Entries tagged: estate planning

Estate Planning for People with Vacation Homes

By: Martin Glass, Esq.

Posted: May 20th, 2015

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Now that spring is finally here, people start to make plans to spend time in their vacation home.  Then they start to think, what happens to this home if I die?  The first thing you need to do is check whose name is on the title.  Is it just in your name, or is it […]

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Grandchild’s College Expenses

By: Martin Glass, Esq.

Posted: April 20th, 2015

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Now that my kids are out of college, it’s time to start thinking about trying to help out my (future) grandchildren’s education.  Who knows how expensive that’s going to be in twenty-plus years?  It’s actually fairly common that grandparents want to help with college expenses for their grandchildren.  And most grandparents want to do so […]

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Gifts: Is There a Tax?

By: Martin Glass, Esq.

Posted: February 25th, 2015

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The answer is one of my great attorney answers: “It depends.”  In general terms, there is no gift tax in New York.  So for the remaining part of the discussion, we will be focusing on federal gift and estate taxes. It’s actually what’s referred to as a uniform gift and estate tax.  That means you […]

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Going Through a Divorce; Update Your Documents

By: Martin Glass, Esq.

Posted: January 28th, 2015

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If you have or will soon have an ex‑spouse, believe it or not, he or she may still have power over your medical and financial affairs after your divorce. This would send shockwaves through most people knowing that their ex‑spouse may still have any control over them after they part company.  This is why it […]

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Do Your Debts Vanish with Your Death?

By: Martin Glass, Esq.

Posted: December 9th, 2014

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Are your heirs, family or friends responsible for your debts after you die?  I’d like to say no, but the answer really depends on a number of factors. When you take out a credit card in your name, you’re agreeing to repay whatever you borrow.  Whether you’re alive or dead, that obligation doesn’t normally extend […]

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Problems with Joint Bank Accounts

By: Martin Glass, Esq.

Posted: November 24th, 2014

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Most of my senior clients want to be able to transfer their assets to their children in the simplest and quickest way possible.  The way they usually want to do this is by adding their child’s name to one or more of their bank accounts.    If you don’t think about it too hard, the […]

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Women Need an Estate Plan

By: Martin Glass, Esq.

Posted: October 9th, 2014

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I hate to break the news to the guys reading this, but we’re probably going to die before our wives.  First off, older women (65+) have a life expectancy of 20.3 years whereas older men only have an expectancy of 17.7 years, according to the CDC.  Add that to the fact that most women marry […]

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Supreme Court Rules That Inherited IRAs Are Not Protected in Bankruptcy

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Posted: August 9th, 2014

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If you follow my blog, you know that I’m not much on spouting case law. But every so often a case comes along in the estate planning arena that’s worthy of passing along. In a unanimous decision on June 12, 2014, the Supreme Court of the United States, in Clark v. Rameker (June 12, 2014, No. […]

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Protecting Your Assets – Part II

By: Martin Glass, Esq.

Posted: June 9th, 2014

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Last month I started a discussion about how to protect our assets so we actually have something to pass to our heirs upon our death. I mainly talked about how the government tries to reduce our estate by way of taxes. This month the discussion moves to the cost of long term care, and how […]

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Protecting Your Assets

By: Martin Glass, Esq.

Posted: May 9th, 2014

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Over the course of my career, I’ve found that there are really two parts to being an estate planning attorney. The first part is to actually create and execute a plan for my clients. The plan usually consists of a Will or a trust, along with a Power of Attorney, Health Care Proxy and Living […]

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