Avoiding Probate in New York

October 5, 2021 | Probate

Probate can be an exhausting process. Court rules, strict deadlines, and long, drawn-out procedures can all add stress and hassle that you don’t need. But what are the options for avoiding probate in New...

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Credit Shelter Trusts- What are they and are they still relevant?

September 28, 2021 | Estate Planning

Credit shelter trusts (CST) are an interesting trust planning concept, created out of the need to make maximum use out of both spouse’s estate tax exemptions. However, with the increase in the US estate...

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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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Good Cause Eviction Takes Significant Step Towards NYC Reality

July 29, 2021 | Landlord-Tenant

The ‘good cause eviction’ bill (S2892) recently took a major step towards making its way to NYC. On July 19, 2021, the Albany Common Council approved legislation which aimed at protecting tenants from large...

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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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Chaves Perlowitz Luftig LLP