BRIARCRIER
March 30, 2012, 12:15 at The Briar's Restaurant, Briarcliff Manor NY Rotary Club
TODAY IN HISTORY
1135: The Jewish philosopher Maimonides was born in Cordoba, in present day Spain.
MEETING LEADER – President Dean Dykeman
PLEDGE - Sy Yuter PATRIOTIC SONG – Sy Yuter PRAYER – Bishop John
HAPPY THOUGHTS – Dean, on vacation next week; Anne Cargill, every child should have a healthy life; Rod, happy for speaker.
GUESTS – Dr. Armando Battista, potential new member; Scott Lanoff for third meeting; Linda Urban for third meeting (both accepted as Rotarians at April 4 Board meeting).
ANNOUNCEMENTS – Anne about Rotary time not Rotary minutes; Zen and Ernie locate placing of new benches to be sold, prices will be higher; Happy April birthday to Sy, Ernie and Ken S.
SPEAKER AND SUBJECT – Marty Engelhardt Esq, New laws for wills and trusts
SUMMARY OF TALK
First, thanks Rotary for support of the Ossining Food Pantry. All should have a will. If you die without a will New York State will determine how your estate is disbursed and who administers it. Have to have will probated. (Probate means authenticating the will as that of the deceased and is done in Probate Court.) Filing fee for probate below estate of $500,000 is $625. If more than $500,000, fee is $1250. Have to find witnesses, but to avoid that, should have an affidavit of witnesses that you of sound mind, etc. If you die without a will, then have to seek people who have claims. So should have will. Years ago in one day, would have letters testamentary. Now it takes two to three weeks. Or can have a revocable trust becoming irrevocable upon death. Then have to make sure that the glove of the assets fits the hand of document to make sure that every asset that you own is put in your name so the trustee can dispose of your assets. Have also a will at the same time. So have the will to make sure that if asset not put in trust, covered by the will. But suppose have a disability son or daughter, so want to set up a supplemental revocable trust for that child. Give power of invasion to guardian to determine if child is able to receive the full amount or just the proceeds. Lawyer needs to know information to minimize taxes. In second marriage situation, should take care of children of first marriage. Second wife gets a life estate, but when she dies assets go to children of first marriage. Federal tax exemption from tax is five million, but New York State is only one million.
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This Friday – Organ transplants by Rudy Masry
Elinor Yuter, Reporter
Rachel Leihbacher, Expediter
