With the New Year, come the NEW Federal Estate Tax laws. Congress has done it again. We now have new gift and estate tax laws for 2011 and 2012, but in 2013 the estate tax laws revert to the old laws: a $1 million exemption with a top tax rate of 55%. There are also provisions that retroactively change the federal estate tax laws for 2010.
On September 1, 2009, Powers of Attorney in New York State will change dramatically. Both the format and the execution of these documents are significantly different.
Remedies for an unreasonable refusal to accept a properly executed Power of Attorney are limited by the new law to a special proceeding to force the acceptance. Damages are no longer possible.
Estate and Long Term Care Planning for You and Your Family
by Amelia E. Pohl, Esq. and New York Attorney Vincent J. Russo, Esq.
Simple Practical Things You Can do For MAXIMUM CONTROL AND PROTECTION of Your Property During Your Lifetime
And Enable your Loved Ones to Inherit Your Property with MINIMUM COST AND HASSLE
Cost $27.00 plus $5.00 shipping and handling
Order below or call 800-680-1717
If you believe in being prepared no matter what may happen, then you can benefit from a trust. When we’re talking about estate planning, elder law, and special needs planning, we believe strongly in trusts because we have seen our clients benefit in so many ways.
Most people know they need a will. However, trusts are less widely understood and there are many different types of trusts. A living trust is simply a trust that is created by a living person. A testamentary trust is created under a will and is established upon a person’s death. Revocable living trusts can be changed or revoked at any time. Irrevocable trusts cannot be changed, altered, or revoked by you.
Many seniors have Powers of Attorney, but do you have the right one? This is a very important question because no one has the right to make financial decisions for you, unless you have legally appointed a person with the authority to act for you.The best way to give that legal authority is by executing a Comprehensive Durable Power of Attorney.
The problem: The will my husband and I drew up names our son as executor. Due to family circumstances, we would now like my husband’s brother to act as executor, not our son. Do we need to redo our will, or can we just sign an addendum with this change and have it notarized?
The expert: Frank L. Buquicchio, elder law and estate planning attorney, Vincent J. Russo & Associates.
It is not uncommon for my law firm to get a call from a family member who is at wits end in trying to help a loved one. Mom was very private and we do not know what assets she has? Dad never went to a lawyer and we don’t know who has the right to make decisions for him? The hospital discharge planner is telling us that we need to do Medicaid planning to pay for nursing home care. The hospital wants to know who is the agent under a Health Care Proxy but my wife never signed one.
Retirement Matters show “Can You Afford to Live a Long Life?” featuring Vincent J. Russo