New York Probate and Estate Administration Blog

The Tax Act of 2010 put in to play a lot of changes for people, especially the wealthy, said a New York Estate Planning Lawyer. Those that had any significant wealth in their estate planning process wanted to make some donations before 2011. The initial tax on estate planning gifts was set to go up, but at the last minute President Obama signed an extension of the Act which allowed for lower tax rates for an additional two years.
While the Tax Act of 2010 has a lot of wealthy people breathing a sigh of relief, others aren’t so much. Those who followed estate planning advice and took advantage of the tax rates at 35% before 2011 are suddenly sorry they took that advice. While getting your gifts out ahead of the new tax law seemed smart, now it doesn’t. Before the Act was signed, they were allowed gifts of up to $1 million dollars without heavy taxation. After the Act and through 2012, that gift is $5 million dollars, said a New York Estate Planning Attorney.
Some gift givers feel like they were slighted and want their estate planning money back, so they can “re-do” the gift. Some feel like they gave it away too early, or might not have given it away if they had known the tax breaks would be extended. The NYork Estate Planning Lawyers and experts did not know that the President would be making an extension until shortly before it happened, well after they had already doled out advice to hundreds and thousands of people.

Continue reading "Estate Planning Changes Makes Gift Givers Regretful" »

Attempts to settle allegations between a 94-year-old’s new wife and the rest of his family have failed.

A lawsuit was filed against the San Antonio businessman’s new wife and a lawyer November 2009. The $15 millionaire died August 31, 2009 in his home. Family members have been asking questions that no one seems to know the answers to.

The dead businessman’s sister and her two children filed the suit after they found they would not receive any of their inheritance. Until several months after the man’s marriage, the man’s estate would have been divided between the three of them, expressed a New York Estate Planning Lawyer.

The lawsuit was filed to have the man’s final will overturned, a New York Estate Planning Atty commented. With the new will, the man’s wife and three charities would stand to receive the man’s entire estate. His family would be left with nothing. Records show that the final will was drawn up several months after the new marriage.

The suit states that the new wife and the lawyer worked together to take the older gentleman’s money. According to the lawsuit, the wife paid herself $37.500 a month salary. The lawyer was charging the man $980,000 in fees. It is unclear what those fees are other than having the man’s will changed, a New York Estate Planning Lawyer mentioned after reading the suit.

The family states that two doctors, who were paid by the wife, set the couple up. The man had dementia and the family believed they worked together to exploit the old man.

Continue reading "Estate battle heating up between family, a New York Estate Planning Lawyer explains" »

There were some new estate planning laws that were recorded in the books just before the year 2010 ended, says a New York Estate Planning Lawyer. Some experts in the estate planning field say they are ridiculous and should be taken back off the books because they have a great potential to be abused. Then there are the people who think the new laws are fine and that with certain checks in place, they cannot be abused. So, what are these new estate planning laws?
The dollar amounts for certain tax rates were decreased substantially. The old limit was $1 million dollars or more and the person was taxed at a rate of 35%. The new limit is raised all the way up to $5 million dollars before the 35% tax rate has to be paid on the sum. A $4 million dollar increase means that people can leave their heirs a substantial amount of money and not have to worry over paying the taxes on it when they receive it, according to a New York Estate Planning Lawyer.
However, the new rules also state that this is temporary. Why? To give Americans a tax break during an economic crisis. The rules were made so that the government took less money in hopes that it would be circulated out in to the economy. Any boost in the economy is a good thing, even if it is one person shopping at a time. The temporary estate planning rule is good for 2011 and 2012, says a New York Estate Planning Lawyer. There is a chance that the rules could be extended out further if the economy still does not improve.
A New York Estate Planning Attorney can advise you or a family member on any situation that may affect your future. New York Estate Planning Attorneys can also help in matters of estates that face the court. Call and get a consultation with an estate attorney if you have questions regarding leaving your possessions.

Continue reading "New Estate Planning Laws Seem Frivolous, Says a New York Estate Planning Lawyer" »

If you are a single person, then you might need to change how you have your estate distributed for the future, says a New York Estate Planning Attorney. New laws went in to affect that change the rules for 2011 and 2012 when it comes to estate and gift taxes. The changes are beneficiary to the person receiving the benefits, so it will be worth your while to update what you have already done in regards to your estate or get moving on one today for the future.
Even without children or a spouse, single people should have their estate matters in order in the event of an emergency or accident, according to a NYC Estate Planning Lawyer. An accident can happen at any time, so being prepared is the best bet. If a lawyer has handled your estate planning, then there shouldn’t be anything to worry about in the event of an unfortunate incident. If your matters are handled ahead of time, it might also reduce the chances of a squabble taking place between relatives who might inherit since there are no children or a spouse.
The new rules for exemptions in 2011 state that federal gifts won’t be taxed at the 35% rate until they are over $5 million dollars, says a New York Estate Planning Lawyer. The previous rate was $1 million. The new rules mean that family members can receive more while staying at a lower tax level. It is suggested that while estate planning for the future, money is given away to charities to lower the net worth of the estate and to try and lessen the tax burden left on those who are inheriting the fortune.
A New York Estate Planning Attorney can answer any question you have regarding your net worth and how to leave it to charity and family members. The New York Estate Planning Attorney can get your money to the places you bequest it to upon your death or in the case of a living donation. Call a New York Estate Planning Attorney before making any decisions on your future.

Continue reading "New Guidelines For Singles Released" »

A new bill being introduced in Massachusetts gives people who love their pets a way to legally care for them after they die, according to a New York City Estate Planning Lawyer. Massachusetts is one of only 7 states in the US that, until now, had no such provisions made for people to leave trust funds to their pets should the owners die before their beloved animals. Now, that is all about to change. 

A New York Estate Planning Lawyer revealed, the previous bill required that the owners of the pets left the money to the people whom they selected to care for the animals, which essentially allowed them to spend the money on anything that they wanted. This new bill, however, names the animals themselves. 

High profile cases of excessive money being left to pets, such as when Leona Helmsley left $12 million to her lapdog, Trouble, have given the impression that these laws are silly or meant only for wealthy people to find a place to stash their money, said the New York Estate Planning Lawyer. But the truth is that people love their pets as much as they love their children and they want to have them cared for should something happen to them. 

Horses, for instance, are expensive to maintain and require a lot of food and other resources, added the New York Estate Planning Lawyer. No worthwhile pet owner would want to leave their precious animals to be sent to shelters to eventually die because no one can afford to keep them. Advocates of this bill say that it is a step in the right direction and is going a long way to encourage the safety and respectful treatment of companion animals. 

Pets play an important role in the lives of our families. A New York Estate Planning Attorney can assist you in making sure that your pets are cared for once you are gone. Call a New York Estate Planning Attorney today and find out about options for pet trusts and guardians.

Continue reading "Massachusetts bill gives animal lovers option for putting pets in their wills" »

Over the years the institution of marriage has come under fire in a million ways. Marriage has become an accessory and not a commitment between two people to forge their lives together, come what may. For many of us, that way of thinking disappeared when we saw our own parents struggle and divorce, reports a New York Estate Planning Lawyer. Many people today have no reference point as to what a good, strong marriage even looks like, and so it is becoming obsolete. 

Even so, married couples still enjoy a greater degree of stability in finances, notes the New York Estate Planning Lawyer, because of social security benefits and health insurance, among other things. A former spouse can collect social security on their ex if they were married for at least ten years, according to the New York Estate Planning Lawyer, which makes it obvious that giving a marriage more than a year or two to grow and evolve is a great idea, especially if there are children involved. 

Being married has other advantages, too, added the New York Estate Planning Lawyer, including the combined finances which can result in tax breaks. Perhaps the real benefits of marriage, however, aren't the financial ones. A good marriage is a journey between two people and offers a totally unique opportunity for both individuals to get to know each other as they truly get to know themselves. As a result of all that growing, the combined interests that two people have in building a life for themselves can change things exponentially.  

Planning for your family's future is an important step in any marriage. Call a New York Estate Planning Attorney today and begin building a future for your family. A New York Estate Planning Attorney can help you make the right decisions for the ones you love.

Continue reading "Financial benefits of marriage outweigh singles, explains NYC Estate Planning Lawyer
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In late 2010, President Obama signed what was called The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 or the Tax Act of 2010. This new Act mostly affects the wealthy and how they go about with their estates, says a New York Estate Planning Lawyer. The tax rules were made to give inheritors more money without being taxed at a higher level. The wealthy were excited over the new rules, as they would only be taxed at the 35% rate with sums up to $5 million dollars for singles and up to $10 million for couples.
Exemptions for gift taxes set the limit up to $5 million dollars as well. That means when planning, each person is allowed up to $5 million dollars, according to a New York Estate Planning Lawyer. The same goes to charities and foundations that are given money. They can receive up to $5 million dollars without having to pay taxes on the said amount. This makes gift giving to both individuals and organizations even easier since the tax burden won’t rely on them in the end.
Even though the Tax Act of 2010 expires at the end of 2012, many people will benefit from the new, higher limits that were set. Less taxes will be paid by the wealthy when receiving estate benefits in hopes that instead of giving it to the government, they will put it in to the economy and give it a boost. The New York Estate Planning Lawyer also said the President may decide to extend these rules at the end of 2012 if the economy has not significantly improved.
A New York Estate Planning Attorney can help guide you through the process of diving out an estate. They can be consulted in any financial or property matter that arises. A New York Estate Planning Attorney is trained in all matters related to inheritances and financial transfers.

Continue reading "Tax Changes in 2010 May Affect Estates, " »

Coming home from work and staring down at the loving, happy eyes of our faithful dogs and furry cats, many of us have never considered what would happen to them if we died. Who would care for them? What would their lives become? A New York Estate Planning Lawyer noted that the trend of pet owners leaving guardians and trust funds to their pets before they pass on is growing 

People who are responsible enough to have their affairs in order for their children when they die, or people who only have children with fur or feathers, are starting to realize that their relatives are not the only ones who will be affected in the event of their death, reports the New York Estate Planning Lawyer. In many cases, it is the relatives and people that they already know that they go to first when thinking about future care for their pets. According to the New York Estate Planning Lawyer, people that already know the animals are likely candidates for trusted guardians. 

Not everyone who leaves money to their animals has hundreds of thousands of dollars to do so, but they can actually work out suitable arrangements for their pets ahead of time, even if it is with relatives or friends. The arrangements run from very basic to highly detailed and drafted wills and trusts, explains the New York Estate Planning Lawyer, but the end result is that the individuals leave feeling comfortable with their decision to tie up one more loose end for all of their loved ones before they go.

Thinking about the future of your family and pets is easier when you have the guidance of a reputable New York Estate Planning Attorney. In the end, the choices that we make now will have a huge impact on those we love. Call a New York Estate Planning Attorney today and start planning for the future of your family.

Continue reading "Trust funds for pets a growing trend, reports New York Estate Planning Lawyer
" »

Winning the lottery is the dream of many. And most of us talk large about how we'd give some to charity, while deep down we know we would buy that fancy sports car and four extra houses and then maybe use the rest of the money to enact revenge scenarios. But one Florida couple has put their money where their mouth is, said an New York Estate Planning Lawyer. The couple, both in their eighties, won over twelve million dollars in the lottery and then realized something: they didn't need the money. So, after keeping 2% in case of an emergency, the couple started giving the money away. Some to friends and family, most to charities and churches, noted an New York Estate Planning Lawyer. They wanted to make their community a better place. They wanted to fulfill that empty promise to God we all make when playing the lottery. They won't tell anyone exactly what they've given away, but they've been surprised with how well spent it has been, said an New York Estate Planning Lawyer. Their church hasn't squandered any of it and the scammers are gone. Oh, sure, at first they were everywhere but after politely telling everyone who called that all the money was gone the calls stopped. The couple sleep soundly at night knowing they did the right thing.

Now today the couple drive their same old cars and there isn't a sign they've spent any of the money on themselves, reports an New York Estate Planning Lawyer. They've been honest and true when they said it was all given away.

Giving away money, or leaving it to friends and family today, can require a skilled New York Estate Planning Attorney. Contract one today to ensure your rights are protected.

Continue reading "Couple Wins Lottery and Gives it All Away, says New York Estate Planning Lawyer" »

The family members of one of the men killed in a 2005 Toll Road crash has just been awarded $15 by a federal judge reports New York Estate Planning Lawyers.
In a recent court order issued against Net Trucking, a judge awarded the estate and money to a wife and son of one of the deceased of the quadruple-fatal crash. The driver of the truck of Net Trucking Company was found to be driving while intoxicated at the time of the accident and the cases have been pending for years against him according to New York Estate Planning Lawyers.
The driver will have served 14 years in prison and spent 10 years on probation when his sentence is complete since admitting to causing the crash on the Indiana Toll Road near Bristol.
The driver of the trailer-tractor sustained no injuries in the 2005 crash. His rig, loaded with food, hit a slow-moving vehicle near a construction area, causing a chain-reaction crash, according to police reports. The crash killed four people ranging in ages 27 to 69 according to New York Estate Planning Lawyers
Net trucking was caught engaging in fraudulent, hiding both assets and conveying property a few months after the crash, according to court documents.
$6.7 million was awarded as compensatory damages for the victim’s wrongful death, $2.1 million for personal injuries to the wife and $6.3 million in punitive damages, according to court documents.
The driver is scheduled to be released from prison in September 2012, according to New York Estate Planning Lawyers.
Coming into a lot of money can be a blessing but the proper planning in the event of a death is extremely important and New York Estate Planning Attorneys can help you with the proper documentation. Dying unexpectedly is hard enough without leaving your family to battle over assets. New York Estate Planning Attorneys provide the best possible planning for you and your loved ones.

Continue reading "$15 Million awarded to grieving family members of toll road crash, New York Estate Planning Lawyers report" »

There is no inheritance tax for 2010, but that will not benefit most of us who plan to live to 2011 and beyond. The inheritance tax may or may not return in some form in 2011 – Congress hasn’t decided yet – but luckily, the gift rules remain pretty much the same, a New York Estate Lawyer reports.
Gifts of up to $13,000 a year per person to any number of people can be passed on without any taxes whatsoever. Married couples who file jointly can double the amount to $26,000. A Gift Tax Return has to be filed for any gifts over that amount.
That doesn’t mean a gift tax is involved. One can grant a million dollars in gifts, above and beyond the yearly $13,000 before the gift tax. Most people will never have to worry about that. There are a number of other exclusions and provisions regarding gifts and estates, which means reading up on IRS regulations is very important to make the most of your money, a New York Estate Lawyer notes.
Gifts are not the only way to avoid paying extra in taxes. A 529 Qualified State Tuition Plan for educating a child can allow gifting a certain amount without triggering the gift tax. A Roth IRA for the kids can also be a good way to give money without triggering tax. Funding someone else’s benefits, up to the gift limit, can also be a way to pass money along, a New York Estate Lawyer reports.
Your money should be yours to give out as you like. A New York Estate Attorney can help you make that a reality. The law can be complicated, and a professional like a New York Estate Attorney can make it a great deal easier to deal with.

Continue reading "Tax Gift Rules Can Help Estate Planning" »

There has been a federal estate tax in the United States since 1915 – in 2010, it is gone, says a New York Estate Lawyer. The tax cuts signed into law by George W. Bush in 2001 increased the estate tax exemption to $3.5 million and reduced to the top tax bracket to 45% in 2009. The estate tax in 2010 is zero. It’s only temporary, however. The law will expire on December 31, when it goes back to a $1 million exemption and a 55% top bracket.
In truth, there are not a lot of American’s, relatively speaking, who ever have to worry about an estate tax, according to New York Estate Lawyers. Nor is it a big source of revenue for the government. The higher number of exemptions has caused the number of taxable estates to drop from 2% of adults dying in 2001 to less than a quarter of 1% in 2009. In the past decade, estate taxes counted for about 1% of all taxes, or about $22 billion. Some predict, it the current law remains, the yearly estate tax collection could rise over $60 billion in less than 10 years.
One change that isn’t so great for those who stand to inherit this year is the change to what is known as carryover basis. Before, property left to heirs would be “stepped up” to whatever it was worth today. An attorney told a New York Estate Lawyer that carryover basis meant: “If you inherit a house or stock from Grandma, you have to figure out what she paid for it. Determining the original cost basis is a horrible job. The burden is on the taxpayer.”
Times are changing in the financial world. Keep ahead of the changes with a New York Estate Attorney. There is no one better than a New York Estate Lawyer to keep your financial matters firmly in hand.

Continue reading "2010: A Year Without Estate Tax" »

Tis the season to be giving, as the saying goes, but many charities are reporting new wrinkles from long time donors. With the entire tax code potentially going through some very new and very drastic changes in a few weeks, wealthier Americans, who often make large charitable donations are holding back, said an New York Estate Planning Lawyer. Many of these so called wealthy Americans are waiting to see what changes might arise in tax policy and tax structures before donating. The reason is simple: charitable donations are often able to be written off as tax deductions and if the tax rate is higher next year, many Americans may want to delay their gift till when it is most beneficial to them for tax purposes, reports an New York Estate Planning Lawyer.

Creating trusts are a way many people choose to avoid the costly "death tax" while at the same time leaving behind their fortune to those they love or to causes they believe in. The downside to a trust is that one relinquishes control over the money, notes an New York Estate Planning Lawyer. The upside if that money put into a trust, be it a living trust, charitable trust, or some other kind of trust is no longer income for tax purposes. Many people use trusts as a way to avoid their assets being tied up in probate following their death, said an New York Estate Planning Lawyer. Instead of having to open a will and go through a probate judge, the money simply flows to a trust and is dealt with by the administrator of the trust.

Properly planning your finances, be it for your life after death or just in general, can often require a skilled attorney. Contact an New York Estate Planning Attorney today to figure out the best way to deal with your money.

Continue reading "Charitable Donations Down" »

Congress has adjourned for the election season, without doing anything about the uncertain state of taxes, a New York Estate Lawyer reports. Without anything being done, income taxes will rise for the middle class and the wealthy. The estate tax will rise to 55% for any assets over $1 million. Other tax provisions, like the one that protects 24 million families from the alternative minimum tax, have to be renewed or they will expire at the end of December.
“You would have thought we would have had some certainty by this point, but as we get closer to December 31, the uncertainty seems to be getting greater,” a prominent financial planner told a New York Estate Lawyer. President Obama plans to extend the Bush tax cuts for the middle class, but not for those who have incomes above $250,000. The top tax rate on income will rise more than 4% in 20111, while the tax on income from capital gains and dividends will rise 5%. And if Congress does nothing, the dividends tax will go all the way from 15% to 39.6%, matching the new income tax rate.
New York Estate Lawyers recommend moves like contributing to a 401(k), taking gains on taxable bonds, and gifting money to others at the maximum limits possible to avoid paying taxes on it later. Looking to the future, try to find big deductions to take when the tax rates rise (if they rise), or find ways to accelerate income forward, so it is taxed at the 2010 rates.
Knowledge is the best thing to have when planning an estate. New York Estate Attorneys have the knowledge you need. Protect the value of all you’ve earned in your lifetime with the help of a New York Estate Attorney.

Continue reading "How to Plan for Uncertain Tax Laws" »

Congress has adjourned for the election season, without doing anything about the uncertain state of taxes, a New York Estate Lawyer reports. Without anything being done, income taxes will rise for the middle class and the wealthy. The estate tax will rise to 55% for any assets over $1 million. Other tax provisions, like the one that protects 24 million families from the alternative minimum tax, have to be renewed or they will expire at the end of December.
“You would have thought we would have had some certainty by this point, but as we get closer to December 31, the uncertainty seems to be getting greater,” a prominent financial planner told a New York Estate Lawyer. President Obama plans to extend the Bush tax cuts for the middle class, but not for those who have incomes above $250,000. The top tax rate on income will rise more than 4% in 20111, while the tax on income from capital gains and dividends will rise 5%. And if Congress does nothing, the dividends tax will go all the way from 15% to 39.6%, matching the new income tax rate.
New York Estate Lawyers recommend moves like contributing to a 401(k), taking gains on taxable bonds, and gifting money to others at the maximum limits possible to avoid paying taxes on it later. Looking to the future, try to find big deductions to take when the tax rates rise (if they rise), or find ways to accelerate income forward, so it is taxed at the 2010 rates.
Knowledge is the best thing to have when planning an estate. New York Estate Attorneys have the knowledge you need. Protect the value of all you’ve earned in your lifetime with the help of a New York Estate Attorney.

Continue reading "How to Plan for Uncertain Tax Laws" »

The Supreme Court in Britain gave prenuptial agreements more sway in divorce cases, bringing their laws closer to those in the United States, according a New York Estate Lawyer.
A former banker made an appeal to the Supreme Court, which was dismissed, to partially disregard the agreement he signed with a wealthy German heiress before they married in 1998. The agreement stated that neither would profit from the wealth of the other.
This case was very important to British lawyers, since it would grant precedent to follow in future cases involving prenuptial agreements, which were very popular in the United States and the rest of Europe, according to a New York Estate Lawyer.
An attorney for the German heiress told a New York Estate Lawyer that the ruling “means prenups are binding as long as they are fair.” He added: “Everyone hopes their marriage will last a lifetime. From today we are allowed to prepare for the possibility that it might not be the case.”
The couple divorced in 2006. The banker had already quit his job to become a researcher at the University of Oxford. He asked the court for financial help, stating that he did not get the right legal advice when he signed the prenuptial agreement.
He was slated to get a substantial amount of money, but his ex-wife appealed that ruling. The court decided in her favor, and the former banker will now get a great deal less money for child support purposes, as well as a place in London so he can be closer to the couple’s two daughters.
Estate law is in flux the world over, like most law. When your estate is at stake, hiring a New York Estate Lawyer could be the best decision you’ve ever made. All that you’ve accumulated through your life should be protected. Protect it with the help of a New York Estate Lawyer

Continue reading "British Supreme Court Gives More Power to Prenups" »

With the return of the death tax looming large, many Americans are wondering what they can do. Largely seen as a way to exploit "We hate the rich" sentiments, the estate tax isn't thought to make much logical sense, said an New York Estate Planning Lawyer. The money was already subject to income tax and gift taxes, so the added tax is just one last opportunity by the government to reach into a man's pocket and take as much as he can. And, since the tax only targets "the rich" most people feel secure. They shouldn't, notes an New York Estate Planning Lawyer. One million dollars is a lot of money to have in the bank, but not that much to have as an estate, reports an New York Estate Planning Lawyer. Take the entire value of a home, two cars, and a solid retirement fund and a million dollars arrives quicker than a hiccup. And the number isn't indexed for inflation, so in a few years as wages naturally rise (as they always do) a million dollars becomes worth less and less, notes an New York Estate Planning Lawyer. There was a time when if a man made $20,000.00 a year, he was considered incredibly wealthy. However, today that same man would be near the poverty line. And that's a key issue for many who opposed the death tax, said an New York Estate Planning Lawyer. It just stays the same, so in 10 years when a million dollars isn't worth a million dollars anymore the government won't care: it'll take it all the same.

Planning for tomorrow needs to be done today. Contact an New York Estate Planning Attorney and take care of your future so your family doesn't have to worry.

Continue reading "The Death Tax Looms Large" »

It sounds ominous: the death tax. A tax on when you die. And, basically, that is what it is. Currently, the death tax is 0%. That means when you die all of your assets go to your heirs without taxation, those heirs may have to pay income taxes on the money received. However, unless Congress acts today the death tax will shoot up to 60% on some people on January 1st, said a New York Estate Planning Lawyer. This means that more than half of an estate valued at over one million dollars will go to the government. While this often sounds like no big deal to many people, it often is. The average family farm is valued at over one million dollars even though those who live on it may not consider themselves wealthy (and may in fact just barely scrape by). The confusion is that most people don't truly understand what is at stake, said a New York Estate Planning Lawyer. It isn't just that you have one million dollars in the bank, it's the entirety of your estate. The average person who has worked their whole life and saved, bought a decent house, and has a couple of cars and a solid retirement fund might be surprised to learn that according to the government they are considered so wealthy that they no longer have the right to determine what happens with their money, noted a New York Estate Planning Lawyer. But, that's exactly what is happening soon. And, again, this is all money that was originally subject to the income tax. It literally is a tax on simply dying.

Planning for your future is serious business. Money is at stake, often large sums of money, and an accomplished New York Estate Planning Attorney can help.

Continue reading "Death Tax to Return, says New York Estate Planning Lawyer" »

You work your entire life. You wake up, do the right thing, refuse to cheat, play by the rules, pay your taxes, and eventually you've accumulated a nice nest egg. You want to live on it for a few years but know that it will ultimately go to your children. Why not, after all. You love them and you've lived your life for them for years. But, with new changes to the tax code taking effect on January 1st of 2011 you could find that the government will take up to sixty percent of your life savings, reports an New York Estate Lawyer. By making gifts to your children now many are finding that they're avoid saddling relatives with hefty "death tax" bills later.

Giving property to family members in the immediacy isn't always ideal. After all, many want to continue living in their house - the house they worked decades to make and maintain - and giving it away, even to a close relative, can be a difficult proposition, notes an New York Estate Lawyer. And just giving it away doesn't relieve a person of all duties, as you will still need to pay the fair market rental value while you occupy the home.

Proper planning with an attorney can help alleviate many of these issues, as a trust can be set up to collect the "rental money" - and the beneficiaries of that trust can be almost anyone you choose, says an New York Estate Lawyer. There are a number of trusts available for use, some of which handle all of the dispensing of money and others which allow you to control it yourself, reminds an New York Estate Lawyer. Either way, planning for tomorrow helps ease today's pains.

Taking care of your future if your responsibility, but it's all too often one that people forget about. Contact an New York Estate Attorney to take care of your loved ones in the future.

Continue reading "Leave the House to the Kids and Avoid Taxes" »

No one is entirely sure what the federal estate tax rate will be next year, not even the people who set the rates, says a New York Estate Lawyer. It could be anywhere from 41% to 60%, depending upon how much the estate is worth when its owner dies – and it’s not the wealthiest who pay that highest rate.
A finance writer told a New York Estate Lawyer, “Under current law, come Jan. 1, 2011… the estate tax, defunct for 2010, will spring back to life, grabbing 55% of any assets over $1 million not to left to a spouse or charity.”
A CPA from Michigan, pointed out, however, that the 55% rate only applies to assets over $3 million. It’s 41% for assets between $1 million and $1.25 million. The rate is 43% between $1.25 million and $1.5 million, all the way up to 55% on $3 million estates, according to New York Estate Lawyers.
It rises to 60% with a federal surtax for estates with assets between $10 million and $17.184 million. Over that amount, the surtax does not apply.
The surtax was repealed as part of the 2001 Bush tax cuts, which slowly lowered the estate tax over the past ten years, culminating in it being 0% for 2010. In 2009, the estate tax was a flat 45%. Unless Congress has another plan, the tax rates will go back to their pre-2001 levels on January 1, 2011.
Confused? You don’t have to be if you have a New York Estate Attorney to help you work though the ever-changing tax code. Trust your legacy only to the best – a New York Estate Attorney.

Continue reading "The Estate Tax Could Go Up to 60%, Reports New York Estate Lawyer" »

We tend to think of credit card debt as being a problem for younger generations but today more and more senior citizens are finding themselves saddled with incredibly high credit card debts. And this very high credit card debt is causing many senior citizens to file for bankruptcy, reports an New York Estate Lawyer. It is a sad trend, one that is slowly and quietly sweeping the nation. Unlike many younger Americans, who may use a credit card as a means to live a high lifestyle because they are not used to the responsibility that high credit limits carry, older senior citizens in America are using their credit cards to simply survive, notes an New York Estate Lawyer. These senior citizens have trouble making ends meet and are too ashamed to ask friends and relatives for help, says an New York Estate Lawyer. As such, they compile very very high credit card debts.

Sadly and tragically, the inevitable end for many of these senior citizens is bankruptcy. After maxing out their credit cards they find themselves with too much debt and not enough income, forcing many to file bankruptcy, reports an New York Estate Lawyer. A lifetime of work gone in a few years. Many senior citizens face a myriad of complex problems: they often have high medical expenses, children and grandchildren to provide for, and saddest of all: they do not have the time necessary to climb out of debt. All too often they reach a point where they simply cannot work any longer.

Proper estate planning can help head off many financial woes people face. Contact a New York Estate Attorney today to see what you can do to prepare for tomorrow.

Continue reading "Senior Citizens Filing for Bankruptcy More Often," »

Some of the wealthy elderly people in the United States feel compelled to give away what they would have normally passed on upon death, a New York Estate Lawyer reports. Congress has yet to vote upon the estate tax, which does not exist in 2010, but may come back in 2011, meaning a significant amount of any inheritance could be taken by the government if someone dies after December 31.
There are no taxes on inherited money for 2010, but the rate will go up to 55 percent if Congress does not do something in the post-election session, according to New York Estate Lawyers. So, there are two main things to do to save money: die in 2010, or transfer money to the family at the relatively low tax rate of 35 percent. The gift tax will also rise to 55 percent at the end of 2010 if Congress does nothing.
It is the usual practice of the government to keep estate taxes and gift taxes closely matched so the wealthy can’t use one method or the other to reduce the government’s cut. As of now, Americans can give away $13,000 tax-free, per person, up to a $1 million lifetime maximum. Once it gets past $1 million, gifts are taxed like an estate – except for this year, when the gift tax is only 35 percent, and the estate tax is nothing at all.
The rates were set in 2001, by President Bush and Republicans in an attempt to permanently repeal the estate tax, according to New York Estate Lawyers.
No one knows estate law better than a New York Estate Attorney, which means you can always have someone you can trust with the legal side of your financial life. Your money should be treated with care and a New York Estate Attorney can do that for you.

Continue reading "No Estate Tax Makes the Year Popular For Gifts, Says New York Estate Lawyer" »

It sometimes comes as a surprise to heirs just what they’ve inherited. An estate can be a murky thing, even for people who plan them, a New York Estate Lawyer reports.
A good estate plan should theoretically show everything a particular person owns, but this doesn’t always happen. The owner of the estate might not even know exactly what he or she possesses, or may not be entirely forthcoming about the details for whatever reason.
A New York Estate Lawyer notes a case in which the children of a supposedly wealthy man learned their father was actually not worth very much at all. They knew he had some valuables stored in a safe deposit box, but when the box was opened only some old papers were inside. “We never did find out what happened to them,” an attorney told a New York Estate Lawyer.
“Life is full of surprises,” a financial planner told a New York Estate Lawyer. “Nobody walks in and says to their lawyer, ‘I’m not telling you about the other $50,000.” There are any number of valuable things that may not ever get mentioned, for whatever reason. Maybe the adviser is not trusted, or maybe the estate owner just doesn’t like talking about money.
It isn’t unusual for trustees and executors to find something they didn’t know about a person and that person’s possessions, once the end comes. Sometimes, the estate itself can be a surprise – the executor can be named in a will or other documents without knowing ahead of time.
Your estate does not have to be a great mystery. A New York Estate Attorney can help you sort it all out. Put your life’s work in good hands by trusting a New York Estate Attorney

Continue reading "Estate Planning is Much More Than Meets The Eye" »

New York Estate Lawyers have noticed something: Both financial planners and collectors do not tend to count the value of collections when it comes to looking at financial resources, including estate planning.

This often results in a parent instructing children to come and take the collection once the parent has passed on. If the collection is valuable and sold, the IRS is going to take note, which means the surviving children had better have some documentation that can prove they weren’t somehow circumventing tax law, a New York Estate Lawyer warns.

Should the collection be impossible to split equally between multiple children, that can be another problem. There is no way three people can split that classic car their father loved so much. Or they could not be especially interested in cars and decide to sell it and the rest of the collection – getting maybe 30 cents on the dollar for sale after taxes are paid.

Some New York Estate Lawyers suggest a life insurance policy for those who worry about their heirs paying massive taxes – some of these policies can actually pay the taxes, leaving the actual earnings, possessions included, to be used as the previous possessor intended without the government taking out a huge chunk.

Laws involving money and taxes and estates are extremely complicated. You don’t have to learn it all – let a New York Estate Attorney figure out the best way to insure your money goes where you want it to go. Don’t take chances with all that you’ve worked to earn your entire life, when a New York Estate Attorney is available to assist.

Continue reading "Private Collections May Complicate Estate Planning" »

The federal estate tax is still scheduled to return on January 1, 2011, which will affect a great many families, New York Estate Lawyers report.

No one knows what Congress is going to do about it, including, apparently, Congress, which means financial planning is very tricky. Retirees have to find a way to balance who much they need to live on and how much they should give away to avoid estate taxes. New York Estate Lawyers know several strategies to help protect estates from the possibly 55 percent bite they might receive starting in 2011.

Giving it away is always an option. $13,000 a year to any amount of people is tax-free gifting. Spouses can give jointly for $26,000 per recipient. It doesn’t have to be given directly, either. The money can be granted to a trust, as well.

A one-or-two-year term policy of life insurance can offset the cost of taxes. If the estate tax does not go up, just let go of the policy. The beneficiaries of the policy should be the owner, or the proceeds will be counted as part of the deceased’s estate, only raising estate taxes.

Marriage can actually help avoid the estate tax. A widow or widower who remarries can leave an unlimited amount to a spouse, if the spouse is an American citizen. No estate tax will apply to such a gift. Lending money to a family member for whatever reason can also help. So long as a minimum rate of interest is charged, there is no gift or income tax consequence, say New York Estate Lawyers.

A New York Estate Attorney can be your best friend when it comes to deciphering the ever-shifting laws surrounding taxes and finance. Your estate is in good hands when you entrust it to a New York Estate Attorney.

Continue reading "New York Estate Lawyers Make Some Estate Tax Suggestions" »

Senator Max Baucus, chairman of the Senate Finance Committee, is soon to introduce a bill that would create permanent tax cuts for the middle-class and reduce estate taxes, New York Estate Lawyers has learned.

The tax cuts for families that earn more than $250,000 a year will be allowed to lapse, a source told New York Estate Lawyers. President Barack Obama set his own terms for the tax standards in a televised town hall meeting in which he would not consider extending the Bush tax cuts for the rich. “Obama drew a line in the sand,” a source told a New York Estate Lawyer. “He’s raised the stakes.”

The House is waiting for the Senate to introduce its own tax bill before showing off its own. “This would be the biggest tax policy change in 10 years,” the source told a New York Estate Lawyer. It is unknown as of yet whether there is enough support among Democrats in the Senate to pass it and if Republicans will attempt to block it.

There are currently no estate tax, but it will return in 2011 for estates of $1 million or more. Baucus’ estate tax proposal, at least at the moment, would reduce the 2011 rate from 55 percent to 45 percent and only for estates worth more than $3.5 million.

Tax policy is complicated and it’s all the more so when laws can change so easily from year to year. You’ll need a New York Estate Attorney to help you keep up with all the changes. You can be sure your financial future is in good hands when you have a New York Estate Attorney on your side.

Continue reading "Middle-class and Estate Tax Cuts Debated in Senate, Says New York Estate Lawyer" »

The Senate has yet to come to a real decision regarding the estate tax. Currently, there is no estate tax, but it is likely to return in 2011, according to New York Estate Lawyers. That may not be good news for heirs who decided to sell their inherited gains, however, thanks to higher capital gains taxes.

Before 2010, an heir could count on what’s called stepped-up basis on inherited property. This means capital gains taxes would be based on how much the asset was worth at the time the owner died, rather than the original purchasing price. Selling an item for what it’s worth currently would mean getting taxed on the difference between the current price and the selling price, rather than the difference between the purchasing price and the selling price.

This year, things are different, New York Estate Lawyers say. The new law of the land is the carry-over basis. Capital gains are now paid on the difference between sale price and the value of the asset when it was purchased, no matter how long ago that may have been. Not only does this mean higher taxes, but the heir would have to find out just how much the item was bought for whenever it was bought.

These are just the most simple forms of estate legislation, New York Estate Lawyers warn. For instance, executors can use the step-up basis for as much as $1.3 million (and another $3 million for a surviving spouse). There are some other exceptions as well, but in general the same rules apply to all.

The laws involving estate taxes are many and they change from year to year. A New York Estate Attorney can help you keep up with all these changes. Your financial future should be entrusted to the best – a New York Estate Attorney.

Continue reading "Estate Tax Confusion Continues, New York Estate Lawyers Report" »

Texas is one of the top tax havens for retirees, according to New York Estate Lawyers.
New York Estate Lawyers have discovered since Texas has no state personal income tax and a low 6.25 percent sales tax (which local taxes can raise up to 8.25 percent), it is a popular place for people looking to avoid taxes. Homeowners 65 or older can exempt $10,000 of the property’s value from school taxes and $3,000 is exempt from other local taxes. This doesn’t even count the standard $15,000 homestead exemption that all homeowners get in that state.

There is also no inheritance tax in the state, and the estate tax is limited to federal estate-tax collections. There are number of other states that qualify as retiree havens when it comes to taxes, including Washington, Florida, Nevada, Colorado, South Dakota, Tennessee, and New Hampshire.

The impending change (or lack of change) to the tax law has everyone worried or at least unsure about the future, when it comes to financial matters. There will likely be a change in tax law come January for at least some segment of the population, which is why a New York Estate Lawyer is so important. There’s no need to travel to another state, because the law, no matter what it is, can usually be made to work in the favor of those who have spent their entire lives earning what they have – especially if they want to have something to pass down to their heirs.

Continue reading "Texas: A Big Tax Haven, New York Estate Lawyer Reports" »

It looks like the federal estate tax will be restored on January 1, 2011, and a lot of families are going to feel it, says a New York Estate Lawyer.

No one knows for sure, however, which is creating plenty of uncertainty when it comes to financial planning, especially for the retired, who may have to decide how much they can live on and how much they will have to give away as gifts to avoid being taxed.

The estate tax in 2009 allowed $3.5 million to be exempt, according to New York Estate Lawyers. The tax, should it return in 2011, will only allow a $1 million exemption, and rise from the old rate of 45 percent to a new rate of 55 percent.
New York Estate Lawyers have determined that that the easiest way to help ease the tax burden is giving the money away. As much as $13,000 a year can be given away to any number of people, and there is no gift tax involved. Spouses can combine it, making it $26,000 for each recipient. The money could also be put into a trust for the benefit of someone else.

There is still a chance that the lower 2009 rates will be restored, which will make those concerned about estate taxes a little happier. But an attorney told a New York Estate Lawyer, “There’s a very good chance that Congress will not act until spring.”

In such chaotic economic times, no one can be sure what tomorrow will bring. Keep ahead of future speculations by acquiring the services of a New York Estate Attorney. You’re going to need the best possible legal mind to order your estate or the estate of a loved one, and you’ll find it in a New York Estate Attorney.

Continue reading "Estate Tax Likely to Return" »

That old saying about death and taxes being the only sure things may not be as sure as they it used to be, thanks to impending changes in U.S. tax law, a New York Estate Lawyer reports. It is still unknown whether Congress will do anything to extend or change the Bush-era tax cuts. Experts tell New York Estate Lawyers this makes planning details for business or finance quite a bit more difficult.

Since businesses do not know how much money will be available, they are afraid to hire. Investors in mom-and-pop organizations don’t know whether or not to sell their stocks before their taxes rise or to hold on to what they have. Estate planning has also become a thorny problem, since the estate tax may or may not return and even the level of taxation should it come back is unsure, New York Estate Lawyers say.

“’Uncertainty is the word of the month,” the CEO of a financial advisory firm which counsels small businesses told a New York Estate Lawyer. “How can you possibly make a decision when the future outside of your control is so cloudy.” The in-and-outs of financial law is tricky enough even without all the changes that new legislation can bring. It can take a great deal of time, effort, and skill just to keep abreast of the changes, let alone how to make them work so businesses can prosper and investors can make informed decisions.

These are the times that make New York Estate Attorneys so important. Your financial well-being is the well-being of your family. A New York Estate Attorney knows that and will make your family’s well-being a top priority.

Continue reading "Uncertainty’ Is the Big Word in Finance Today, New York Estate Lawyer Reports" »

The last twenty years has seen a great increase in bankruptcy, not only in number, but in the age of those affected by bankruptcy, a New York Estate Lawyer reports. In 2007, about 7% of those who filed for bankruptcy were over the age of 64. The number was only 2.1% in 1991. The median age for bankruptcy was 43 in 2007, and only 36.5 in 1991.
There are more elderly people than before, but not enough to account for the shift in bankruptcy. A new study suggests credit card debt is the problem. New York Estate Lawyers learned from data gathered by the Consumer Bankruptcy Project that two-thirds of the elderly directly attributed their bankruptcy to credit card interest and fees. Only 53% of the younger group blamed credit cards. The median credit card debt for the elderly was $27,213, while the median debt for the younger set was $15,499. 44.8% of the elder debtors carried at least five cards, while only 32.4% of the younger debtors had as many.
The study did not show that the elderly were more likely to spend without regard for the consequences. It showed that the elderly were less likely to have “problems controlling spending” than their younger counterparts.
Instead, the elderly preferred not to trouble friends and family when they had financial problems, so they turned to credit cards instead. The elderly were also less likely to ask their creditors to work with them before filing for bankruptcy, New York Estate Lawyers learned.
All the laws and regulations that surround money and finance can be a big problem – unless you enlist the help of a New York Estate Attorney. All that you’ve worked for years should be protected, and a New York Estate Attorney can help you do that.

Continue reading "Credit Card Debt Hits Seniors Hard, Reports New York Estate Lawyer" »

An American Business Family Foundation study shows that more jobs could be lost – as many as 1.5 million – if the United States Congress allows the federal estate tax to return.

The Economic Growth and Tax Relief Reconciliation Act caused the estate tax to expire at the end of 2009, according to New York Estate Lawyers. That same act will allow the return of the tax – at a rate of 55% for all assets over $1 million. The study says that if the estate tax returned at a 65% rate, more than 1.6 million jobs would be lost. If Congress merely allows the estate tax to return at the pre-Economic Growth and Tax Relief Reconciliation Act rate of 55%, between 1.4 million and 1.5 million jobs would be lost.

New York Estate Lawyers have found a number of national agricultural organizations, including the National Cattlemen’s Beef Association and the American Sheep Industry Association have tried to get U.S. Senate support to pass permanent estate tax relief legislation that will help preserve jobs.

“This is significant to family farms not only in Missouri, but the entire country,” the executive vice president of Missouri Cattlemen’s Association told a New York Estate Lawyer. “It is extremely important to call your congressmen and let them know how important it is to extend the current estate tax provisions.” Congress has yet to reach a decision about the estate tax and other tax laws set to expire at the end of the year and are on recess as of this writing.

Even when they don’t constantly change, estate law can be very complex. You need someone like a New York Estate Attorney to help you navigate the complexity. Everything you and your family have worked for over the years is a very important factor and you should trust it to someone like a New York Estate Attorney who knows how to make the law work for you, rather than against you.

Continue reading "Estate Tax Will Make a Financial Mess, Reports New York Estate Lawyer" »

Life insurance has generally had fairly good treatment from tax laws over years, thanks to a reputation for protecting widows and orphans, a New York Estate Lawyer reports. It was the contention of the life insurance companies that their policies kept people from becoming poor when the family breadwinner died unexpectedly.

Gradually, however, the clientele of life insurance policies have become wealthier. Now the companies are selling their policies to wealthier Americans, often as a part of complex estate-tax plans. The clientele is changing, and so is the traditional role of life insurance. Congress is always looking for more revenue and it may turn to life insurance companies, citing their traditional offense of helping orphans and widows is no longer valid.

New York Estate Lawyers have found no current legislation or proposals before Congress to change tax law for life insurers. It is very likely that any such attempt would be opposed by insurance companies – and any increase in taxes in a bad economy will always face a stiff battle.

The number of American families that own life insurance has been dropping for a while, in terms of percentage. Thirty percent don’t have any life insurance at all, which is a four-decade high, New York Estate Lawyers have learned. Some even believe permanent life insurance has become nothing more than a way for the rich to hide their money from gift taxes, estate taxes and death taxes.

Your estate and everything you or your loved ones have ever worked for are at the mercy of very complex estate laws. Let a New York Estate Attorney help you unravel the complexity. The skill of a New York Estate Attorney can make a big difference to both you and your heirs.

Continue reading "Wealthier Clients Present a Quandary to Life Insurers, New York Estate Lawyer Reports" »

The wife of one of the nation’s most prominent hedge fund owners, has taken over the hedge fund’s offices to give space to her own company – built for entertainment, not money management, sources tell a New York Estate Lawyer.

She’s known for her flamboyant ways, and the analysts at the hedge fund don’t even seem to notice anymore, even when she wears a low-cut leather dress in her husband’s (and her own) New York office.

“Eighteen years and no prenup means family office,” she told a New York Estate Lawyer.
That’s just the way this particular hedge fund wife is – often unpredictable. She has trained her pet pig to play the piano and dance in circles (for which it is rewarded with a Cheerio). She will play soccer in a ballgown, and has now taken space in the office of one of New York’s biggest hedge fund, because that’s just the kind of thing she does.
She told a New York Estate Lawyer, “Obviously, my husband’s made the money, but we’ve been together 18 years, and the person behind the person isn’t usually seen. So the money I’m using I’ve earned.”

She rises at 4 a.m. every morning and maintains an optimistic attitude that has probably helped her husband attain the status he carries today.

Money can be a touchy subject, especially when it involves millions of dollars. Yet, even if it doesn’t, you should consider a New York Estate Attorney help you protect what you do have. You want your money to go where you want it to go and a New York Estate Attorney can make sure your wishes are followed.

Continue reading "Hedge Fund Wife Takes Advantage of Lack of Pre-Nup, Reports New York Estate Lawyer" »

New York Estate Lawyers have learned of a licensing deal between a Los Angeles company and the estate of Michael Jackson to create an online virtual world that will be known as “Planet Michael”.

The digital world will be part of the Entropia Universe, a massively multiplayer online game that currently has about 100,000 active users, run by a Swedish company.
The estate will work with the game publisher to get the game prepared for a late 2011 release, according to New York Estate Lawyers. It will allow fans to collect and trade virtual Jackson paraphernalia and earn credits by successfully passing challenges based on his music and dance moves.

This virtual world, like many others, will allow players to use real money to enrich their virtual accounts.

The CEO of the game publisher said the game play will focus on Jackson’s dance moves and will follow his belief in nonviolence, which will set it apart from other popular online multiplayer games. Charitable contributions will allow be enabled in the game.

“With Michael Jackson, we’re aiming at different game play,” he told a New York Estate Lawyer.

Jackson’s estate has grown a great deal since his sudden death on June 25, 2009 at the age of 50. A multiyear record deal based on unreleased recordings and a movie based on concert rehearsal footage has raised the estate’s assets by more than $250 million in the year since his death.

Estates, whether large or small, need the hand of experience to guide them. New York Estate Attorneys have such experience. There are so many laws to follow when it comes to estates and the management of money, which is why a New York Estate Attorney is so important.

Continue reading "Jackson Estate Begins Work on ‘Planet Michael’, Says New York Estate Lawyer" »

It looks like the federal estate tax will be restored on January 1, 2011, and a lot of families are going to feel it, says a New York Estate Lawyer.

No one knows for sure, however, which is creating plenty of uncertainty when it comes to financial planning, especially for the retired, who may have to decide how much they can live on and how much they will have to give away as gifts to avoid being taxed.

The estate tax in 2009 allowed $3.5 million to be exempt, according to New York Estate Lawyers. The tax, should it return in 2011, will only allow a $1 million exemption, and rise from the old rate of 45 percent to a new rate of 55 percent.
New York Estate Lawyers have determined that that the easiest way to help ease the tax burden is giving the money away. As much as $13,000 a year can be given away to any number of people, and there is no gift tax involved. Spouses can combine it, making it $26,000 for each recipient. The money could also be put into a trust for the benefit of someone else.

There is still a chance that the lower 2009 rates will be restored, which will make those concerned about estate taxes a little happier. But an attorney told a New York Estate Lawyer, “There’s a very good chance that Congress will not act until spring.”

In such chaotic economic times, no one can be sure what tomorrow will bring. Keep ahead of future speculations by acquiring the services of a New York Estate Attorney. You’re going to need the best possible legal mind to order your estate or the estate of a loved one, and you’ll find it in a New York Estate Attorney.

Continue reading "Estate Tax Likely to Return" »

New York Estate Lawyers have noticed something: Both financial planners and collectors do not tend to count the value of collections when it comes to looking at financial resources, including estate planning.

This often results in a parent instructing children to come and take the collection once the parent has passed on. If the collection is valuable and sold, the IRS is going to take note, which means the surviving children had better have some documentation that can prove they weren’t somehow circumventing tax law, a New York Estate Lawyer warns.

Should the collection be impossible to split equally between multiple children, that can be another problem. There is no way three people can split that classic car their father loved so much. Or they could not be especially interested in cars and decide to sell it and the rest of the collection – getting maybe 30 cents on the dollar for sale after taxes are paid.

Some New York Estate Lawyers suggest a life insurance policy for those who worry about their heirs paying massive taxes – some of these policies can actually pay the taxes, leaving the actual earnings, possessions included, to be used as the previous possessor intended without the government taking out a huge chunk.

Laws involving money and taxes and estates are extremely complicated. You don’t have to learn it all – let a New York Estate Attorney figure out the best way to insure your money goes where you want it to go. Don’t take chances with all that you’ve worked to earn your entire life, when a New York Estate Attorney is available to assist.

Continue reading "Private Collections May Complicate Estate Planning" »

For the first time since such things have been surveyed, a new book includes studies that determine a majority of Americans view same-sex couples as family, according to a New York Estate Lawyer. This inclusion also extends to a gay or lesbian couple, even if they are unmarried. The new publication also concludes that more people are willing to view homosexuality as a natural and inborn trait and its conclusion is corroborated by the New York Times.

That is not the end of the story, whoever. New York Estate Lawyers also noticed that some coverage of the study by the Associated Press also included this item of data: “There’s a solid core resisting this trend who are more willing to include pets in their definition than same-sex partners.” This solid core is about 30 percent. The lead researcher for the Associated Press commented upon this statistic to a New York Estate Lawyer: “The sheer idea that gay couples are given less status than pets should give us pause.”

Family matters are changing with the times, which means the law is going to have to change, as well. You’ll need a New York Estate Attorney to keep up with those changes. All families accumulate money and possessions over a lifetime together, and these things have to be properly deposed of when someone passes on. A New York Estate Attorney can untangle all the difficult legal matters to make sure you and your loved ones can follow the wishes of your family member, as he or she would have wished.

Continue reading "Americans Consider Married Gays as Families" »

The killer has already gone to prison, but now the victim’s family is after the murderer’s mother, according to a New York Estate Lawyer. A Nassau Supreme Court justice has ruled the killer’s mother may use her homeowner’s insurance policies to pay up to $550,000 in damages should she lose the suit.

The 66-year-old mother is being sued by the family of the victim, a woman who was killed and dismembered by the defendant’s son in August 2006. Due to the judge’s ruling, if she loses the suit, her homeowners insurance policy will trigger, since the murder happened in her home. Her attorney told a New York Estate Lawyer that insurance will cover damages to the victim’s family for up to $250,000.

Should the damages be ruled to be even more than that, the company that covers the defendant’s excess homeowners insurance will pay an additional $300,000, according to the judge’s ruling. The company stated to New York Estate Lawyers that it should not have to pay, since the defendant did not inform them of the lawsuit. New York Estate Lawyers attempted to contact the insurance company, but there has been no response or comment thus far.
Matters of estate can be very complicated. Let a New York Estate Attorney unravel the details for you and give your property or the property of one of your loved ones some clarity. The expertise of a New York Estate Attorney will make everything a great deal easier.

Continue reading "Family of Slain Woman May Benefit from Insurance Policy, Says New York Estate Lawyer" »

It has been alleged that Brittany Murphy’s husband siphoned away the deceased star’s back accounts in the months between her death and his own shocking passing, according to a New York Estate Lawyer.

Murphy’s business manager accused Murphy’s husband, a British movie maker of taking around 80 percent of his wife’s money after her death in December of 2009, sources told a New York Estate Lawyer.

“There were huge amounts of money in her pension plan and bank account, and all that’s gone”, the business manager told a New York Estate Lawyer. “I would see it on the statements. There was money being withdrawn by [Murphy’s husband], hundreds of thousands.”

Since Murphy’s husband has also passed away, any investigation into the matter is going to be slow to finish. Results are likely to be inconclusive, but New York Estate Lawyers keep themselves as informed as they can about the situation until it is resolved completely.

The passing of anyone can leave a lot of loose ends, especially when that passing is untimely. There may not be proper documentation or provisions left for the care of the estate. This is why it is so vital to secure the services of a New York Estate Attorney.

If the disposal of the estate is an important matter, a New York Estate Attorney can take all those loose ends and make sense of them so everything can be properly arranged, as close to the wishes of the deceased as possible.

Continue reading "Husband of Brittany Murphy Called a ‘Ghoul’, Says a New York Estate Lawyer" »

Michael Jackson’s untimely passing left his family and the world shocked. Once the devastation wore off, his family had to deal with the accounts, property and most importantly, the children he left behind. Luckily, Jackson planned and had a Will drawn up. A Will is a statement of how someone wants their property to be distributed after death. In a will, if a person recommends a guardian for his or her children, which is known as a "will and testament”. In Jackson’s will, he appointed his mother to be the guardian of his three children. After the Court’s approval, Katherine Jackson was granted guardianship over his children. Jackson’s will left three executors for his estate. The executors are in charge with protecting a deceased person's property until all debts and taxes have been paid, and overseeing that what is left is transferred to the people who are entitled to it. The Will states who is to receive beneficiaries from your estate. Jackson left his estate to his children, mother and numerous charities. Had Jackson never had a Will drawn up, his family would not have known his intentions and would not have been able to carry them out for him.

You do not need to be a billionaire like Michael Jackson to have a Will written up. Every person, no matter the size of his or her estate, should have one drawn up. A New York Estate Planning and Probate can tell you how important it is to have a Will written. It will ensure that your final intentions are followed through. It will also give both you and your family peace of mind.

Continue reading "A New York Estate Planning and Probate Lawyer reports the plans for Michael Jackson’s estate after his unexpected passing." »

Power is the demise of many people. Greed takes over and with the power given to the aid to Former Mayor Cory Booker was enough to cause him to now be in need of the services of a New York Probate Lawyer. When the aid started to help contractors get city contracts, he crossed the line of acceptability.

Another man, the owner of the company that Mayor Booker’s aid was trying to help was also indicted. The U.S. Attorney Paul Fisherman said that there was no evidence that the man in question was knowingly involved in the illegal activity. New York Probate Lawyers may be needed to help the men in question and activity like this is definitely what Booker defines as “a violation both of the public trust and of my trust”.

Continue reading "Extortion, Conspiracy and Attempted Extortion Charges Pending Reports New York Probate Lawyer" »

Actress Brittany Murphy was best known for movies such as “Clueless”, “8 Mile” and “Just Married”. She had been the voice of Luanne on the cartoon “King of the Hill” for many years. Sadly, she has passed away from natural causes at the young age of 32. She is survived by her husband and mother.

Brittany Murphy’s untimely passing has left questions about what will happen to her estate, which includes the house she was living in with her husband, Simon Monjack, and her mother Sharon. Murphy had executed a will prior to her 2007 marriage to Monjack. That will left her entire estate to her mother. While wills can be amended after they are executed, it is unclear if Murphy ever updated hers after the marriage. If an updated version cannot be located, the estate will go to her mother and her husband may stand to receive nothing.

Let this unfortunate event be a lesson to us all. Everyone should have a will, no matter the size of their estate or assets. Once a will is in place, it should be kept current after major life changes such as marriage or the birth of a child. Having a will or trust in place will give your loved ones peaces of mind during a difficult situation. It will also ensure that your last wishes are being followed and that your loved ones are taken care of.

Continue reading "Britney Murphy that left everyone questioning her estate. New York Probate Lawyer reports of the tragic passing of actress" »