Category: Estate Planning

Estate Planning for Second Marriages

August 26, 2021 | Estate Planning

 Getting married is a joyous occasion. While a second marriage is another opportunity to enjoy life with your chosen companion, it could also come with certain financial challenges. In particular, a second marriage...

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What’s the difference between an executor and an administrator?

August 26, 2021 | Estate Planning

The main difference between these two fiduciaries is the way how they will become the representatives of an estate and how they might carry out such responsibility. An executor is a person who is...

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Inheritance Tax vs. Estate Tax: What's the Difference?

August 16, 2021 | Estate Planning

You may have heard the term “estate tax” (colloquially known as the “death tax”) thrown around. It’s a hot-button political topic that seems to crop up every so often, typically on the federal level,...

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Who Can Contest a Will?

August 10, 2021 | Estate Planning

 A Will is one of the most important documents in an estate plan, not only because it allows you to dispose of your property as you wish but also to appoint a guardian...

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What is the spousal elective share, and how could it affect your estate plan?

July 28, 2021 | Estate Planning

 Virtually every jurisdiction in the world provides some protection to a decedent’s close family members preventing them from being completely disinherited. This level of protection can vary from effectively restricting a person from...

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Does New York have an estate tax?

July 23, 2021 | Estate Planning

 Yes, New York has a progressive estate tax that varies from 5% up to 16%. This means that if you are a New York resident or have assets located in NY that exceeds...

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Benefits And Pitfalls Of "Payable On Death" Accounts: The Curious Case Of Matter Of Totten And Vilhena V. HSBC

July 7, 2021 | Estate Planning

Not everyone has a trust. Some don’t even know what a trust is or how it works. Others think that trusts are one of those planning tools only utilized by the wealthy. But virtually...

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Four Reasons to Consider Setting up a Trust

July 2, 2021 | Estate Planning

Estate planning is something many people have heard about but don’t completely understand. It’s more than just drafting a will. There are additional ways to protect your estate and give you more flexibility with...

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Basics of Drafting a Last Will and Testament in New York

June 22, 2021 | Estate Planning

Whenever I begin to draft a last will and testament, I pay special attention to the strict rules that must be followed so the Surrogate’s Court can recognize it. Failing to adhere to these...

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Is a Handwritten Will Valid in New York?

May 28, 2021 | Estate Planning

Like many trusts and estates lawyers, I perform a “ceremony” at the time of a will signing. I gather witnesses together with the client in the same room and then ask the client several...

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Chaves Perlowitz Luftig LLP