2017 at New York Estate Planning & Elder Law
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Troy and Tiger included in New York woman’s will. Pets seem to becoming more important in family life than in the past. A New York woman left behind specific instructions on caring for her cats, according to Fox News in "New York widow leaves $300G to her cats." A New... Continue reading
Posted Sep 28, 2017 at New York Estate Planning & Elder Law
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No-contest clause makes people think twice before challenging will or trust. A way around the problem of challenges to a will or trust is to include a no-contest clause, according to Press Enterprise in "The Pros and cons of the no-contest clause." A no-contest clause helps prevent these challenges. It... Continue reading
Posted Sep 27, 2017 at New York Estate Planning & Elder Law
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Physician-assisted death law creates dialogue between doctors and patients. The Los Angeles Times recently reported an unexpected benefit of the physician-assisted death law in California, according to the Los Angeles Times in "There's an unforeseen benefit to California's physician-assisted death law." One thing the law does is force physicians to... Continue reading
Posted Sep 26, 2017 at New York Estate Planning & Elder Law
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People are not generally allowed to cut spouse off from inheritance. It is not a simple matter to disinherit your spouse, according to the Times Herald-Record in "A spouse's inheritance rights no simple matter." The details vary by state, but a surviving spouse has the right to make what is... Continue reading
Posted Sep 25, 2017 at New York Estate Planning & Elder Law
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It is quick and it is easy. However, you really don’t want to go down that road. It is a new trend. You go to a digital site that offers wills, you answer a few questions and sign it digitally. Now you have a will, right? No, actually you don’t,... Continue reading
Posted Sep 22, 2017 at New York Estate Planning & Elder Law
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The estate tax may be repealed. However, that does not eliminate trusts as valuable tools in estate planning. An estate tax can take a considerable bite out of an estate. Reducing that threat is often a main focus of creating an estate plan. However, even if the estate tax is... Continue reading
Posted Sep 21, 2017 at New York Estate Planning & Elder Law
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The mistakes may not be estate planning mistakes. However, they can have a big impact on your estate plan. The idea of an estate plan is to have a plan to distribute your assets and handle taxes, court costs and attorney’s fees, without them having a major negative impact on... Continue reading
Posted Sep 20, 2017 at New York Estate Planning & Elder Law
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The amount of assets you have do not make a difference: you still need an estate plan. Very few people in the U.S. are wealthy, but they still need an estate plan, according to the Napa Valley Register in "New dad wonders about estate planning." One thing people with limited... Continue reading
Posted Sep 19, 2017 at New York Estate Planning & Elder Law
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If reform does not occur by the 2030s, benefits will most likely not be stopped, but will be reduced. Washington has known for a long time now that Social Security needs to be reformed, but it is not expected soon, according to Forbes in "When Can You Expect Social Security... Continue reading
Posted Sep 18, 2017 at New York Estate Planning & Elder Law