New York Estate Planning Lawyer, New York, page 8

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Robert Klipstein
About | Practice Areas
Ballon Stoll PC
810 7th Ave Suite 405 New York, NY 10019» view map
Immigration Law
Counselors At Law

Founded in 1931 and built upon a tradition of excellence, Ballon Stoll P.C. is a mid-sized full-service law firm catering to the needs of businesses and individuals alike.

212.575.7900
1. Robert Klipstein New York, NY
  Attorney at Law, NY
  Columbia University Law School, J.D. 1960
2. AboutBallon Stoll PC
  Counselors At Law
3. Practice AreasExpertise
  Immigration
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Includes: Gift Taxation

Cormac McEnery

Wills & Probate, Government Agencies, Elder Law, Estate Planning

Status: In Good Standing Licensed: 46 Years

CONTACT

562 City Island Ave, Bronx, NY 10464

Joseph R. Costello

Estate Planning, Family Law, Corporate, Business Organization

Status: Inactive Licensed: 25 Years

CONTACT

5919 20Th Ave, Brooklyn, NY 11204

Justin Patrick Daley

Real Estate, Litigation, Wills & Probate, Estate Planning

Status: In Good Standing Licensed: 17 Years

CONTACT

7408 5Th Ave, Brooklyn, NY 11209

Michael N. Connors

Wills, Wills & Probate, Estate Planning, Elder Law

Status: In Good Standing Licensed: 45 Years

CONTACT

7408 5Th Ave, Brooklyn, NY 11209

Lynn Sirotkin

Residential Real Estate, Commercial Real Estate, Real Estate, Estate Planning

Status: In Good Standing Licensed: 42 Years

CONTACT

8002 Kew Gardens Rd, Kew Gardens, NY 11415

Eric M. Gansberg

Real Estate, Estate Planning, Family Law, Child Support

Status: In Good Standing Licensed: 41 Years

CONTACT

Staten Island, NY 10306

Christopher J. Marengo

Criminal, Estate Planning, Personal Injury, Real Estate

Status: In Good Standing Licensed: 39 Years

CONTACT

2116 Williamsbridge Rd, Bronx, NY 10461

Kenneth J Schreiber

Real Estate, Estate Planning, Family Law, Criminal

Status: In Good Standing Licensed: 59 Years

CONTACT

12510 Queens Blvd, Kew Gardens, NY 11415

Vincent P. Fiore

Real Estate, Estate Planning, Family Law, Personal Injury

Status: In Good Standing Licensed: 30 Years

CONTACT

909 Midland Ave, Yonkers, NY 10704

Hollis F. Russell

Income Tax, Estate Administration, Gift Taxation, Estate Planning

Status: In Good Standing Licensed: 46 Years

CONTACT

1122 Franklin Ave, Garden City, NY 11530

800-923-0641

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LEGAL TERMS

SUCCESSOR TRUSTEE

The person or institution who takes over the management of trust property when the original trustee has died or become incapacitated.

KINDRED

Under some state's probate codes, all relatives of a deceased person.

ALTERNATE BENEFICIARY

A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to ... (more...)

A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to take the property. For example, in his will Jake leaves his collection of sheet music to his daughter, Mia, and names the local symphony as alternate beneficiary. When Jake dies, Mia decides that the symphony can make better use of the sheet music than she can, so she refuses (disclaims) the gift, and the manuscripts pass directly to the symphony. In insurance law, the alternate beneficiary, usually the person who receives the insurance proceeds because the initial or primary beneficiary has died, is called the secondary or contingent beneficiary.

SPECIFIC BEQUEST

A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the bequ... (more...)

A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the bequest fails. In other words, the beneficiary cannot substitute a similar item in the estate. Example: If John leaves his 1954 Mercedes to Patti, and when John dies the 1954 Mercedes is long gone, Patti doesn't receive John's current car or the cash equivalent of the Mercedes. See ademption.

QDOT TRUST

A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spo... (more...)

A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spouse. QDOT stands for qualified domestic trust.

SPRINKLING TRUST

A trust that gives the person managing it (the trustee) the discretion to disburse its funds among the beneficiaries in any way he or she sees fit.

QTIP TRUST

A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the... (more...)

A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the trust property tax-free. Taxes are deferred until the surviving spouse dies and the trust property is received by the final trust beneficiaries, who were named by the first spouse to die.

ABATEMENT

A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other exp... (more...)

A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other expenses. Gifts left in the will are cut back in order to pay taxes, satisfy debts or take care of other gifts that are given priority under law or by the will itself.

GENERATION-SKIPPING TRANSFER TAX

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 ... (more...)

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.

SAMPLE LEGAL CASES

Schneider v. Finmann

... maintain an action for legal malpractice. We now reverse and reinstate plaintiff's claim. Strict privity, as applied in the context of estate planning malpractice actions, is a minority rule in the United States. [1] In New York, a third ...

Fielding v. Kupferman

... The documents at issue in Bishop were estate planning instruments executed by the plaintiff who believed that he was giving his wife a life estate and was not limiting his access to his life savings (Bishop, 33 AD3d 497, 501 [2006], affd 9 NY3d 910 [2007]). ...

Kram Knarf, LLC v. Djonovic

... The client's malpractice complaint was silent as to how the attorneys misled him, what they failed to explain to him concerning the estate planning documents he executed, and which of his instructions those documents did not reflect (33 AD3d at 498-499). ...

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New York Estate Planning Lawyer, New York, page 8

Sponsored Law Firm

Ballon Stoll PC

SPONSORED LAWYERS

Cormac McEnery

Joseph R. Costello

Justin Patrick Daley

Michael N. Connors

Lynn Sirotkin

Eric M. Gansberg

Christopher J. Marengo

Kenneth J Schreiber

Vincent P. Fiore

Hollis F. Russell

TIPS

LEGAL TERMS

SUCCESSOR TRUSTEE

KINDRED

ALTERNATE BENEFICIARY

SPECIFIC BEQUEST

QDOT TRUST

SPRINKLING TRUST

QTIP TRUST

ABATEMENT

GENERATION-SKIPPING TRANSFER TAX

SAMPLE LEGAL CASES

Schneider v. Finmann

Fielding v. Kupferman

Kram Knarf, LLC v. Djonovic

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