(written collaboratively by Estate Planning Attorney Leslie Sultan, Esq.) Are you (or someone you love) going through a divorce? Don’t forget to think about your estate plan along the way. This article will cover a few steps to ensure that your assets go to your children and your loved ones (and not your Ex!). Although there are some things you may be able to do on your own, it is always best to talk to an experienced professional who can … read more »
Suddenly wealthy?
Once I lived the life of a millionaire, spending my money, I didn’t care I carried my friends out for a good time, buying bootleg liquor, champagne and wine … by Ida Cox & B Feldman, sung by Bessie Smith According to the NY Times, thanks to the thriftiness of depression-era parents, baby boomers are more likely to inherit great sums of money than previous generations. Some know to expect it, others do not. What would you do if you … read more »
DOMA and the States
There is no doubt that the Supreme Court’s recent decision regarding the Defense of Marriage Act (DOMA) was historic, and will forever change the lives for millions of same-sex couples and their families. There are over 1,100 federal benefits now available to married same sex couples that were previously only available to married heterosexual couples. But DOMA is not entirely deceased. There were 2 parts to DOMA – the part that remains intact is the part that says that states … read more »
Remember to update your documents!
Many people prepare financial statements in the process of getting divorced. This is a good time to look at all of your accounts, and to update your beneficiaries. After all, you might not want your ex to receive an unexpected gain in several years because you never got around to it. Common accounts that have beneficiary designations include: Life Insurance Retirement and IRA accounts Some brokerage or savings accounts It is also a good time to update your estate planning … read more »
In the News
Three articles have caught my eye this week, because I provide all 3 services. This is why I love my varied practice — all geared toward helping families through their many transiations! The New York Law Journal published an article (in which I am featured!) by colleagues Ellie Wertheim and Abby Tolchinsky entitled Elder Mediation Addresses Range of Family Decisions, explaining that often, mediation can address important issues that the law cannot. The New York Times article, If ‘Forever’ Doesn’t … read more »
New Tax Law Affecting Estate Planning
The new tax bill signed into law last week affects estate planning in the following ways, effective January 1, 2011: The federal estate tax exemption is now $5,000,000 per person (but there is still no tax when property passes to a surviving spouse). This is the amount that can pass free of federal estate taxes. (This was $3.5 million in 2009.) The federal estate tax rate is now 35% (this was 45% in 2009). The New York State estate exemption … read more »