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Posts Tagged ‘Heirs’

New Law Makes Significant Changes to New York Estate and Gift Tax

April 1st, 2014 Comments off
The New York State legislature passed a budget bill on April 1, 2014 which will increase the New York State estate tax exemption over a four year period to $5,250,000 and, by 2019, bring the state estate tax exemption in conformity with the federal estate tax exemption.  The increased amounts are as follows:
– April 1, 2014 $2,062,500
– April 1, 2015 $3,125,000
– April 1, 2016 $4,187,500
– April 1, 2017 $5,250,000
– January 1, 2019 $5,000,000 (plus the cost of living index from 2010 – thus making the exclusion the same as the Federal exclusion amount).
In addition, the top New York State estate tax rate will be gradually reduced from 16% to 10% over the same four year period and the generation skipping transfer tax enacted in 1999 will be repealed.  More significantly, the new law will require that the value of any lifetime taxable gifts made by a New York resident decedent after March 31, 2014 be added back into the New York gross estate.  This will increase the amount of estate taxes due.   Contact Kiley, Kiley & Kiley to determine if and how the new law will impact your estate plans.

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What if St. Patrick Had a Will

March 17th, 2011 3 comments

 

A will has no force nor effect until it is probated and the Surrogate determines that it is genuine, that the testator had testamentary capacity, that he was not unduly influenced by another person, and that he published the will before signing it. When a proposed executor submits a probate petition, he must notify all of the deceased’s heirs at law. Each must either waive his or her right to contest the will or be cited to appear in court to oppose the will. Problems arise when the testator’s family cannot be located. Petitioners frequently must hire a genealogist to locate lost heirs. The task becomes more difficult and expensive when the decedent emigrated from another country and his birthplace is unknown.

Yesterday, I met with a client who must locate the heirs of a man who was born somewhere in eastern Europe. Thinking about this problem and given that today is St. Patrick’s Day, I started wondering how difficult it would be to probate St. Patrick’s will.

Some historians have postulated that St. Patrick was not a living person, but a fictional character of legend. They’d get an argument, but not absolution, if they confessed their sinful thoughts to Father O’Shea this morning at the Cathedral which bears the Saint’s name. And they’d get a beer in their face but not in a glass if they voiced their opinion today in any Irish pub in Woodside.

For the true believers, St. Patrick is as real as the sun setting over Galway Bay.  But experts dispute his birthplace.

Various accounts have St. Patrick being born in Scotland, see: http://www.catholic.org/saints/saint.php?saint_id=89 and in England, see: http://www.vortigernstudies.org.uk/artgue/guestjelley.htm and in Wales, see: http://www.historic-uk.com/HistoryUK/Wales-History/StPatrick.htm and in Boulogne, France (as per Dr. Lanigan, author of The Ecclesiastical History of Ireland) as referenced in this scholarly article, http://ads.ahds.ac.uk/catalogue/adsdata/PSAS_2002/pdf/arch_scot_vol_005/05_261_284.pdf and, in Gaul, see this scholarly article: http://www.sangrial.com/pdf_files/saintpatricksfamily.pdf . To confuse things even further, Gaul was a Roman province which covered the area from France, Belgium, and westernmost Germany, see: http://en.wikipedia.org/wiki/Roman_GaulSince St. Patrick was a Roman Citizen and the territory of Gaul also included the Italian Alps, even the Italians have laid claim. 

 
Two thing are certain. First, the genealogist’s bill would be very expensive. Secondly, everybody wants to have a piece of St. Patrick. And who can blame them. Look at all the royalties they could claim for his parades, and memorabilia.  I wonder what his wife, Sheilagh, would think about that?!?  Yes, some people in Newfoundland claim that he WAS married.  See: http://able2know.org/topic/20682-1

 

While the proponent of the will would have a huge problem, his birthplace is not of concern to his many fans.  We can all share St. Patrick today, because everybody’s Irish on St. Paddy’s Day.   Slainte!  

 

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