Important New York Surrogate's (Estate) practice tip for Intestate Estates You can find New York estate distribution laws in EPTL 4-1.1 - 4-1.6 (https://www.nysenate.gov/legislation/laws/EPT/A4P1). However, if you want to be in charge, that is more difficult. This is because not everyone who inherits under EPTL is able to petition for letters of administration. To be eligible to petition, you also need to be a pretty close relative aka next of kin. Relatives who are able to petition are: a) spouse, b) children, c) grandchildren, c) parents, d) siblings, e) aunts and uncles,…
Overview If you are planning to settle down and buy a home, New Jersey should be at the top of your list. Most areas in New Jersey have low crime, great schools and wonderful supporting and self-sustaining communities. Many places in New Jersey have the infrastructure in place to enable daily commute to New York and Pennsylvania metro areas. Real Estate When shopping for residential real estate, consumers have a wide array of areas and price ranges to choose from. For example, consumers should expect to pay more in the north east…
Overview The purpose of this article is to shed light on the complex topic involving Qualified Income Trusts and Pooled Trusts. Furthermore, I will try to distinguish between New York Law and New Jersey Law. Qualified Income Trust N.J. Admin. Code § 10:71-4.11 The purpose of a Qualified Income Trust (QIT) is to qualify an applicant for Medicaid in cases where income exceeds 300% of Federal Benefit Rate (FBR). For purposes of this document, I will refer to this as excess income. Under New Jersey regulations, excess income can be placed in…
Introduction I wanted to take a minute to discuss Design Patents. A design patent protects an object’s design and appearance. A design patent does not protect, or even describe, any of the underlying functionalities of the object. It is somewhat of a known fact that design patents are easier to secure than utility patents. This is true in part because design patents focus on a particular appearance of the object. It is a lot less likely to replicate another’s design than it is to replicate functionality. For example, since toasters are known,…
Introduction: Special needs trusts are truly special. In general, trusts are governed by state law. Special Needs Trusts are governed by federal and state provisions. These trusts are heavily regulated and reviewed. Therefore, only a qualified attorney should be used to create a special needs trust. Special needs trusts permit a disabled or elderly to qualify for public benefits. These trusts are sometimes referred to as special or supplemental needs trusts. The term "special" or "supplemental" is interchangeable. The primary distinction of such trusts is whether the special needs trust is…
