Posts Tagged ‘estate planning’

Financial planning for retirement is a complicated task. It requires anticipating living expenses for an indefinite amount of time. This daunting task is often met by a combination of resources. For adequate financial preparation, a retiree must often have health insurance coverage through Medicare, private insurer and possibly Medicaid. Retirement accounts such as 401(k) plans […]

New York property laws allow for many specialized property tax exemptions for certain groups of people, including senior citizens and veterans. These exemptions, however, will not automatically go into effect. Instead, you must not only qualify for them but submit an application to the proper party by a certain deadline to benefit from the exemption […]

Many people know that they should purchase long-term care insurance, but the high cost of policies prohibit them from taking the next step. Despite the expense, this insurance coverage not only protects you, your loved ones, and your estate, but it also may provide certain tax benefits as well. The method and extent of the […]

Will Contests – The Basics

April 19th, 2015 by David Goldfarb

Will contests typically focus on the following three issues: due execution, testamentary capacity, and undue influence. Due execution.   The requirements for due execution in New York are minimal, but important. In New York, with certain exceptions, the testator (the legal term for the person signing his or her will) must sign the will either in […]

LIVING TRUST – IS IT RIGHT FOR YOU?

May 27th, 2014 by David Goldfarb

  What is a “Living Trust”?  Living trusts[1] (also known as “revocable trusts” and “revocable living trusts”) are often useful devices that can be used, in tandem with something called a “pourover will” (discussed below) to avoid probate or reduce the probate process’s affect on your loved ones after you die. A living trust acts […]

New York’s Estate Tax Dramatic Changes

April 30th, 2014 by David Goldfarb

April 2, 2014 — New York’s Estate Tax law has just undergone its most dramatic changes since the late 1990s, with long overdue increases in tax exemption that will eventually equal the Federal Estate Tax exemption, but also with a “cliff” that results in the loss of any exemption from New York Estate Taxation altogether […]

Estate Planning Resources on the Web

February 10th, 2014 by David Goldfarb

Goldfarb Abrandt Salzman & Kutzin LLP’s Trusts & Estates Articles. ABA’s Wills: Why You Should Have One and the Lawyer’s Role in Its Preparation Should I Have a Will? from Goldfarb & Abrandt LaGuru Internet Law Library: Trusts and Estates Cornell’s State Probate Statutes on the Internet Estate Planning Links National Network of Estate Planning […]

Should I Have A Will?

February 9th, 2014 by David Goldfarb

Intestate or Testate A person who dies with a will is said to have died testate. A person who dies without a will dies intestate. In either case, the person who dies is called the decedent, and the property the person leaves at death is called the his or her estate. It is always preferable […]

Reprinted with permission from Trusts & Estates Law Section Newsletter, Spring 2011, Vol. 44, No. 1, published by the New York State Bar Association, One Elk Street, Albany, NY 12207 After nine years of speculation about what would happen to the federal estate tax once its one-year “repeal” disappeared at the end of 2010, on […]

Ten Biggest Mistakes You Can Make In Your Estate Plan

February 8th, 2014 by David Goldfarb

Writing a “Top Ten” list for mistakes in an estate plan is especially challenging, as there are a myriad of mistakes that people, and their planners, can make. But in my years of being involved in all aspects of estates – from the drafting of wills, to administering estates after someone dies, to fighting in […]