In these troubled times, we at Jaspan Schlesinger LLP extend our best wishes for the coming year to all.
Before my colleague Sally Donahue continues her series on guardianship matters next week, I thought I would fill in the gap and digress from the world of Trusts and Estates with some thoughts on the role that live music and theatre plays in making New York the world capital of the performing arts. I hope COVID-19…
Mom needs help with her finances and daily life. She is no longer capable of paying her bills, doing her banking, managing her medications, and is generally failing mentally. As a doting child, you want to help her, but how? Well, you certainly can take her to the doctor, manage her healthcare, bring her groceries, or even have her move into your home. After all, who would not help Mom in her time of need? …
Continuing our theme of odd bequests (last time the blog considered the adventures of Trouble, Leona Helmsley’s millionaire Maltese), let’s consider some other weird or questionable estate plans if only as a warning to the reader.
“Item I gyve unto my wife my second best bed with the furniture.” Thus did William Shakespeare make the sole provision for his wife in his will. While this has puzzled scholars for centuries, the current opinion seems to…
Cutting right to the chase, a spoiler alert: Trouble is dead! She shuffled off this mortal coil some years ago at the tender age of 12. You recall (don’t you?) that Trouble was a Maltese owned by Leona Helmsley. Trouble was the beneficiary of a $12 million bequest to a trust established for the dog’s benefit. The court later reduced the bequest to $2 million figuring that the reduced sum would be enough to keep…
In earlier entries, we warned of the changing tax landscape and the possibility that a new administration will bring a new set of tax laws and regulations. One aspect of the Internal Revenue Code particularly ripe for change is the high level of exemption amounts applicable to estates and gifts.
The Internal Revenue Service announced today the estate and gift tax exemption limits for 2021: the estate and gift tax exemption will be $11.7 million…
‘Tis the Season to be scary. Halloween was grafted onto the ancient Celtic pagan holiday of Samhain. There are said to be places and times when the barrier between this world and that “other world” is very thin. In fact, the Irish have a word the “thin places,” Caol Áit. The holiday of Samhain is one of those times when ghosts and goblins are said to walk among us more freely and with greater insolence.…
For very wealthy individuals and families, the strong possibility of a change of administrations in Washington portends massive changes in tax policy and it is not too soon to consider the possible changes and to plan for them.
For example, on the estate tax side of the ledger, the current estate and gift tax exemption thresholds, which in 2020 are $11,580,000 per individual and $23,160,000 per married couple, are most likely to be drastically reduced.…
A cousin is a solicitor in the U.K. He describes a Will as a ‘crisis purchase.’ In other words, it is decision frequently delayed until the end. Hence, our title is taken from Shakespeare (another Will) and his play Richard II when the king realizes he is close to his royal and violent end. Then thoughts of mortality and executors force themselves upon his thoughts. And ours.
There are many misunderstandings about your choice of…
On Friday evening, September 18, 2020, along with countless millions of others, I was stunned to learn of the untimely passing of my legal hero, The Honorable Ruth Bader Ginsburg. Her death is a profound loss as our country suffers from intense division among party lines, unprecedented fires in the west, and the loss of 200,000 souls, so far, in a pandemic the likes of which have not been seen in more than 100 years.…
In the coming weeks we will be posting about elder abuse and the role of estate planning and guardianship proceedings in addressing a growing crisis. As an introduction to the novel legal and medical issues posed by living longer lives, we link to two public presentations that you might find interesting. The first is from the American Bar Association and examines the many legal issues presented by elder abuse. The second is from a Harvard…