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The Automated City Register Information System, more commonly referred to as 鈥淎CRIS鈥�, is New York City Department of Finance鈥檚 online portal. The portal allows one to view property records (such as deed filings), calculate property taxes, apply for exemptions, and prepare transfer tax forms.

If you have been named as a trustee of someone鈥檚 trust, you may be wondering what you are supposed to do. It is important that the trustee understand their duties and responsibilities.聽 The most important thing to remember as trustee is that the trust assets are not your assets.

Wills and revocable trusts often refer to the terms 鈥減er stirpes鈥� and 鈥減er capita鈥�. When you create a last will and testament, or a revocable trust, you choose specific beneficiaries to inherit your estate at your death.

On December 20, 2019, a Federal law relating to retirement plans was enacted, entitled Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). The law was implemented on January 1, 2020 and impacts retirement accounts and the rules for those who own and inherit them.

Grandchildren do not have automatic inheritance rights except under certain circumstances. In New York, the most common scenario where a grandchild may inherit is when a grandparent passes away without a Will and the grandchild鈥檚 parent is no longer living.

Medicaid will pay the long-term care needs for individuals who meet certain income and asset criteria. This means that Medicaid will pay the high cost of home care or nursing home care for seniors.

Currently, the federal estate tax exemption is $11.7 million and the New York State estate tax exemption is $5.93 million. If no further action is taken by Congress, in 2025 the federal estate tax exemption will revert to the former $5 million, indexed for inflation.

In addition to traditional healthcare advance directives, such as a Healthcare Proxy and Living Will, the MOLST form is another directive one can execute to ensure their end-of-life wishes are followed. MOLST stands for 鈥淢edical Orders for Life-Sustaining Treatment.鈥�

At long last, it鈥檚 here: New York State has amended the laws governing Powers of Attorney (POAs) in our state and the new statute will be in effect after June 13, 2021. This is big news for attorneys, especially those practicing in the areas of estate planning and real estate, and the clients they serve.

Learn estate planning techniques such as the Medicaid Asset Protection Trust, spousal refusal, and exempt transfers that can be utilized when one or both spouses need Community or Chronic Medicaid.