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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 »






Living Wills

A Living Will is a legal document in which you state your wishes regarding future health care. While New York State does not have any statutes governing Living Wills, the Court of Appeals, New York’s highest court, has found Living Wills are valid if they provide “clear and convincing” evidence of one’s wishes. Generally, the Living… 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 »






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 »