Dear Mr. Di Costanzo: Why do I need a Will or Trust if all my accounts have designated beneficiaries? Beneficiary designations are extremely important and one of the most overlooked tools in an estate plan. For certain assets, such as retirement accounts, the lack of a designated beneficiary can cause adverse tax consequences. One…
Congratulations to everyone headed off to college. My favorite Animal House quote is when Belushi says “seven years of college down the drain”. Although college should be stimulating from both an academic and social perspective, try not to be there for seven years.
Dear Mr. Di Costanzo: Can my spouse access our jointly owned safe deposit box after my death? It is common practice in New York for banks to “seal” a safe deposit box upon the death of an owner. Surprisingly, this practice applies even in situations where there are joint owners. Many people who own safe…
Many of you who watch my bi-weekly Facebook Live videos (which can be found on my website @ www.plantodayfortomorrow.com or Facebook page @ www.facebook.com/plantodayfortomorrow) already know that Medicaid eligibility has recently become even more challenging. As if dealing with the Covid-19 pandemic wasn’t enough, on April 2, 2020, Governor Cuomo’s State Budget implemented a new 2.5-year…
I’ve seen plenty of families disinherit a disabled child by leaving the family assets to non-disabled children under the theory that those assets will be used to take care of the disabled child. This is unnecessary and riddled with complexities. For instance, what happens if you leave your assets to your daughter thinking that she…
Traditionally, Thanksgiving is the holiday when the entire family, for better or worse, comes together. After the melatonin calms everyone’s nerves, this a great opportunity for families to discuss sensitive topics which are often set aside for “some other time”. In some instances, the discussion might be driven by children encouraging family members to get…
Over the years, I have found that one of the biggest obstacles preventing clients from pulling the trigger on a Medicaid Trust is the perception that all control is lost over the assets being transferred to the trust. While it is true that legal title to the assets must be transferred to the trustee, a…
If properly drafted and executed, certain New York estate planning documents, such as a Last Will and Testament (“Will”) or a trust should be recognized outside of New York. For instance, if you sign a Will while present in New York and follow the proper formalities of a Will execution (e.g. at least two witnesses,…
When someone nominates you as the Executor of their Last Will and Testament (“Will”), you are not obligated to accept such nomination. In fact, until the Will is probated, you are only a nominated Executor. Your nomination becomes official once the Surrogate’s Court admits the Will to probate and is represented by a piece of…
While the drafting of new estate planning documents generally replaces previous versions, we generally advise our clients to preserve their old documents because they may be useful in defending your intent after your death. For instance, suppose you prepare a new Last Will and Testament (“Will”) when others may be questioning your capacity and in…
Co-Authored by Joanna C. Feldman, Esq. Do you understand who will inherit your Estate if you die without a Will? We recently read an article about a multi-millionaire who died without having executed a Last Will and Testament (“Will”). Certain members of his extended family, with whom he likely had little to no relationship, inherited…
Personal belongings, such as jewelry, coin collections, furniture, photographs, family heirlooms, and other items of sentimental value are typically referred to as tangible personal property. Some people are happy to let their personal belongings be part of their residuary estate. Others prefer to identify certain items in their Last Will and Testament (“Will”) and designate…
by Salvatore M. Di Costanzo, Esq., and Joanna C. Feldman, Esq. Regardless of whether your estate plan is basic or complex, it is important to review the plan every few years for reasons that include life events and changes in laws and/or regulations. Life Events Estate plans can change drastically upon the occurrence of certain…
Co-Authored by Joanna C. Feldman Many people ask whether – or even why – they need a Last Will and Testament (“Will”) if they designate beneficiaries to inherit their assets upon their death. In some cases, designating beneficiaries on all assets may be appropriate. In other cases, however, unintended complications can arise. In all cases,…
How much can I gift each year? Most people think you can only gift $15,000.00 per recipient in 2019. You might be surprised to hear that you can gift a lot more than that. You might be saying, “I thought the annual federal gift tax exclusion is $15,000.00”. While you are correct, it is important…
First and foremost, I recommend that you have an open discussion with your family about the disposition of your remains. These are very sensitive issues and there is no substitute for a well- informed family. New York State law, however, does provide a mechanism for you to express your wishes in writing. Section 4201 of…
Co-authored by Joanna C. Feldman This question was recently asked at an event we hosted during which we discussed strategies to leave a legacy after death. A Medicaid Trust is an irrevocable trust used to protect assets should one need nursing home care and seek Medicaid to help cover the cost. Because assets in a Medicaid…
While I cannot say whether there are mistakes in your estate planning documents, the wording of your document may be confusing to you as a non-attorney. Legal documents contain a great deal of legalese. For purposes of this response, I am assuming that you are leaving all of your assets to your children. First, it…
