Knowing the Difference Between a Will and a Trust

Trusts and Wills have specific and quite different benefits for estate planning purposes. Each state has specific laws and regulations governing these legal documents. You can have both a will and a trust; however, the information in each should compliment the other. As a standalone, it is not accurate to say one is better than […]

What is an Ancillary Probate or Ancillary Administration Proceeding?

law book that's titled probate

When a person passes away with real property in multiple states, an ancillary proceeding may be necessary. The primary probate proceeding (if the person passed away with a Last Will & Testament) or primary administration proceeding (if the person passed away without a Last Will & Testament) is commenced in the State and County where […]

Joint Ownership of Real Property- Different Ways Real Property can be Titled

brownstone homes in new york city

Title to real property can be held in three different ways; tenants by the entirety, tenants in common, and joint tenants with rights of survivorship. Tenants by the entirety- the property is owned by a married couple.  The deed will usually state the parties as husband wife. For example the deed would say “John Doe […]

What is a Statutory Gifts Rider & Why is it Needed?

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The Statutory Gifts Rider or SGR, is a modification to a power of attorney that allows the agent to give gifts.  Without the Statutory Gifts Rider the agent under a power of attorney is only allowed to give gifts totaling $500 for the year for personal and family maintenance. The Statutory Gifts Rider may be […]

What is a Step-Up in Basis?

clip art human walking up stairs

  One of biggest gifts given to estate planners is given to us through the Internal Revenue code.   IRC §1014 is the rule that says a beneficiary receives the basis of the decedent at the time of their death.  Step up in basis is best explained through an example. Daredevil Dan Example #1: Daredevil Dan […]

What does the New York Jets all time sack leader have to do with Elder Law?

Mark Gastineau on stage

Recently Mark Gastineau, the New York Jets all time sack leader, told the public that he was diagnosed with dementia, Alzheimer’s disease, and Parkinson’s disease. Alzheimer’s disease is an awful disease that affects the brain and destroys memories and other important mental functions.  He may not be able to recall family members or how to […]

2017 New Year’s Resolutions

calendar with new year fresh start written

Many people start the New Year with different New Year’s resolutions.  Start eating healthier, stop procrastinating, and lose weight all see m to be favorites for the New Year. One resolution that everyone should make is to put together an Estate Plan. A proper Estate Plan covers who should make decisions for you if you […]

What Happens if I Die without a Will?

What happens if I die without a Will featuring Daredevil Dan If a person dies without leaving a Last Will & Testament, that person has died intestate.  Intestacy is the default rules in New York has as to who would inherit your property if you did not have a Will.  It is codified in EPTL […]

Seven Benefits of a Revocable Living Trust

  Many Americans simply leave a will to distribute their assets upon their passing.  However, the creation of a Revocable Living Trust creates several benefits unavailable to those simply leaving a will. Here are seven benefits to creating a Revocable Living Trust 1) Avoiding Probate- A great benefit of a living trust is that it […]

The Power of the Power of Attorney

A power of attorney is a very interesting and possibly powerful document. The document gives a person you choose, your agent, the power to act for you.  The powers given to the agent can be incredibly broad or very specific. For instance, you can narrowly tailor an agent’s power to act only for real estate […]