Guardianship Vs Power of Attorney Law In New York State

The law provides two different mechanisms to allow someone to direct your medical and financial affairs in the event of physical or mental incapacity.  The first is through the execution of estate planning documents referred to as advance directives and the second is by petitioning the court for the appointment of a Guardian for the […]

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The Reverse Mortgage: Friend or Foe

A reverse mortgage is often utilized by older Americans to supplement their income during retirement by accessing the equity in their home.  The proceeds of a reverse mortgage can be used for any financial obligations the senior may have, including routine maintenance of their home.  The reverse mortgage is a complex type of mortgage loan […]

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How an In Terrorem Clause Can Be Used In NY to Protect Your Estate Plan

When engaging in estate planning, one of your goals is likely to prevent or minimize fighting within your family after your death.  A qualified estate planning attorney can help you achieve this goal by drafting your Will and/or Trust in clear and simple terms and to make sure all the technical requirements of execution are […]

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Trust Options for New York Estate Planning

Trusts are a wonderful tool to help people accomplish their estate planning objectives. They can be used for tax planning, for long term care planning, for probate avoidance, and as a financial management device for your children and grandchildren.  To know what type of trust is best for you, it is important to have knowledge […]

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Transferring A Mortgaged Home in NY To A Trust

Mortgages commonly contain something called a “due on sale clause.”  These are clauses that allow lenders to “call in” the loan and require that the borrower pay the entire balance of the loan when a borrower transfers title to the mortgaged property. This idea makes sense – when a homeowner sells their property, they are […]

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The Step-Up in Basis & Capital Gains Tax

Estate and gift tax consequences vary from estate to estate depending on the size and value of the estate and the place where the decedent died.  The concept of a step-up in basis is a federal one affecting beneficiaries nationwide, and a recent proposal from the Biden administration has threatened to eliminate it from the […]

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Credit Shelter Trusts Under NY State Law

A credit shelter trust is a mechanism utilized by married couples in order to take full advantage of their combined estate tax exemptions.  They are most useful for couples who reside in states where there is an additional estate or inheritance tax on top of the federal estate tax. It is commonly believed that credit […]

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NY Estate Planning For Blended Families

Blended families are incredibly common, and this term encompasses a vast array of family situations.  Very often, however, blended families involve a marriage in which one or both spouses have children from a prior relationship.  Sometimes the couple also has children in common, but this is not always the case.  Because families are all different […]

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New York Updates Power of Attorney Law in 2021

New York State has enacted an update to its Power of Attorney Law that will take effect on June 13, 2021.  New York’s Statutory Short Form Power of Attorney, last updated in 2010, was notorious for its complexity and difficulty to execute.  It often baffled clients who didn’t know where to sign or initial and […]

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Do You Need A Living Trust?

Living trusts are a much talked about topic in the field of estate planning, and for good reason. You may have heard financial planners or attorneys mention these trusts as a “must have” item in your planning portfolio but may be confused as to what a living trust really is, what it accomplishes, and most […]

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Attorney Advertising Disclaimer: The estate planning, probate, elder law or other New York legal information presented on this site should NOT be construed to be formal legal advice nor the formation of a lawyer or attorney client relationship. Using the advice provided on this site without consulting an attorney can have disastrous results. Prior results do not guarantee similar outcomes. Please contact a Queens estate planning attorney at one of our law firms located in New York City. This web site is not intended to solicit clients for matters outside of the State of NY, although we have relationships with attorneys and law firms in states throughout the United States. Free consultation applies to an initial phone consultation.
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