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Governor Cuomo’s April 7th COVID-19 Executive Order Makes Remote Will Executions a (Virtual) Reality
“Update: Although offices can now be open and restrictions regarding in-person gatherings are starting to ease, the Governor has issued another executive order that extends the ability to do remote witnessing until August 5, 2020.” COVID-19 has brought estate planning to the forefront of the minds of many individuals, particularly at-risk populations such as senior…
Read moreGovernor Cuomo’s April 7th COVID-19 Executive Order and its Impact on the Business and Legal Affairs of New Yorkers
“Update: The statute of limitations extension discussed below has been extended further by the Governor until August 5, 2020.” On April 7, 2020, Governor Cuomo signed Executive Order 202.14 (“EO”) as part of New York’s continuing efforts to combat COVID-19. This new EO affects both individuals and businesses in a variety of ways. Extension of…
Read moreNew York State Budget Extends “Clawback” of Gifts for New York Estate Tax Purposes
New York State Budget Extends “Clawback” of Gifts for New York Estate Tax Purposes As an update to Ryan’s 2014 blog that in part discussed New York’s treatment of gifts, New York had let a provision in the law lapse that required the value of certain gifts to be included back into a New York…
Read more2019 Changes to New York Estate Tax Exclusion Amount
As of January 1, 2019, the New York State estate tax exclusion amount is increased to $5,740,000 per person. This is an increase from the prior exclusion amount of $5,250,000. The Federal equivalent amount is now $11,400,000 per person. The annual gift tax exclusion amount remains at $15,000 per gift recipient. As stated in my…
Read moreEstate and Gift Law Changes under the 2017 Tax Cuts and Jobs Act
The new legislation signed into law on December 22, 2017 has significant estate planning changes. The federal estate, gift and generation skipping tax exemption amount is now doubled to $11.2 million per person. This exemption is portable between spouses. The new legislation also increased the annual gift exclusion amount from $14,000 to $15,000 as of…
Read moreEstate Planning – Much More Than Signing a Will
In the age of the internet, there is a growing trend amongst the American populace who decide they need a Will to avoid the cost of a lawyer and use a legal services website like Legal Zoom® or use some free Will form found on the internet. However, there are many dynamics that go into…
Read moreA Living Will is Not a Will (But No Less Important)
Lawyers are occasionally guilty of speaking legal jargon that a non-lawyer has no idea what the lawyer is talking about. For example, an estate planning lawyer (or perhaps an estate planning website you found) may suggest that you execute a living will in addition to a will, health care proxy and power of attorney. You…
Read moreThere is No Will; Now What Do I Do?
If your loved one has passed away without leaving a Will, you will now find yourself in the murky area of Voluntary Estate Administration. If someone passes with a Will, there is a “probate” of that Will. If there is no Will, then a qualified person must petition the Surrogate’s Court to be appointed the…
Read moreExercise Caution When Opening Joint Bank Accounts
Joint bank accounts are frequently used by spouses for a number of reasons but are typically created so each spouse can write checks from the shared account to take care of living expenses. Joint accounts are tools of convenience, allowing for example one spouse to rely on the other to take care of the bills. …
Read moreImportant Time Periods for New York Business Owners Contemplating Litigation
Perhaps you have seen commercials from personal injury law firms trying to convince you to call them immediately if you have been injured because your claim may be time-sensitive. While these firms are obviously trying to get your business, there is some truth in this type of statement. Virtually any claim you may have against…
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