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Tag Archive: Divorce

Estate Planning for the Blended Family

Preparing a will and estate plan for a blended family can be complicated, and strain family relations. These days, many families include children, stepchildren, former spouses and in-laws. The number of remarriages has been steadily rising over the past few decades. By some accounts, in 2013, 40 percent of marriages included at least one spouse who had previously been married, and in 20 percent of remarriages, both spouses had previously been married. Such situations require estate planning with clearly understood goals. The biggest issue in blended families is typically, “where will my money go when I die?” In many cases, remarried couples want to ensure that the surviving spouse will be appropriately cared for upon the death of their partner—with the children from their previous marriages becoming the ultimate beneficiaries of the assets their parents brought to the marriage.  The challenge comes from designing a plan that will keep all

Gov. Cuomo Proposes Changes to NYS Estate Tax

New York is one of only fourteen states that tax estates. That means in addition to the federal estate tax, a New York estate could be paying another 9% – 16% to Albany – a fact that some believe is leading to a migration from New York to other states. Governor Andrew Cuomo’s new budget proposes several major changes to New York’s estate tax. First some background: The federal estate tax applies to people who have an estate of $5.34 million or more, and they typically pay a rate of 40%. So the federal system has a big exemption, but a high tax rate. New York’s system affects many more taxpayers because the personal exemption of $1 million is so much lower, notwithstanding the lower 9% – 16% rate. When Governor Cuomo highlighted this issue at his recent press conference, he made a series of proposals to bring the New

Separation and Divorce in the age of social media can be dangerous!

Posting an angry rant on Facebook or Twitter is far more dangerous than standing on your front steps and yelling it.  Internet posts never fully disappear, and any attempt to delete your post could be construed as tampering with evidence, if someone wants to use the post in court. Click here for an interesting article on the subject.

Important statutory changes in NY divorce law effective January 31, 2014

The Combined Parental Income Cap under the Child Support Standards Act, i.e., the amount of parents’ combined income that will be applied to the formula for calculating child support, has been adjusted from $136,000 to $141,000;  and The Income Cap under the Temporary Maintenance Guidelines has been adjusted from $524,000 to $543,000.

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