Beress & Zalkind PLLC (Trusts & Estates)

Latin for “by the root,” it is a method used for directing the distribution of a person’s estate. In a “Per Stirpes” distribution the property is proportionately divided between beneficiaries according to their deceased ancestor’s share. For example, if a bequest (gift) is made “to my issue per stirpes,” and there are 4 children, each one would receive 25% of the testator’s estate after the death of the testator. If one of the children predeceases (dies before) the testator, leaving two surviving children, those two surviving issue would divide the 25% share that their deceased parent would have received.

Beneficiary designations dictate how some commonly owned assets transfer on the owner’s death. These are assets that generally pass outside the regular probate process in accordance with the terms of the contract between the owner and the institution that holds and manages the asset. Such accounts often include, but are not limited to, life insurance policies and retirement plans (example: 401k and IRA).

Corporate lawyers ensure the legality of commercial transactions. A corporate lawyer’s primary responsibility is to ensure that their clients’ business transactions are in compliance with the law. A corporate lawyer provides valuable advice, helps structure your business and assists with such legal matters as formation, operation and governance of a business. It is important that your attorney has a strong familiarity with the laws of the jurisdiction in which your business operates. This is because corporate attorneys must have a thorough understanding of the laws, regulations, current trends and regulatory developments in order to facilitate business transactions and help clients work within legal boundaries. A corporate attorney can also ensure that her client does not get defrauded or become involved in transactions with parties that engage in deceptive, illegal or unfair practices.

Medicaid is a government program administered jointly by Federal, state, and local authorities that provides medical and other benefits for qualifying individuals. Those suffering from a disability, injury, or illness that is permanent or chronic may be awarded substantial, lifelong help. Eligibility for Medicaid in New York is determined based upon income, age, health and assets. Income is the amount you receive each month (or less regularly) from Social Security, pensions, work, gifts and distributions from IRAs or annuities. As of 2018 the income limits are $842/month if you are living alone and $1,233/month for couples. Proper asset and estate planning, as well as knowledge of the various applicable spend down rules, can greatly increase your chances of becoming eligible for Medicaid.

New York, like several other states, has a state estate tax. This means that when someone dies a resident of New York, or with property physically located in New York, his or her estate may be subject to tax not only by the federal government, but also by New York. The estate of a New York resident must file a New York State estate tax return if the amount of the resident’s federal gross estate (value of all real and personal property), plus the amount of any includible gifts, exceeds the basic exclusion amount applicable at the date of death.