What would you do if you found out that your spouse completely disinherited you? Perhaps you are thinking about disinheriting your spouse in your estate plan. Is your spouse entitled to a portion of your inheritance? It is imperative to know your rights as well as your obligations under New York’s spousal right of election […]

Michael and Joan came in to my Queens estate planning office to re-draft estate planning documents that they had prepared over a decade ago. Their wills, like those of many married couples, left everything to each other. If one of them passed away first, the wills had mirroring provisions which left 10% of the estate […]

General Overview: As a New York estate attorney, I regularly prepare documents which protect my clients in case of their disability. One of the most important documents in an estate lawyer’s arsenal is the Health Care Proxy. The New York Health Care Proxy Law allows you to appoint someone you trust, such as a spouse, […]

As we covered in the first part of this series, the likelihood of becoming incapable of taking care of one’s financial affairs at some point in life is fairly high. Having already discussed incapacity planning vis a vis a power of attorney, we now turn to a more sophisticated method of planning for incapacity, the […]

A question I hear often from clients is: “What will happen to my assets when I die?” This sobering question is important not just for the person asking it, but also for the loved ones that they leave behind. The person making the inquiry wants to make sure that his family will be able to […]

In my estate planning practice, as well as during the seminars that I give, I regularly speak to clients who are unsure of the distinction between a Will, also known as a last will and testament, and a living will. I have even had one client who had told me that she had a Will, […]

I often see clients who are Medicaid recipients and are concerned that Medicaid may try to take their home or other property after their death. It is also a real concern to many elderly clients who are thinking about applying for Medicaid in New York. If you are one of the many people who are […]

Planning For Incapacity Part 1: The New York Power of Attorney  While no one wants to think about it, becoming incapacitated during your lifetime is not an unlikely event. According to the National Association of Insurance Commissioners, one in four 25-year-olds will experience at least one period of disability before they are 65. Other Insurance […]

Many people automatically assume that the life insurance death benefit they leave over to their loved ones will not be taxed. This common misconception can result in the unnecessary payment of tens or hundreds of thousands of dollars of estate taxes. The Rule: The IRS (Section 2042) states that the death benefit of your life […]

In the estate planning world, there is no such thing as a “cookie cutter” plan for any individual or family. Every situation is unique and needs a plan prepared especially for it. There are, however, a few essential documents which almost every person needs in order to cover their bases regardless of income, assets, family, […]