In New York, the intestacy law states that if an individual dies intestate and leaves surviving children, they take "by representation." This is important because it means that each child of the deceased is entitled to an equal share. And if a child does not survive the deceased, their sha...
they are said to die intestate, andNew York's intestate succession lawapplies. These laws specify which close family members of the deceased person will take some or all of
In New York, however, this change brought about an end to the hope of both tax professionals and clients alike that the New York state and federal exemptions would once again be equal. This hope has now been extinguished as New York’s exemption will remain $5.25 million through the end o...
A person who dies without a will is said to have died intestate, and the state laws of intestate succession will dictate the distribution of the person’s assets. In this situation, state law provides a single set of rules to be followed the same way in every case. However, estate planni...
The 14th Five-Year Plan on IP Protection and Commercialization Planning, a state policy, is also featured. The highest damage award for trade secret infringement and the trending buzzword Non-Fungible Token (NFT) is also discussed within this installment. CSC® Illinois Laws Governing Business ...
Assets that would not have gone through a will had there been one will not be affected by intestate distribution laws and so will not be part of estate administration. These include: Property transferred to a living trust; Life insurance proceeds with a designated beneficiary; ...
As of January 30, 2023, Governor Hochul vetoed the New York State Grieving Families Act, which would have overturned century-old law that bars plaintiffs in wrongful death suits from recovering damages to compensate them for grief, pain and suffering allegedly caused by the death of a loved ...
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As a young lawyer, John Adams noted in his legal diary of 1755 that since the law in question governed the distribution of intestate estates, it followed logically that a law governing such estates should reflect the desires of the deceased if they had not been "surprised by a sudden Death...
disinherit his spouse in a will -- or leaves her less than her statutory share -- she may set the will aside and choose to take an "elective share." An elective share is the portion to which a suriving spouse would normally be entitled to under the state's laws of intestate ...