1. The annual federal gift tax exclusion for 2026 remains $19,000 per person.  There is no increase. (Tax exclusion for gifts to a non-US citizen spouse increases to $194,000).  2.      The federal estate and lifetime gift tax exemptions for 2026 each increased to $15 million per person. A married couple may shield twice that amount for a total estate tax exemption of up to $30 million.  (There is no New York State gift tax.  However, gifts made within three years of decedent’s death are...

If Only! While the law states that the seller is obligated to inform the purchaser of real property of all defects, it gives an loophole to the seller who has the choice of complying with the law OR paying a $500.00 credit at closing to the purchaser and not having any obligation to disclose any defects. I have yet to see a seller not opt to pay the credit.

Estate plans are generally comprised of three basic documents: 1) a Last Will and Testament, 2) a Health Care Proxy, and 3) a Power of Attorney. (Advanced plans may include a trust.) Executing your estate plan can feel overwhelming—it requires deep thought about unhappy topics, such as sickness and death. However, through the guidance of an estate attorney, the process may be handled with ease. The execution of an estate plan is important to ensure you choose who cares for you during your...