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Category Archives: Wills

Why You Need a Statutory Gifts Rider

While many people may have a general understanding that a durable power of attorney (POA) allows a person to appoint an agent to take care of their finances, various issues can arise if the POA is not properly prepared and/or executed. One such issue often arises regarding the Statutory Gifts Rider (SGR), which is essential for… Read More »






How Digital Assets Figure Into Estate Planning

As digital assets, electronic communication and electronic information continue to grow, it has become more and more necessary for clients to address this property in their estate planning. Last fall, Governor Cuomo signed into law, Estate Powers and Trusts Law (EPTL) Article 13-A, entitled Administration of Digital Assets. Consider the following scenarios: Henry has an active social… Read More »






When Not To Gift

One of the commonly misunderstood (or perhaps unknown) issues to be considered with regard to the gifting/transferring of one’s property is the issue of “step-up in basis.” Internal Revenue Code §1014(a) provides that the cost basis of property for the person acquiring same from a decedent is the fair market value (FMV) of the property at… Read More »






7 Reasons to Review Your Will

While we may WANT to think that preparing a will is a one-time event, life happens – along with its many curve balls; relationships, preferences, circumstances and even assets change over time. It is therefore recommended that you review your will every three to five years to make sure it still reflects your wishes and desires…. Read More »






Selecting Your Agents

When preparing your estate plan, you will have to make at least three significant decisions: who to select as the executor of your will, your agent under a power of attorney, and your agent via a health care proxy. Depending upon the complexity of your estate plan, you may also need to select trustee(s), guardian(s) of… Read More »






An Executor’s Responsibilities

What does it mean when you’ve been named as the executor of someone’s will? What are your responsibilities? How much of your time will be required? Will it cost you money? These are some of the questions that may come to mind when you find yourself thrust into the role of administering the estate of a… Read More »






Can A Person With Cognitive Impairment Sign Legal Documents?

When someone begins to exhibit signs of Alzheimer’s or dementia – or perhaps even has a diagnosis of some type of cognitive impairment, they often turn to us – wondering if it’s too late to prepare estate plans and get advanced directives in place. To better understand what can and cannot be done, consider the… Read More »






SECOND MARRIAGES BRING CHALLENGES IN ESTATE PLANNING

The complexities attending second marriages often times require special attention, particularly if there are children from a prior marriage, significant age differences or medical conditions, or if one spouse has substantially more assets than the other. Like most people, you may want to assure your new spouse is provided for in the event you pass… Read More »