New York City is a notoriously expensive place to live. Its housing market can create unique opportunities and challenges for couples who are getting divorced. This may come up when a couple is living in an apartment that is rented below market rate — the spouse who is moving out will have to pay a much higher rent and therefore might need more cash to meet the monthly budget. It is always a challenge to stretch a budget over … read more »
All Children Included!
Philip Seymour Hoffman’s will was filed in court yesterday, and has already gotten a lot of press. He did some unusual things – most poignantly, he did not create trust funds for his children. But he also did not update his will after his younger two kids were born, nor did he make provisions for the possibility that he might have more kids. So they are in a bit of legal limbo, as this article shows. How can you avoid … read more »
Is That Prenup Really Fair?
Lee and Carolyn were in love. Carolyn loved Lee so much that she moved her children from Delaware to Long Island so they could be a family. After 8 years of dating, Lee finally proposed. Lee suggested a prenuptial agreement. Carolyn was so relieved that they were finally getting married, that she said, “I’ll sign any piece of paper you put in front of me and I won’t even read it.” And so he did. Lee gave her the agreement … 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 »
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 »
Congratulations!
Congratulations to our client, Nora Olsen, who just published her first novel, The End: Five Queer Kids Save the World. She calls it “a hyper-realistic story of a group of teenagers who travel through time to prevent a nuclear war.” A sci-fi LGBT young adult novel — very cutting edge, very cool!!
Do Children have a Right to Inherit?
I recently got an inquiry from someone who wanted to write a will leaving everything to one of her children, but not the other. They were both under 18. Was this legal? she asked. Her younger child was being raised by his father and step-mother, and they were well off. She hadn’t seen him in years, and had no relationship with him, although she was paying child support, which was taken out of her check bi-weekly. She greatly resented having … 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 »
Who will get your property when you die?
Who will inherit from you if you die without a will? It might not be the people you feel most connected to. Here is the order in New York State. If you don’t have a relative in one category, see the next category down. (for instance, if you don’t have a spouse, your money will go to your kids). If you have a spouse and kids, your spouse gets the first $50,000 + half of the remaining estate. Your kids … read more »
Estate Planning as a Family Conversation
The NY Times ran a terrific article last week about the value of talking about your estate plan with your family. Although it may cause some friction at the time, it gives family members a chance to vent, to speak their piece, and it gives parents (or whomever is doing the planning) an opportunity to explain their thinking. Many parents leave their estate to be divided equally among their children. While this is logical, and appears fair on the surface, … read more »