One common misconception surrounding Estate Planning is that an Estate Plan can only be executed by older adults. This simply is not true. There are certain basic estate...
Firm attorney Wayne Carrabus recently wrote an article for Long Island Business News. The piece titled “IRS clarifies 10-year rule for inherited IRAs” delves into the IRS’s recent...
Section 424, which provides for Transfer on Death (TOD) Deeds, was recently added to New York State’s Real Property Law, and will become effective on July 19, 2024....
A trust can become an important part of your estate plan. There are different types of trusts, and each type comes with its own benefits. Which type is...
For those New York residents who are in need of long-term care, New York State offers two Medicaid programs to cover the cost of such care. There is...
A Last Will & Testament and a Trust are two common estate planning documents. Each requires the creator (the Testator in the case of a Will, and the...
Often times, a person won’t come into contact with an attorney until there is an immediate need for certain legal services. For example, the first time a person...
For many people in their 60’s, a majority of their adult years have been spent working hard and caring and providing for those in the generations below and...
26 U.S. Code § 1014 provides for a step-up in cost basis on inherited property. Specific language from the section reads: “the basis of property in the hands...
One topic of estate planning that we spend considerable time discussing with our clients is the succession of ownership of the client’s assets. It should not come as...
