Res Publicae - The New York Estates Blog: Taxation & Estate Planning

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Taxation & Estate Planning

Res Publicae - The New York Estates Blog

Covers areas of interest to estate-planning professionals and nonprofessionals, including articles, discussions of case law and statutes, and answers to frequently asked questions.
By Christopher L. Miller

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Last Entry: October 15, 2009 at 21:31:11

Honorary Trusts for the Care of Animals

Posted on October 15, 2009
South Carolina is one of about 38 states plus the District of Columbia that allow for trusts to be established for the benefit of animals and pets. While such trusts had not been recognized under the state common law because there were no human beneficiaries to enforce their terms, the South Carolina Trust Code now makes such trusts valid.

Why Should I Have a Revocable Lifetime Trust?

Posted on September 30, 2009
You may have heard various reasons why somebody should have their assets in a Revocable Lifetime Trust. (”Revocable Trust”). Some reasons may be valid, others less so. Here is a discussion of some of these reasons, and the implications of each...

Why Do I Need A Last Will and Testament?

Posted on September 15, 2009
You need a Last Will for many reasons. Even if you do not have a Last Will, you have an estate plan. That plan is laid out by New York’s intestacy statute, which provides the order in which your relatives will inherit your estate if you die without a will...

What Is A Health Care Power of Attorney? A Living Will?

Posted on August 20, 2009
A health care power of attorney designates an agent to make decisions regarding health care when a person cannot make those decisions due to incompetence or unconsciousness. In South Carolina, only one person can serve as your health care agent at one time...

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What are Heirs? Why are they important?

Posted on August 11, 2009
If you interact with an estate attorney, you may hear the term “heirs.” You may think you know what this term means, but it actually has a precise legal definition. In South Carolina, the term heirs is defined in South Carolina Code of Laws 62-1-201(17)...

Definition - Per Stirpes

Posted on July 20, 2009
If you have a Last Will prepared, you will probably wonder what per stirpes means. The term is from Latin and means literally per branch. What it means is that each branch of a Decedent’s family takes an equal share, regardless of the number of family members in each branch...

Definition - Intestate

Posted on July 20, 2009
Nope, it’s not a highway. Intestate (or intestacy) means that a Decedent has died and has not left a Last Will and Testament to be admitted to probate. The South Carolina Code of Laws 62-2-101 states that “[a]ny part of the estate of a decedent not effectively disposed of by his will passes to his heirs as [...

Definition - Testate

Posted on July 15, 2009
Testate means that a Decedent has died leaving a Last Will and Testament to be admitted to probate.

Definition - Decedent

Posted on July 13, 2009
A Decedent is someone who has died.

Definition - Administration

Posted on July 07, 2009
Administration is a judicial proceeding similar to a probate proceeding. The major difference is that an Administration is undertaken when the Decedent did not execute a Last Will and Testament. If there is an estate to administer, an interested party can petition the court to be appointed as Personal Representative (Administrator) for the estate...

Definition - Probate

Posted on July 03, 2009
Probate is a judicial proceeding by which a testamentary document is proven to be a Last Will and Testament. It is begun in South Carolina by filing a Petition with the Probate Court. Once it is established to the satisfaction of the Probate Judge that there is no issue of improper execution or attestation, testamentary capacity, fraud, or undue influence, [...

Why Do I Need A Last Will and Testament?

Posted on September 15, 2008

What are Distributees? Why are they important?

Posted on August 11, 2008
If you interact with an estate attorney, you may hear the term distributee. In New York, the term distributee has a legal meaning set out in Estates Powers and Trusts Law Section (EPTL) 1-2.5. The statutory definition is “A distributee is a person entitled to take or [...

Definition - Intestate

Posted on July 19, 2008
Nope, it’s not a highway. Intestate (or intestacy) means that a Decedent has died and has not left a Last Will and Testament to be admitted to probate. The New York Estates, Powers, and Trusts Law Section 4-1.1 sets forth those persons who are entitled to the estate of a Decedent who died intestate...

Definition - Testate

Posted on July 15, 2008
Testate means that a Decedent has died leaving a Last Will and Testament to be admitted to probate.

Definition - Decedent

Posted on July 13, 2008
A Decedent is someone who has died.

Definition - Administration

Posted on July 07, 2008
Administration is a judicial proceeding similar to a probate proceeding. The major difference is that an Administration is undertaken when the Decedent did not execute a Last Will and Testament. If there is an estate to administer, an interested party can petition the court to be appointed as Administrator for the estate...

Definition - Probate

Posted on July 03, 2008
Probate is a judicial proceeding by which a testamentary document is proven to be a Last Will and Testament. It is begun in New York by filing a Probate Petition with the Surrogate’s Court. Once it is established to the satisfaction of the Surrogate that there is no issue of improper execution or [...

Definition - By Representation

Posted on June 22, 2008
To follow up the definition of per stirpes, our next term is by representation. Again, this term is used to tell us attorneys how the children of a deceased named beneficiary should take their inheritance. Again, a numerical example is the best explanation...

Leona Helmsley Estate Settlement

Posted on June 16, 2008
The Associated Press reports that New York County Surrogate Renee Roth accepted a settlement in the contested Estate of Leona Helmsley. The Last Will had been contested on grounds that Ms. Helmsley was unfit to execute a Will. The Will left 12 million dollars in trust for Ms...

Per Stirpes Defined

Posted on May 20, 2008
If you have a Last Will prepared, you will probably wonder what per stirpes means. This term simply tells us attorneys how to divide up an interest in your estate in case the person you name as a beneficiary died before you and left surviving children...

A New Family Member

Posted on May 20, 2008
It excites me to announce that on April 9, 2008, a new family member, Christopher Thomas, was born. This is my first child, and he is wonderful. I apologize for not having much activity on here for the past few months. I do anticipate ramping up the postings over the next few weeks, months, etc...

Disposition of Remains Designation

Posted on March 15, 2008
The death of a friend or family member is a difficult event in one’s life. There is much planning that must take place to provide for a funeral and for the disposition of remains. It occurs often that surviving friends and relatives squabble over what the Decedent’s last wishes were with regard to [...

Designation of Person in Parental Relation

Posted on February 20, 2008
Parents of young children can have many concerns. One concern is the possibility that a child needs health care and the parents are unavailable to consent. This often comes up when parents take their first vacation away from their children. In a true medical emergency where life is at stake, [...

Safe Deposit Boxes and Estate Planning Documents

Posted on December 14, 2007
Should you keep your estate planning documents in your safe deposit box? While some attorneys might say yes, I believe you may be asking for trouble by doing so. If you rent a safe deposit box and you were to pass away, the bank or safe deposit company will not allow access [...

What Are The Grounds For Divorce In New York?

Posted on November 18, 2007
If you have paid any attention to the goings on in Hollywood, you are probably familiar with the term irreconcilable differences. This term is frequently used as an allegation in a Complaint for Divorce. With this allegation, celebrity couples or whoever else living in California (and other states) can obtain a divorce without alleging fault...

What Is A Power of Attorney?

Posted on October 03, 2007
A Power of Attorney is a document that can be used to appoint an individual (Attorney-in-Fact) to manage the affairs of another. This is useful for a time when people become incapable of managing their own affairs, whether through mental or physical disability...

The Home Buyer and Title Insurance

Posted on August 25, 2007
The process of purchasing a home may seem bewildering at times. This bewilderment may continue straight through to the closing of title, where you will have multiple documents placed in front of you by multiple people representing multiple parties, eagerly awaiting your signature...

What Is A Health Care Proxy? A Living Will?

Posted on August 20, 2007
A health care proxy is a legal form. It designates an agent to make decisions regarding health care when a person cannot make those decisions due to incompetence or unconsciousness. The form on which this appointment is made is a health care proxy form...

Before You Sign a Real Estate Broker?s Agreement

Posted on August 19, 2007
If you are planning on selling your house, you may wish to hire a real estate broker to handle the legwork. A broker has tools available to market your house, has experience with pricing homes competitively, and will undertake to show your home for prospective buyers...

Does a Divorce Have An Effect On My Estate Plan?

Posted on August 18, 2007
Absolutely. If you are divorced, you must revisit your estate plan. A change in marital status can lead a formerly sound estate plan to cause numerous unintended consequences. If your divorce attorney does not specialize in estate planning, ask him or her for a referral to one...

Why Should I Have a Revocable Lifetime Trust?

Posted on July 21, 2007
You may have heard various reasons why somebody should have their assets in a Revocable Lifetime Trust. (”Revocable Trust”). Some reasons may be valid, others less so. Here is a discussion of some of these reasons, and the implications of each...

Client?s Rights & Client?s Responsibilities

Posted on July 13, 2007
An attorney is required by the Joint Rules of the Appellate Divisions, Part 1215, to provide clients with a written letter of engagement where the legal fee is expected to be greater than $3,000.00. The letter of engagement must state the exact scope of services to be provided to the client, the fee to [...

Can You Sell Your Interest In A Trust?

Posted on July 10, 2007
The proliferation of businesses that offer to pay you up front in exchange for your right to receive payments in the future may leave you wondering whether or not you can sell your beneficial interest in a trust. In answering this question, New York has struck a balance between

The Attorney as Executor

Posted on July 09, 2007
I?ve discussed the ethical ramifications of the attorney as beneficiary. Now let?s discuss the ethical ramifications of the attorney as Executor. May an attorney advise a client to nominate the attorney as the Executor in the client?s Will? If not, is there ever a time where the attorney can be nominated [...