An Executor’s Guide to Administering an Estate
Estate Planning 101: The Five Most Important Clauses for Wills and Trusts
Top Ten Mistakes Executors Make and How to Avoid Them
While many think that crafting an estate plan like a will or a trust is a relatively straightforward matter, numerous considerations go into making an effective estate plan to provide for your loved ones....more
When it comes to estate planning, consider taking a page out of the Boy Scouts Handbook: Be prepared. The last thing you want is for your family to be scrambling to pick up the pieces after your death. Of course, you’ll need...more
It’s not enough for the founder of a closely held business to have successfully established the business. The business has to grow, not only to increase profits, but also to make it more competitive and to diversify its...more
Did you know that actions can be taken after you die (i.e., post-mortem) to achieve the best results possible for your testamentary plan? Some estate plans are intentionally structured to give your beneficiaries and your...more
Winstead Shareholder David F. Johnson participated in a panel presentation entitled “When One Is Not Enough: Dividing Fiduciary Powers and Dispositions” for the State Bar of Texas’s 29th Advanced Estate Planning Strategies on...more
The federal estate tax exemption provisions are set to expire at the end of 2025, potentially requiring more people to pay estate taxes. In view of the uncertainty of the estate tax laws, it is important to have estate...more
Asset protection - How to shield your wealth from lawsuits and creditors - Much of estate planning focuses on transferring your wealth to loved ones in a taxefficient manner. But for many people, it’s equally important...more
Executing a codicil may be the answer - For most people, the first step in estate planning is to create a legally enforceable will. If you already have a will in place, consider yourself ahead of the game, but you’re far...more
While the removal of a fiduciary has long been the subject of Surrogate’s Court opinions, it is not often that the Appellate Division weighs in on the issue. However, in Matter of Epstein, 2022 NY Slip Op 00658 (2d Dep’t...more
Getting remarried? Understand your spouse’s inheritance rights - If you’re getting remarried, you may have very different expectations than you did when you married the first time, especially when it comes to estate...more
Life is not stagnant; situations change and evolve. Your estate plan should reflect your current status and expected future status and desires. There are many life changes and developments that might warrant an update, which...more
If you have been named or appointed as the personal representative (also sometimes called “executor” or “administrator”) for a loved one’s estate, it is important to understand the responsibilities the role entails. Missteps...more
The federal estate tax exemption is now $11.4 million per person ($22.8 million/couple), and the New York State estate tax exemption is now $5,740,000 per person. Generally, the exemption amount is the value of assets that...more
A Personal Representative (PR) is in charge of the property (estate) of an individual who has died (known as the decedent). When a person passes away, their assets become property of their estate....more
The death of a loved one or close friend is a traumatic experience. In addition to the emotional anguish, those who are charged with dealing with the decedent’s personal and financial affairs following death are often left...more
No estate plan is complete without a will. But what provisions should be included in it? This article explores the basic provisions of a will and how it should address estate taxes and specific bequests. A sidebar discusses...more
Prince was not the first famous person to die without a Will. Others who died intestate include: Abraham Lincoln, Ulysses S. Grant, Howard Hughes, Martin Luther King, Jr., Sonny Bono and Pablo Picasso. Dying intestate is...more
Recent federal legislation adds fresh compliance burdens to an old concept in federal tax law: the step-up in tax basis of appreciated property at death. New reporting requirements will apply to estates required to file a...more
The basic goals of estate planning are to dispose of your property in accordance with your wishes and to avoid unnecessary taxes and expenses....more