Articles Posted in Trusts

A death certificate is an ofiicial legal document that records the date and location of a person’s death. In some cases, you might need a “certified” death certificate. A certified death certificate has security features that proves that the document is genuine. Depending on the issuing county in New York state, the death certificate can…

Original wills should be kept in a secure, fireproof location and your nominated executor should be informed of the documents’ whereabouts. If key people cannot locate your will, they will not be able to assist you in the manner you wish. If an original will is lost, the law may presume you intended to revoke…

If you die without a will in New York, your property will go to your next-of-kin under New York state intestate succession laws. Who gets what depends on who your living family members are and their relationship to you. The family members who are entitled to a share of your estate if oyu die without…

A key element of the unified estate and gift tax system is the unlimited marital deduction. The estate and gift tax structure permits essentially unlimited transferability of property between spouses (gifts during lifetime and transfers upon death) free of any tax. This policy is embodied in the gift tax marital deduction, and the estate tax…

A United States citizen who inherits foreign real property from a nonresident alien receives a stepped-up basis in such property under section 1014 of the Internal Revenue Code (“Code”) even though the property is not includible in the value of the decedent’s gross estate. Section 1014(a)(1) of the Code states that the basis of property…

In New York State, the Surrogate’s Court decides what happens to a person’s property when that person dies. The Judge in Surrogate’s Court is called the Surrogate. The person who died is called the Decedent. That person’s property is called the estate. When a person dies and leaves a Will then they died testate. If…

The spousal right of election must be made within 6 months from the date of the issuance of letters testamentary. New York Estates Powers and Trust Law (EPTL) Section 5-1.1-A provides a right of election for the surviving spouse to take a share of his or her spouse’s estate, no matter what the will provides.…

ABATEMENT Cutting back certain gifts under a will when it’s necessary to meet expenses, pay taxes, satisfy debts or take care of other bequests that are given priority under law or under the will. ADEMPTION The failure of a testamentary gift of real or personal property due to the absence of the item given in…

Internal Revenue Code §72 governs the income taxation of annuity contracts. This post deals with the estate taxation of annuities. Internal Revenue Code §2039 deals with traditional annuity contracts as well as other types of contractual arrangements under which a decedent was entitled to receive a periodic payment, effectively for life, and upon decedent’s death…

A trust is a device for the management of property where one person, the grantor (sometimes called the settler, trustor or trust maker), transfers property to another person (or a bank or trust company), the trustee, for the benefit of the trust beneficiary. A trust exists when a grantor transfers the legal title to the…