We recently reported on our New York Probate Lawyer Blog about the need for ancillary estates to dispose of out-of-state real estate in cases that go through probate court. Estate planning lawyers in New York City understand there are many options for avoiding probate. In some cases trusts or other…
The NWI Times recently published an article explaining the complexities and expenses associated with ancillary estates, which can be necessary to dispose of real property located in another state. Proper estate planning in New York can alleviate the need to go through the probate process in multiple states, which can…
The New York Probate Blog has discussed on many occasions the probate procedure in New York. Probate is the legal process by which a Will is validated by the Surrogate’s Court. The procedure to probate a Will encompasses many facets. Initially, a Probate Petition is prepared and filed with the…
While we talk frequently about the need to plan your estate, rarely do we mention the need to protect an inheritance. Of course, that brings us back to planning your estate! Baby boomers are about to hit the life lottery, receiving a combined $8.4 trillion, according to Business Insider. Protecting…
Under the new federal estate tax law, the exclusion amount, or the value of an estate that can pass free of federal estate tax, is increased to $5,000,000. This $5,000,000 exemption will end, unless extended or modified by new legislation, on December 31, 2012. One of the most significant changes…
Market Watch recently published some estate tax tips for married couples. New York City estate planning attorneys have been dealing with the changes to the estate tax and gift tax limits since they were implemented late last year. As we reported in December on our New York Probate Lawyer Blog,…
As part of our ongoing series on the advantages and disadvantages of avoiding probate in New York, our New York City estate planning attorney publishes this post on naming beneficiaries for stocks and bonds. Most recently we discussed on our New York Probate Lawyer Blog the importance of naming beneficiaries…
The New York Probate Lawyer Blog has previously discussed the naming of a beneficiary on a life insurance policy or other asset such as a pension or retirement account. Upon a person’s death, these assets are paid directly to the named beneficiary (assuming the beneficiary is surviving) and are not…
The Probate of a Last Will in New York can appear to be a complicated and mysterious procedure. While the rules and procedures of the Surrogate’s Court are complex, certain fundamental requirements for Probate are fairly easy to set forth. Among the essential aspects to a Probate proceeding is providing…
The New York Probate Lawyer Blog has discussed the powers and obligations of a property management and personal needs Guardian. When a person is found to be incapacitated and a Guardian is appointed, the Court maintains scrutiny over the actions of the Guardian. One of the safeguards provided by Article…