News & Insights

CAN YOU PROBATE A HANDWRITTEN WILL IN NEW YORK?

HANDWRITTEN WILL

A handwritten (or holographic) will is not enforceable in all states. However, in certain circumstances, the will may still be probated in a state which does not recognize handwritten wills provided certain requirements are met. A recent New York appellate court decision addressed this issue in the Matter of Noichl.   In states that recognize holographic … Read more

Do You Have a Comprehensive Estate Plan That Address All of Your Assets?

Estate Plan

A proper estate plan involves more than just drafting a will. That’s because a will only controls the distribution of what are known as “probate assets.” These are assets that do not have separate beneficiary designations. “Non-probate assets,” which include life insurance, retirement accounts, joint bank accounts, and real property owned “with rights of survivorship,” … Read more

Say Goodbye to the Stretch IRA Under the SECURE Act

IRA

IRAs and 401(k) plans are popular investment vehicles because of the tax benefits. Assets deposited into these accounts are only subject to income tax when they are withdrawn. The IRS sets a certain age at which withdrawals must start (currently 72) and provides for annual “required minimum distributions (RMDs).” These RMDs are calculated based on … Read more

Preserving an Inheritance as Separate Property in the Event of Divorce

When a couple prepares to marry, one question which may arise is whether they should enter into a prenuptial (or antenuptial) agreement, which among other things sets forth what happens to their assets in the event of a divorce. There are many situations in which this may be appropriate, including when there is a significant … Read more

U.S. Supreme Court Limits State’s Right to Tax Trust Income

trust tax

If you are considering creating a trust, there are many considerations including analyzing the tax consequences. Taxation can get complicated if the trust, trustee, and beneficiaries are in different states with varying laws. Not surprisingly, many states are eager to tax trust income. The U.S. Supreme Court recently addressed this issue in North Carolina, but … Read more

What Happens to Your Estate Plan When You Divorce?

By Michael Giusto and Lois Brenner Getting a divorce is a stressful experience and it’s not unusual for spouses to forget to address estate planning issues either before, during, or afterwards. However, not updating certain documents or considering your future financial situation could have serious unintended consequences.   Impact of divorce on existing planning documents … Read more