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Who Needs an Estate Plan?

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estate planningThere is an easy answer to the question, “Who needs an estate plan?” That answer is “everyone.” You may think you do not have enough assets to make it worth your time to draft a will, but there is more to estate planning than just writing a will.

Documents Involved in Estate Planning

There are many documents that might be part of an estate plan. Some of these are:

  • Will. A Will is a document in which you direct how you want your assets to be distributed after you die. You can be very specific about particular items of property and about who will be the beneficiary. For example, you can name a person you want to receive your house or your car. You can direct that the beneficiary get the property outright, or that the property be held in a trust which means distribution will be restricted. You can also name someone who you do not want to inherit anything. However, a Will must be signed in a very particular way, and it is not valid unless correctly signed.
  • Power of Attorney. In this document you name someone to be your agent, and you give your agent authority to manage your financial affairs. Picking the agent and the types of authorities requires discussion (not just a form you download from the internet). A power of attorney must also be signed in a very particular way, and it is not valid unless correctly signed.
  • A Living Will. This document provides you the opportunity of establishing exactly what type of care you want, and do not want, if you cannot express yourself or you are not competent. It can cover testing, treatment, artificial nutrition, hydration and respiration. It can cover your wishes about resuscitation, hospitalization, etc.
  •  A healthcare proxy. In your health care proxy, you designate someone you trust to make healthcare decisions for you if you are unable to make them for yourself.
  •  Various types of trusts. Each type of trust serves a different purpose. For example, while you are alive you may want to gift assets to reduce your estate taxes, or because you want to take care of someone else. Your intended beneficiary might be a minor or a person who is not competent, or is a person who might have creditor or matrimonial issues. Or you might need to consider using a trust when doing estate planning to create trusts after you die. Or you might need to consider using a trust to avoid probate.

If you die without the documents which implement your estate plan, your assets will be distributed according to New York State law. The NYS law does not know you, or who is important to you, or whether your favorite people have capacity to manage their assets. NYS law makes no provisions for your best friend, or your favorite charities, or trusts for your adult children who are not quite ready to manage their own assets.

You can, and should, be making your own decisions about your health care and the disposition of your property during your lifetime and after your death.

Contact Estate Planning Attorneys at Rosenthal & Markowitz, LLP
For answers to your questions about estate planning, contact our will, trusts, and estate attorneys at Rosenthal & Markowitz, LLP. You can reach us online or by calling 914.347.1292.

The Importance of Good Communication with Your Divorce Attorney

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When you are going through a divorce, there is a lot of information you need to share with your divorce attorney. You also need to strike a balance between sharing all relevant information and not communicating unnecessarily, since every email, phone call, and text message can increase the cost of the divorce.

Communicating with Your Divorce Lawyer

It is important for you to understand from your very first visit that anything they tell your attorney is confidential. The information will not and cannot be divulged to anyone else.

communication with attorney

This is an important concept since the attorney needs to know everything so there are no surprises from the opposition. Almost every divorce has some difficult issue, something that the client may not realize is important or is simply reluctant to share the information.

For example, maybe you have had trouble with your income tax return or haven’t filed for a few years. You need to share that information with your attorney so your attorney can deal with it. The issue will come up and it will reflect poorly on you if your attorney is blind-sided with the information during, or shortly before, a court hearing.

How Often and How Should I Contact My Attorney?

How often you contact your attorney depends on where you are in the case. At the beginning of the process, when you are focusing on things like a statement of net worth, you will communicate more often. As the case is winding down and near the final order of dissolution, there will be fewer things to discuss.

The most efficient way to communicate is by email, text, or phone. If you receive a communication from your attorney, respond quickly. Do not go “missing in action.” Your attorney needs to hear from you to move the case along.

Learning to Communicate with Your Soon-to-Be Ex-Spouse

At the beginning of the process, in some cases, your attorney acts as a go-between between you and your spouse. As the case nears the finish line, your attorney will encourage you to learn how to talk to your soon-to-be ex-spouse. That way, you do not run up future legal bills. Besides, your attorney will not be in your life forever and you need to learn how to speak with your ex without the conversation taking a negative turn.  

For answers about communicating with soon to be ex and with your divorce attorney, or other questions you may have about the divorce process, contact us at Rosenthal & Markowitz, LLP. You may also call us at 914.347.1292.

How to Communicate With Your Spouse During the Divorce

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Going through the divorce process is stressful. Often, the breakdown in communication is one cause of the divorce. Even those who thought their communication was good during the marriage have trouble communicating with their spouse during their divorce.

Emotions run high. One spouse may be angry and blame the other for the divorce. There is generally heartbreak and disappointment over the failed marriage.

If this describes you and children are involved, you need to learn how to communicate. You will be with your ex-spouse for your life as you co-parent your children. You will both want to attend graduations, weddings, and other family events.

How to Communicate During the Divorce

If you are in the process of divorce, there are some ways to communicate with your soon-to-be ex-spouse that can reduce your stress.

Establish boundaries. The boundaries you set depend upon your unique communication issues. Some suggestions are:

Communicate with your spouse
  • Never, ever talk about your divorce issues in front of your children. Children suffer enough and often think they are the cause of the divorce. Be careful not to talk about it in front of them.
  • Determine the best communication process for you, whether email, text, or telephone. Be careful what you put in writing. It is all discoverable and can come back to haunt you if you have said something rude, disparaging, or controversial and wish you could take it back.
  • Limit the number of phone calls or messages if your spouse tends to contact you several times a day for non-emergency or non-urgent reasons.

Focus only on the issues. If you need to discuss finances, what is best for the children, and any other issue related to the divorce, do not stray into other volatile issues. It is easy to get an argument started and to say things like, “You always…” “You never…” Do not do that. Keep focused.

Keep it professional. Do not shout. Do not incite an argument. Do not be verbally abusive. Do not retaliate. Do your best to foster an environment conducive to open and respectful communication.

Consider using a mediator. If your attempts to communicate are still difficult and feel non-productive, it may be time for you to use a mediator who will provide you with the guidance you need to help you communicate respectfully.

Contact Rosenthal & Markowitz, LLP

For assistance in communicating with your spouse during the divorce process, or for mediation services that can help, contact our family law attorneys at Rosenthal & Markowitz, LLP. You can reach us online or by calling 914.347.1292.

Robbin E. Sweeney becomes Co-Chair of Westchester Women’s Bar Real property Committee

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We are pleased to announce that Robbin E. Sweeney has joined Allyson Lanahan, of Lanahan Law, LLC and Anne R. Aicher, of Hollis Laidlaw & Simon, as Co-Chairs of the Real Property Committee of the Westchester Women’s Bar Association.

Robbin’s concentration includes the purchase and sale of residential real estate, estate and trust planning, and estate administration and settlement. Her clients are located throughout Westchester, Queens, the Bronx, New York, Kings, Putnam, Orange, Rockland, Dutchess, and Sullivan Counties. She has over 35 years’ experience in real estate, commencing as a real estate agent and working  for Merrill Lynch Mortgage Corporation before becoming an attorney in 1987.  Her clients range from first-time home buyers who appreciate her ability to supply emotional support with her legal expertise, to seasoned and high-end buyers and sellers, to sellers who are at the down-sizing stage of life.  Her legal experience, combined with her Masters in Mental Health Counseling and certification as a Professional Coach, have honed Robbin’s calm, focused, solution-oriented and organized approach. Robbin works hard to create an attorney-client relationship which also gives her clients practical guidance, support and confidence needed during one of life’s typically most-stressful transitions.

Allyson, Anne and Robbin are looking forward to the coming 2020-2021 year, commencing with the first Real Property Committee Meeting scheduled on September 15, 2020 at 1:00 PM.  Although the pandemic has created challenges for many of us, both personally and professionally, they hope that the continuation of the Zoom meeting format, whether for all meetings or in part, will increase the ability of their real estate colleagues to participate in future meetings with ease and obtain the benefits intended by membership. They are pleased to announce that the first meeting will be presented by WWBA member, Jean Partridge, Chief Counsel and Managing Member of Benchmark Title.  Jean will be focusing on many of the overlooked or misunderstood title issues that, whether representing a buyer or seller or conducting a residential or commercial transaction, attorneys should be prepared for.  Jean will be answering questions too.

Women & Wealth Webinar, Friday, May 15, 2020 at 12 noon

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Women and Wealth Webinar

Join Rienas & Brown Wealth Management for An Inspiring Presentation Created for Women, Friday, May 15, 2020 at 12 PM, Via Webex

Topics include:

  • Estate Planning from Linda Markowitz, Esq.
  • Daily Money Management from Ilene Amiel, Personal Affairs Administrators Inc.

Please see call details below and feel free to invite any friends, family members or colleagues you think might be interested.
This event is available through WebEx videoconferencing as well as phone dial in.

On Friday, May 15, 2020 at 12 noon, join the Webex meeting here:

Join by phone

Join from a video system or application

Musings Regarding changes in the tax law on IRA contributions and Distributions on April 15, 2020 (formerly tax day)

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In general, contributions can be made to your IRA for a particular year at any time during the year,  or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, 2020, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020.

Required Minimum Distributions from all qualified retirement accounts (that would include IRA’s, 401(k)’s 403(b)’s spousal rollover ORA’s and Inherited iRA account, etc.) have been suspended for 2020. You will not be required to withdraw the minimum this year. Your accounts can rest and hopefully recoup some of their losses.

Estates and trusts which are the beneficiaries of retirement accounts, will also benefit from this 2020 moratorium. For estates and trusts which make take withdrawals over no more than 5 years, 2020 will not count as one of the five(5)  years.

Similarly under the new SECURE Act, which governs distribution of retirement accounts for decedents who died in 2020, if the beneficiary was required to take withdrawals over no more than 10 years, 2020 will not count as one of the 10 years.

We hope this information is useful to you. If you have more questions and would like to arrange for a consultation that can be arranged via phone, Facetime or Zoom. Rosenthal & markowitz remains open to serve our clients and the community as best we can.

Announcement regarding Retirement Accounts last revised 4.15.2020.

The information provided in this Announcement is not intended to be specific legal advice or to be followed without individualized, professional guidance and assistance. 

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Important Announcements Regarding 2019 and 2020 Income Taxes

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We hope that all of you are safe and we in turn are doing what we can to support our clients and each other by working remotely and doing our best to meet your needs under difficult circumstances. We are “meeting” by email and phone, Facetime, Zoom and Skype.as requested. We leave information about the virus and pandemic to other sources, but we can give you some updates in this ever evolving landscape.

INCOME TAX RETURNS AND INCOME TAXES FOR 2019

Federal: The due date for federal income tax returns and making federal income tax payments due April 15, 2020 has been automatically postponed to July 15, 2020. Taxpayers do not have to file any form, including Form 4868 or 7004 to apply for extensions to file their returns. There is no limitation on the amount of the payment that may be postponed. The relief is available for federal income tax payments(including payments of tax on self-employment income) and federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020.

While the postponement moves the deadline for first quarter 2020 estimated income tax payment die on April 15, 2020 to July 15, 2020, note that second quarter 2020 estimated income tax payments are still due on June 15, 2020.

The due date for federal Gift Tax Returns, Form 709 and making payments of federal gift and generation skipping transfer tax due April 15, 2020 is also postponed. Again, the relief is automatic and there is no requirement to file any form.

New York State: New York State personal income tax and corporation tax returns originally due on April 15, 202 have also been extended to July 15, 2020. In addition, all related tax payments due on April 15, 2020 (including 2020 estimated tax payments) may be deferred to July 15, 2020. without penalties and interest, regardless of the amount owed. This extension applied to returns for individuals, fiduciaries (estates and trusts) and corporations under the tax law.

 

Announcement Regarding Tax issue Last revised 4.12.2020. The information provided in this Announcement is not intended to be specific legal advice or to be followed without individualized, professional guidance and assistance.

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