On May 26th Congress approved The Economic Growth and Tax Relief Reconciliation Act of 2001, the biggest tax cut in a generation. The bill, which provides for a tax cut of $1.35 trillion in the next decade, passed the House by a vote of 240 to 154, and passed the …

As we have noted in the previous newsletter, under the 2001 Tax Act (that President Bush has now signed into law), the amount exempt from estate taxes and the rate of tax on larger sums are slowly reduced beginning next year until 2010. At that time the estate tax (but …

In the previous issues of this newsletter we have taken a detailed look at some of the changes to the estate and gift tax laws made by the Tax Act of 2001. We have also taken note of the Tax Act’s “sunset” rule, under which the new laws expire and …

Recently, a law (Executive Law, Article 25) was passed in New York State which requires that persons with disabilities reside in the most integrated setting possible regardless of their age. New York State must now develop and put into place a plan which allows persons of all ages to be …

Last year legislation was enacted to allow for organ donation provisions to be included on Health Care Proxies. The Department of Health has now revised the standard Health Care Proxy form in order to accommodate for organ donation provisions. Furthermore, the standard form itself has been altered to allow for …

Often seniors who may be potential Medicaid applicants are under the mistaken impression that if they add their children’s names on the title to their financial accounts (banking or brokerage) that this is considered giving up control of some or all of their money and that at some point, it …

A recent case, Estate of Magrow, NYLJ, May 16, 2001 at 20, Col. 4 (Surr. Ct. Kings Co.), addressed the question of whether “after-born children” have a right to a portion of their parent’s estate. “After-born children” are children born after the creation of their parent’s Will. New York Law …