Free Resources From TEdec To You:
Customer Comment:
“I have been working with TEdec for over a year now, and I
would like to express how much I love the program. The other day I
had to research some information from an old estate that was done on
another program. The difference in the accounting made me appreciate
TEdec even more. TEdec is not only easy to use, but also easy to
read and to understand the accounting. Having TEdec has made my job
as a Estate Paralegal much easier, I would
highly recommend the
program.” (emphasis added)
JoAnn Ficarra, Seaman Jones Hogan & Brooks, LLP, Lockport, NY
(Click on the titles to view the articles)
MARRIAGE EQUITY ACT - New York State Taxpayer Guidance
(TEdec Times, Fall 2011)
The Marriage Equality Act was signed into law on June 24, 2011. The New
York State Department of Taxation and Finance, Taxpayer Guidance
Division has issued a technical memorandum on how the law applies to
various New York State taxes.
Online Resources to Identify Missing Heirs
(TEdec Times, Summer 2011)
See the attached listing (for free or partially free) online resources
for locating missing heirs.
P-TIN
Required
(TEdec Times, Summer 2011)
New regulations now require (beginning Jan. 1, 2011) all paid tax return
preparers (including attorneys, CPA's and enrolled agents) have to apply
for a Preparer Tax Identification Number (P-TIN), which must be included
on the tax return. A summary of the P-TIN Requirements are set forth on
the attached.
Fees to Guardians Under SCPA Article 17A
(TEdec Times, Summer 2011).
The NYS Supreme Court, Appellate Division, 3d Department in a recent
case, The Matter of the Guardianship of Jonathan EE, a developmentally
disabled person 2011 NY Slip Op 5844; 2011 N.Y. App. Div. LEXIT 5687
held that there is no statutory authority for the payment of
guardianship fees under SCPA Art. 17A. A copy of the case is attached.
Filing Requirements for New York State and Generation Skipping
Transfer Tax
(TEdec Times, Summer 2011)
A Technical Memorandum TBS-M-11(1)M was issued by the Taxpayer Guidance
Division of the New York State Department of Taxation and Finance
regarding filing requirements for New York State Estate and Generation
Skipping Transfer Taxes. Included and referenced in the article
including time requirements for: federal estate tax; federal generation
skipping tax; New York State estate tax; extension of time to file New
York State estate tax return; New York State generation skipping
transfer tax.
The Perils of Portability
TEdec Times, Spring 2011)
The Tax Relief, Unemployment Insurance
Reauthorization and Job Creation Act of 2010 (2010 Tax Act) Pub. L No.
111-12, 124 Stat. 32 96 provides for “portability” of the applicable
exclusion amounts between spouses. Marc S. Bekerman in an article
entitled “Credit Shelter Trusts and Portability” in the May/June 2011
issue of Probate and Property (Vol. 25 No. 3) raises some interesting
points and serious considerations in the use of portability. Included
are some of the concerns which Marc Bekerman raises – what we call the
“Perils of Portability.”
Strategic Benefits from Outsourcing
(TEdec Times, Spring 2011)
Cynthia Feathers and Craig S. Brown in an article entitled “Contract
Attorneys: How a Small Firm Can Reap Huge Benefits” in the February 2011
edition of the NYSBA Journal, made a significant case for outsourcing of
legal work to benefit small law firms. Feathers and Brown conclude that
by outsourcing small to medium sized law firms can keep clients, attract
new business, become more competitive, save money, [provide quality
legal services in areas outside of the firm’s core competency] and make
the best use of the firm’s own experience and resources.
Qualified Terminal Interest Property (QTIP) Election for New York State Purposes When No Federal Return is Required.
(TEdec Times, Spring 2010)
NYS Tax Department of Taxation and Finance has issued a new policy on Qualified Terminable Interest Property (QTIP) elections when no federal tax return is required.
See Notice TSB-M-10(1)M, Estate Tax, March 16, 2010.
To Attorneys
Representing Fiduciaries – Personal Representatives,
Trustees, Executors or Administrators.
(TEdec Times, July 6th, 2010)
The Court of Appeals of the State of New York (its highest court) has just decided the “Estate
of Saul Schneider v. Victor M. Finman, et al", (citation will be provided in Fall
edition of the TEdec Times). This case may well change the legal landscape in how attorneys
under the jurisdiction of the NY State Courts provide advice in connection with estate planning
and trust and estate administration.
Contingent Claims and Expenses – Final Regulations under IRC
Sec. 2053
(TEdec Times, Summer 2010)
The IRS has issued final regulations under IRC Sec. 2053, T.C.
9468, 74 Fed. Reg. 53652 (Oct. 20, 2009), identifying
requirements for a valid contingent claim or expense against the
estate. This outline is intended to be a brief capsule view
only. However, note the de minimus exception ($500,000 in the
aggregate) under 20.2053-4(c), which may make much of the
regulations insignificant to many estates.
Outline for Priority of Creditor Claims Against an Estate
Administered in the NYS Courts
(TEdec Times, Summer 2010)
The outline is intended to be a general outline for the
identification of the priority of creditor claims against the
estate of a decedent, where NYS law applies. You may be
interested to know that there are a number of creditors that
take priority over the Public Welfare Official under NY Social
Services Law Sec. 105. And, don’t forget the NY Statutory
setoffs under EPTL Sec. 5-3.1, which assets do not even become
part of the deceased estate.
Transforming the Legal Services Marketplace
(TEdec Times, Spring 2010)
Systematization is FACTOR #1 in transforming the legal services
marketplace. The business model predicated on the billable hour
breeds inefficiency. A Change in PROCESS is essential – i.e.
focusing on HOW lawyers practice. TEdec concentrates on the process
of how lawyers work in T&E administration –> TEdec is committed to
providing the most effective and productive software system for the
administration of trusts and estates.
When the Court will "NULLIFY" a Release?
(TEdec Times, Spring 2007)
Did you think you and your client were
safe when you closed that estate or trust with the release which your firm prepared? Your answer is in the
Leogrande Case (821 NYS 2d 862) —> what every lawyer handling estates and trusts should know about preparing accountings. It will absolutely frighten you into requiring
a “full disclosure” accounting.
Comment: A
MUST READ for New York professionals.
Click Here for a TEdec Case Note on the Leogrande
Case. This TEdec Case note accompanied the TEdec Times, Spring
2007 edition.
Practice Management - Necessary to survive
(TEdec Times, Fall 2007)
Highlights on Practice Management from Gary A. Munneke, Professor of
Law, Pace University School of Law, White Plains, NY & the Time
Template (from Atticus, Inc., 345 South Highland Street, Mt. Fora,
Fl. (Tel: 352-383-0490, atticusonline.com).
Comment:
Click here for a copy of Time
Template (compliments of Atticus, Inc.). Proper budgeting of
time is the biggest problem hindering high productivity. Use the Time
Template to your advantage!
The Billable Hour Must Die
(TEdec Times, Summer 2007)
A summary of an article by Scott Turow which appeared in the ABA Journal
August 2007 edition, which started on page 32.
Are you in Denial about Billing Methods?
(TEdec Times, Summer 2009)
An abstract of an article by Beverly J. Hedrick, which appeared in the
June 2009 Law Practice Magazine, starting at page 48.
What Consumers Want (TEdec
Times, Fall 2008)
An article entitled "eLawyering: Providing More Efficient Legal Services
with Today’s Technology" by Richard S. Granat in the September 2008
edition of the NYSBA Journal identifies for T&E lawyers what clients are
really looking for.
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