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Every 71 seconds, someone in America develops Alzheimer’s disease – the most common cause of dementia. The Alzheimer’s Association estimates that about 14 million baby boomers can expect to develop dementia, including Alzheimer’s disease, in their remaining lifetime. What legal issues arise when a loved one suffers from dementia or […]

Dear Ask the Attorney:   My dad passed away without a Will.  He just has a condo that his wife lives in.  Can she simply get the condo if she can assume the mortgage?  My dad has five kids and most of us do not want the condo. T.B. Hi […]

On December 17, 2010, Congress enacted what we know as the 2010 Tax Act, changing the estate, gift and generation-skipping transfer (“GST”) tax regime. Before the passage of the Act, the federal estate tax exemption – the amount that an individual can pass to his or her beneficiaries tax-free – increased in steps from $675,000 per individual in 2001 to, ultimately, $3.5 million per individual in 2009. In 2010, the federal estate tax was eliminated; but only temporarily. Under prior law, the federal estate tax was scheduled to return in 2011 with a maximum tax rate of 55 percent and a $1 million exemption, meaning that if a decedent’s estate exceeded $1 million, such excess would be taxed at a 55 percent rate.

In May 2012, Patricia M. Barbarito, Esq, a matrimonial partner of Einhorn, Barbarito, Frost & Botwinick, and Gary R. Botwinick, Esq., partner and chair of the Estate Planning/Taxation Department of the firm presented a webinar with financial planner, Andrew S. Auchincloss of Alliance Bernstein. Below is a link to the presentation slide