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Wills lawyer

Is My Will Up-to-date?

 

A New York Estate Lawyer will help you review your will. Many people who have executed wills are under the impression that they can be filed and forgotten. However, this is far from the truth, as changing circumstances necessitate a re-evaluation of the will's provisions. An individual should review his or her will at regular intervals, but especially when:

 

  • There have been substantial changes in the value of the property.

  • There have been deaths, births or marriages which affect its provisions.

  • The will maker has become a resident of another state.

  • An executor, trustee or guardian can no longer serve or is no longer the best choice.

  • There are changes in business structures or new business ventures have arisen.

  • There have been changes in tax laws.

 

Stating things another way, below is a series of questions.

 

  • How long ago was your will made?

  • Have there been any births, deaths, marriages or divorces among the heirs named in your will which may warrant a change in the way you have distributed your property?

  • Was your will made while you lived in this state? If not, have you considered the effects of your change of residence from the standpoint of validity of your will and the ability of your executor to act?

  • Have you considered the use of a testamentary trust to assure your assets stay within your bloodline?

  • Have you considered the asset protection benefits of trusts?

  • Are guardian designations for your minor children up to date?

  • Are you aware of recent tax law changes? (See ATRA discussion below)

 

American Taxpayer Relief Act of 2012 (ATRA)


As part of the American Taxpayer Relief Act of 2012 (ATRA), Congress made permanent the portability of estate tax exemption between spouses. Under portability, if the first spouse to die does not use his or her exemption from estate and gift tax, the executor of the first spouse's estate may elect to give the use of the remaining exemption amount to the surviving spouse -- the so-called deceased spousal unused exemption amount, or DSUE.

 

For decades, the basic estate plan for married couples with assets over the then applicable estate tax exemption amount has been the credit shelter trust / marital trust plan. All these plans need to be reviewed. For some, the credit shelter trust will still make sense… for others, portability will be the better option. For this reason alone, if you have not updated your will recently... you should.

  • No one likes to think about estate planning.

  • That's why many families are caught off guard and vulnerable when incapacity or death occurs.

  • Don’t wait. The best time to plan your estate is now. Call today: 212-843-4059

Robert J. Adler,

Attorney at Law

ADLER & ADLER,PLLC

Wills, Trusts, Estates & Private Client Services

30 years of

EXPERIENCE

Office: 212-843-4059

Estate Attorney, Wills and Trusts

Direct: 646-946-8327

1180 6th Avenue

8th Floor

New York, New York 10036

We also see clients in Westchester (White Plains)  

and Long Island (Garden City). 

Serving New York including (but not limited to): New York City including Manhattan (New York County); Brooklyn (Kings County); Bronx; Queens; Staten Island (Richmond County); Long Island (Nassau County and Suffolk County); Westchester County, Rockland County; Putnam County; Dutchess County; and Northern  New Jersey.

​​​​ © 2019 Adler & Adler, PLLC - Attorney Advertising.  The content on this site does not constitute legal advice. There is no attorney-client relationship created through the presentation of this website or your sending us any information about your activities or needs. The commencement of an attorney-client relationship requires  our mutual written agreement on terms of engagement.