Estate planning is the process of developing a strategy for the care and management of your estate if you become incapacitated or upon your death. One commonly known purpose of estate planning is to minimize taxes and costs, including taxes imposed on gifts, estates, generation skipping transfer and probate court costs. However, your plan must also name someone who will …
Designating an Agent for Funeral Arrangements
During estate planning many documents are prepared in order to designate an agent or agents in the event that you are not of sound mind and body and unable to make decisions on your own, such as a health care proxy, a living will, and a power of attorney. Additionally, New York State Public Health Law § 4201 allows a …
Keep Your Pets in Mind with Your Estate Plan
Farms and pets go hand-in-hand. There are three vehicles that can be used to protect your pets (including horses) after you die: 1) Last Will and Testament, 2) Pet Trusts, and 3) Pet Protection Agreement. Last Will and Testament: In New York, pets are considered personal property like a car or a diamond ring. It should be noted that wills …
Overview of Common Estate Planning Documents for Farms
Despite popular belief, the succession and estate planning process is more than just getting a Last Will and Testament – it’s taking a solid look at your estate planning goals and coming up with a plan that works for you and your family farm (no matter the size). I think it’s really important for family farms to “improve the default …
Does Your Farm or Agri-Business Need a “Power Audit?”
I really love Neil Harl’s book titled “Farm Estate & Business Planning.” He briefly talks about the “power issue” when it comes to farm families and warns folks to consider this issue when formulating an estate plan. He illustrates this point with the following example: “An aggressive, able farmer died unexpectedly just days short of his 50th birthday. The business, …
Estate Planning is More Than Just Getting a Last Will and Testament
Many people think that “estate planning” is really just hiring a lawyer or downloading a program off the internet (which I do not suggest) to draft a Last Will and Testament. However, it’s more complicated than that. A good estate planning attorney will have you complete a questionnaire giving him/her information on your family tree, assets and liabilities in order …
Estate Planning Isn’t Just For the Elderly
Let’s face it. Estate planning is easy to push off. What’s another week… another month… another year… another five years… After all, I’m healthy. My spouse is healthy. We don’t have kids. We don’t have a lot of assets. I don’t care if what-little-I-do-have follows the rules of intestacy (i.e., the “default rules” if you die without a Last Will …
Debrief From Skype Convo About Being an Agriculture Attorney
Wow. Cannot believe how fast May is passing. Time flies when you are having fun. I had a pleasant conversation with some lovely ladies earlier this month who wish to have a career in agriculture law. Here were a couple of the questions. 1. How did you get started? I started my law practice by moving to New York City …
ABA Journal & Blawg Directory
I have two very exciting announcements today. First, this month’s ABA Journal has an article on yours truly! You can read the full article here. I’m very proud to be one of the few cowgirls in NYC (and I think the only agriculture attorney). Thank you to all my family, friends, colleagues, support staff, “ag tweeps” and regular blog readers …
Downtown Lawyers
For the last year, I have been a member of the Downtown Lawyers group here in New York City. It is comprised of attorneys who practice law in New York City in a myriad of practice areas including bankruptcy, estate planning, elder law, business law, personal injury, employment law, immigration, matrimonial law, tax law, landlord-tenant law, intellectual property, criminal law, …
Try To Have *That* Conversation With Your Family This Holiday Season
You know the conservation that I am referring to– the one about estate and succession planning. The conversation when you talk about all the What If’s. Try to have that conversation this holiday season. I know it might be an uncomfortable topic to bring up while you are “roasting chestnuts on the open fire” or drinking eggnog while watching Charlie …