Articles & Information

Qualified Personal Residence Trust (QPRT)

Date posted: March 21, 2010

A QPRT is an irrevocable trust holding a personal residence, where the grantor retains the right to use and occupy the residence for a fixed period of time, (income interest), and the principal remaining at the end of the trust term passes to the remainderman, (a non-charity beneficiary). QPRT may also hold cash for certain […]



Social Security and Federal Deposit Insurance Corporation (FDIC) Increase

Date posted:

From time to time as development occur in the field of tax planning, asset protection and other related areas; we would like to bring these items to your attention. 1) Social Security Benefit Increase – On Thursday October 16, 2008, the Social Security Administration announced monthly Social Security and Supplemental Security Income benefits for Americans […]



February 2009 Alert to our clients on recent Estate and Gift Tax Updates

Date posted: March 20, 2010

With new Estate and Gift Tax Rules effective for 2009, Inherit Lawyers of Long Island wanted to inform our clients of the new rules. We encourage you to revisit your current wills, trusts and other estate planning documents to ensure that the provisions in effect still have the impact you originally intended. In addition, there […]



The Economic Growth And Tax Relief Reconciliation Act

Date posted: January 5, 2010

The Economic Growth And Tax Relief Reconciliation Act of 2001 (known as EGTRRA) provided for a number of significant changes to the Estate and Gift Tax laws over time, culminating with the elimination of the Estate and Generation Skipping Transfer Tax (GST) effective January 1, 2010, and freezing the Gift Tax lifetime exemption at $1,000,000 […]



Power of Attorney Law Update

Date posted: January 4, 2010

Governor Patterson signed major amendments to the New York State General Obligations Law, of Title 15 of Article 5, governing powers of attorney (POA) on January 27, 2009. The effective date was initially March 1, 2009, and was delayed until September 1, 2009. However, some provisions apply to current POAs. Chapter 644 of the Laws […]