Poughquag Estate Planning Lawyer, New York

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Includes: Gift Taxation

Gerald A. Vergilis

Commercial Real Estate, Estate Planning, Criminal, Corporate
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

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Robert L. Ostertag

Estate Administration, Estate Planning, Corporate, Business Organization, Lawsuit & Dispute
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  68 Years

Gregory D. Supple

Real Estate, Wills & Probate, Estate Planning, Elder Law, Lawsuit
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  48 Years

Jana M. Schopfer

Farms, Estate Planning, Family Law, Divorce
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  18 Years

Karen P. MacNish

Real Estate, Litigation, Estate Planning, Family Law, Wills
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  26 Years

Robert B. Dietz

Wills & Probate, Trusts, Estate Planning, Business Organization, Real Estate
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  57 Years

Steven Howard Klein

Divorce & Family Law, Child Custody, Child Support, Estate Planning
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  27 Years

Leo Mcgrath

Estate Planning, Trusts
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

Juana Valentin

General Practice
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  34 Years

George F. Stradar

Business, Estate Planning, Corporate, Real Estate, Trusts
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

Free Help: Use This Form or Call 800-814-6700

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LEGAL TERMS

CREDIT SHELTER TRUST

See AB trust.

FAILURE OF ISSUE

A situation in which a person dies without children who could have inherited her property.

DISINHERIT

To deliberately prevent someone from inheriting something. This is usually done by a provision in a will stating that someone who would ordinarily inherit prope... (more...)
To deliberately prevent someone from inheriting something. This is usually done by a provision in a will stating that someone who would ordinarily inherit property -- a close family member, for example -- should not receive it. In most states, you cannot completely disinherit your spouse; a surviving spouse has the right to claim a portion (usually one-third to one-half) of the deceased spouse's estate. With a few exceptions, however, you can expressly disinherit children.

AB TRUST

A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of... (more...)
A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of the property goes to the beneficiaries named in the trust -- commonly, the grown children of the couple -- with the crucial condition that the surviving spouse has the right to use the property for life and is entitled to any income it generates. The surviving spouse may even be allowed to spend principal in certain circumstances. When the surviving spouse dies, the property passes to the trust beneficiaries. It is not considered part of the second spouse's estate for estate tax purposes. Using this kind of trust keeps the second spouse's taxable estate half the size it would be if the property were left directly to the spouse. This type of trust is also known as a bypass or credit shelter trust.

SPRINKLING TRUST

A trust that gives the person managing it (the trustee) the discretion to disburse its funds among the beneficiaries in any way he or she sees fit.

ACCUMULATION TRUST

A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nic... (more...)
A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nick's benefit but stipulates that Nick will not get a penny until he gets a Ph.D. in French; Nick is the beneficiary of an accumulation trust.

ENTITY

An organization, institution or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from i... (more...)
An organization, institution or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from its individual members--for example, a corporation, partnership, trust, estate or government agency. The entity is treated like a person; it can function legally, be sued, and make decisions through agents.

SURVIVING SPOUSE'S TRUST

If a couple has created an AB trust, the revocable living trust (Trust B) of the surviving spouse, after the first spouse has died.

GRANT DEED

A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as descri... (more...)
A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as described in the deed. This is the most commonly used type of deed. Compare quitclaim deed.

SAMPLE LEGAL CASES

Schneider v. Finmann

... maintain an action for legal malpractice. We now reverse and reinstate plaintiff's claim. Strict privity, as applied in the context of estate planning malpractice actions, is a minority rule in the United States. [1] In New York, a third ...

Fielding v. Kupferman

... The documents at issue in Bishop were estate planning instruments executed by the plaintiff who believed that he was giving his wife a life estate and was not limiting his access to his life savings (Bishop, 33 AD3d 497, 501 [2006], affd 9 NY3d 910 [2007]). ...

Kram Knarf, LLC v. Djonovic

... The client's malpractice complaint was silent as to how the attorneys misled him, what they failed to explain to him concerning the estate planning documents he executed, and which of his instructions those documents did not reflect (33 AD3d at 498-499). ...

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