New York Probate and Estate Administration Lawyer Blog

Published on: September 23, 2011

Seeking an estate planning lawyer’s advice is essential

by Stephen Bilkis

Many people tend to overlook the likelihood of being hit with an estate tax because they aren’t considered “rich.” But according to NY Estate Lawyers many upper middle-class citizens could be hit with a tax rate as high as 35%.

Currently the law indicates an exemption for estate tax of up to $5 million for those who die in 2011 and 2012. What many people are unaware of is that this amount can easily be exceeded when you take life insurance coverage, a valuable home, healthy retirement balances and other assets into account.

“Don’t forget to count any private business ownership interests such as shares in a family corporation or partnership,” explained a New York Probate Lawyer.

Published on: September 21, 2011

Liberals and conservatives can agree? New York Estate Planning Lawyers give their take.

by Stephen Bilkis

The late Anna Nicole Smith brought democrats and republicans together in her historical and controversial lawsuit, claims a New York City Probate Lawyer.

Smith had been married to billionaire J. Howard Marshall II for less than a year when he died. She claimed that he had promised her millions of dollars even though reports show he had cut the star out of his Will.

Smith reportedly tried to use her bankruptcy claim to over ride her late husband’s will and went on to claim that his son had manipulated the situation so he and the rest of the family would receive more money.

Published on: September 19, 2011

Lawsuit against the federal government seeks better treatment for Medicare patients, according to New York Estate Planning Lawyers

by Stephen Bilkis

Five of thousands of Medicare patients with “chronic” medical conditions not receiving coverage, together with five national organizations serving patients with multiple illnesses, filed a lawsuit recently in an effort to provide better care for these patients, said a NY Probate Lawyer. Patients in New York City and Long Island have been made aware of these conditions and the efforts to change things.

“It is illegal and unfair and an inappropriate application of the Medicare law,” said the founder and executive director of the Medicare Advocacy Center, a Washington, D.C.-based nonprofit organization that filed the lawsuit in Vermont federal court. “It is a major barrier to access to medical care and access to necessary care.”

The lawsuit basically says that coverage is being denied because of “an improvement standard,” which basically means that patients are denied treatment for occupational therapy and other physical remedies in situations that seem helpless. Examples include debilitating conditions like Multiple Sclerosis, Alzheimer’s and Parkinson’s disease.

Published on: September 17, 2011

What new tax laws will mean for married couples, explains New York Estate Planning Lawyers

by Stephen Bilkis

In 2010 when a person died, there would have been no estate tax owed, according to a New York Probate Lawyer. He added that in 2010 the estate tax had been repealed.

In 2011, estate taxes will be reinstated but a high amount of $5 million will be set. In the past, two spouses could individually file their own exemptions, which brought this number up to $10 million. The catch was they had to use caution with the way they labeled assets and had “to have bypass trusted drafted by estate planning attorneys”.

Trust preparation costs as much as $5,000 to $10,000. President Obama’s new tax law aims to create decent tax breaks for married couples because spouses can use leftover portions of a deceased spouse’s estate tax on their own exemptions with no trust requirements. This means a taxable estate of $3.5 million that is left behind could be added as part of the $5 million exemption for a later date or time. Families in Manhattan a Queens qualify for these advantages.

Published on: September 14, 2011

Estate Tax Laws in Illinois worth looking into, writes a New York Probate Lawyer.

by Stephen Bilkis

During one of the state of Illinois’ largest ever tax increases; the new public act appears to contain a nice loophole for the wealthy deceased, said a New York Estate Planning lawyer.

Earlier this year the Governor of Illinois signed into law the Public Act 096-1496, the Taxpayer Accountability and Budget Stabilization Act.

Aside from increasing state income taxes on individuals and corporations, [it] reinstated the Illinois estate tax effective January 1, 2011, with a $2,000,000 exemption.

Published on: September 12, 2011

Tax Reform News for Inheritance

by Stephen Bilkis

Senators recently detailed more of their plans to reform the tax system at the Heritage Foundation. Some of the things that they mentioned were liked, while others were not appreciated. The New York Estate Lawyer mentioned that the recent set of reforms will form a basis for many future reforms.

Conservatives aren’t however completely convinced that the new bill is a good idea. There have been many questions from the audience noted the New York Probate Lawyer. Many of the questions concentrated on the anti-estate tax movement. Many Conservatives are against the changes related to tax on probate cases.

Nobody likes paying taxes; it’s just something that everyone will have to put up with. For the reforms to succeed they will need to have bipartisan support. This is a bipartisan bill which should greatly improve the chances of creating something that people will appreciate.

Published on: September 8, 2011

New Tax Law Could Benefit the Rich

by Stephen Bilkis

In spite of the stone-throwing and partisan pandering of last December’s revamp of US tax law, a New York Estate Planning Lawyer claims that there are a few hidden gems for families willing to dig through the rubble.

In particular, the New York Probate Lawyer singled out the new gift tax laws as a boon for those in high tax brackets.

The gift-tax exemption, the much maligned cap on individual giving, which has long been set at what some would consider a paltry one million dollars, has been raised dramatically for the next two years to the princely sum of five million dollars for individuals- or a whopping ten million dollars for individuals. Accountants in Nassau and Suffolk Counties are studying the new law and trying to find ways to help their clients.

Published on: September 3, 2011

Considering A Lifetime Gift? This is Your Year, says New York Probate Lawyer

by Stephen Bilkis

According to one NY Probate Lawyer, this is the year to give. Thanks to sweeping changes in the laws governing the estate tax by President Obama late in 2010, making a lifetime gift is now easier than ever.

Lifetime gifts have long been the preferred method for transferring wealth from one family member to another. Lifetime gifts are not subjected to the heavy tax burden which posthumous gifts typically carry. The catch, in the past, was that lifetime gifts were capped at a relatively low level before the Gift Tax kicked in, meaning that the amount that could be transferred to a spouse or other loved one was actually quite small. The new law raises that cap to an all-time high.

If you are an Asset Planner or New York Estate Planning Lawyer, this new loophole could mean big business in the next two years. The new law is set to expire in 2012, and no additional plans have been made in Congress, meaning that the amount of time taxpayers have to take advantage of the new law could be short. Planners in New York City and Long Island are aware of these changes.

Published on: August 29, 2011

Granson is the alleged thief of Grandma’s money reports a New York Probate Attorney

by Stephen Bilkis

We all want to trust those we love to do the right thing. For some, that blind faith in family and loved ones to do what is right may prove to be detrimental. According to a report by a NY Estate Planning Lawyer, when a will, trust or inheritance is concerned, people get dollar signs in their eyes, so much so that they become irrational in their thinking and in turn, in their behavior. Since money is touted as the most important survival tool in our country, once some people have access to it, they will take it even if it belongs to someone that they have loved and respected all of their lives.   Such is the case for an 89 year old woman whose grandson was named the trustee of her estate, which included her house, social security checks and a trust fund that had been gifted to her 35 years ago. Within just two weeks of having been awarded the position of trustee, the grandson began removing money out of his grandmother’s accounts and plugging it back into his own, now defunct, carpet and construction businesses.   The New York Estate Planning Lawyer reports that the elderly woman went from having $105,000 to live on for the rest of her life to losing her house and having her bank account blasted to less than $6000 by her grandson, who was caught after his own mother, the daughter of the elderly woman, realized what he was doing and called authorities.   Though the money is gone and the grandmother is now living in a small trailer with no money, revealed the New York Estate Planning Lawyer, the woman has forgiven her grandson and is worried that if he goes to jail for his crimes against her then she will never see another penny from him, leaving her worse off than before. In Brooklyn and Manhattan this action could be prosecuted by the authorities. It just goes to show that in matters of financial planning, blood relation is not always a guarantee that your finances will be safe.

  If you are concerned with your estate or your inheritance, call a New York Estate Planning Attorney today for guidance and support. Whether you are looking for a beneficiary or wanting to construct a will, a New York Estate Planning Attorney will be there to serve your needs. The law offices of Stephen Bilkis & Associates has caring New York Probate Lawyers that can help you plan your estate. Our New York Probate Lawyers can help you probate an estate, write a will or set up a trust. We have convenient offices in New York City, Brooklyn, Queens, Bronx, Suffolk and Nassau County. We want to help you through what may be a difficult time with as little problems as possible and offer a free consultation at 1-800-NYNY-LAW (1-800-696-9529). Call us today to take advantage of this free consultation and speak to a New York Probate Lawyer from our firm.

Published on: August 25, 2011

Loss of Estate Tax translates to loss of major revenue for a local Ohio town, reports New York Estate Planning Lawyers.

by Stephen Bilkis

A local Ohio town worries about the effects eliminating the estate tax will have on its overall revenue and future plans.

The town’s financial director says here city receives a large chunk of revenue from estate taxes currently. For example an Estate that’s valued at over $500,000 is taxed at 7 percent. The town gets 80 percent of this revenue and the rest goes to the state of Ohio she added.

This high percentage translates to roughly $5 million per year for the city, said aNew York Estate Planning Lawyer. He went on to say that the city budgets for this currently and without the extra revenue will likely have to find other ways to make cuts. Estate Administration in Manhattan and Queens must take these taxes into account for their clients.