News & Insights

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

Divorce Revokes Annuity Beneficiary Designation to Ex-Spouse

During marriage, typically couples will name each other as beneficiaries of their retirement accounts, pensions, life insurance policies and similar assets. However, if a couple separates or divorces, they usually want to change their beneficiary designations to another person. As discussed in a previous post, it is important to talk with an estate planning attorney … Read more

When Does Filing an Objection to a Will Trigger a “No Contest” Clause?

If you want to discourage others from challenging your will, you can use an “in terrorem” or “no contest” will clause. Such provisions provide that if someone contests your will or any of its provisions, the person forfeits what they would have received under the will. The idea is to leave a disinherited heir enough money … 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

The new tax law means it is time to review your estate plan

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

Beware: Considerations for Estates of Decedents who Owned Guns

Leaving a gun to someone in your will can present a number of complications in the administration of your estate. New York law doesn’t allow an executor or beneficiary to simply take possession of a gun when they take over the estate of a gun owner. There are issues pertinent to gun ownership which must be considered in order to avoid complications and potential legal liability in estate planning and estate administration.

Executor responsibilities

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