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Jun 2023The Law on Counsel fees in divorce and Child Custody cases in Manhattan and in all other cities in the First Department of the State of New York
Jan 2023Family Law and Estate Planning
Nov 2022NEW CHILD SUPPORT LAW POSSIBLY PROVIDING ADDITIONAL SUPPORT FOR ADULT CHILDREN THROUGH AGE TWENTY SIX
Dec 2021Can I withdraw my Divorce?
Mar 2019Can I sue for Adultery?
Jan 2019WHAT DO I TELL THE KIDS?
Dec 2018CHANGES IN DIVORCE LAW
Dec 2018Family Offense
Oct 2018Can I apply for Custody?
Oct 2018Must I sue for custody?
Family Law and Estate Planning
January 18, 2023
Estate planning and Family Law
Whether you are getting a divorce or staying married, every party should seek the advise of an estate planning lawyer because it can have significant tax consequences for you
There are several considerations that your New York Divorce lawyer should take into account and often times that involves estate planning and referrals to a tax attorney and certified public accountant.
For instance, regardless of your last will and testament, your spouse will always be able to elect to take his or her elective share against your will. That is, you can not “will out” your wife or husband’s interest in marital assets.
There are also tax benefits for gifting assets to your spouse which are tax free because interspousal gifts made during the marriage or at the time of death of one of the spouses as provided in a trust are tax free events.
If you do not utilize these tax benefits, then you could owe the IRS a lot of money you never planned to pay.
Other tax considerations have to do with retirement plans. If you have a retirement plan you should have it valued by a forensic expert since the present day value is less than the actual value and this factor will come into play when you divide up the assets between the parties and you might be able to get more of a cash payout on your divorce if you take this factor into consideration. Also, there are tax consequences as well which the other spouse might be responsible for. To be smart, consult with your accountant before you settle your divorce action.
By: Lisa Beth Older
Your Manhattan Divorce Lawyer