When an individual wants to disinherit a family member, an “in terrorem” or “no contest” clause in his/her will can be effective. The clause can deter challenges to a will, but it does have its limits and should be used carefully.
The new tax law has gotten a lot of media coverage in New York mostly because of the loss of the State and local tax deduction and the end of the “Obamacare” health insurance individual mandate. Less attention is paid to the significant estate and gift tax changes contained in the law. These provisions may … Read more