There can be many benefits to avoiding the probate court process in the settling of an estate, including more privacy. Contacting an estate planning lawyer in New York City is a good first step toward putting your affairs in order as we begin 2011. This is the first of several…
The New York Probate Lawyer Blog has previously discussed the need for estate planning documents including a Last Will, Health Care Proxy, Living Will and Power of Attorney. Life Insurance can also provide a valuable estate planning tool. In its most fundamental function, life insurance can add a tremendous amount…
The New York Probate Law Blog previously talked about the importance of maintaining a Last Will in a safe and secure location. After investing the time and effort to develop an estate plan and finalize a Will and other estate planning documents such as advance directives, it would be unfortunate…
The Huffington Post reports that the owner of a popular Upper East Side restaurant has left the business to its longtime manager. New York estate lawyers frequently report here on our New York Probate Lawyer Blog about the challenge of leaving a business to heirs. Without proper estate planning, the…
Family gatherings around the holidays can make it clear that a loved one will need assistance to maintain his or her independence, or may even require an assisted living facility or a nursing home. Frequently, a New York power of attorney will be granted to friend or family member who…
A New York estate usually contains many different types of assets. These assets can include bank accounts, stocks and bonds, retirement accounts and real estate. A beneficiary’s interest in these assets is determined by the nature or manner in which these assets are owned or titled. For example, a bank…
On December 14, 2010, the New York Probate Lawyer Blog discussed the problems created when beneficiary designations are incomplete, confusing or ambiguous. These beneficiary designations can appear on many different types of assets such as annuities, life insurance, Individual Retirement Accounts, 401K benefit plans and other types of pension plans.…
Once Congress passes the tax bill being debated in Washington, those with estate plans in place, and those seeking to begin the new year by consulting a New York estate planner, should seek the advice of a qualified attorney to discuss how the changes will impact their estate. In addition…
The gift-tax cap could increase to $10 million — up from the current limit of $2 million — under the tax-cut bill Congress is debating this week, Bloomberg News reported. Those worried about estate taxes should consult an experienced probate attorney to establish a comprehensive New York estate plan. One…
A significant distinction must always be recognized between assets of a decedent that are disposed of through estate administration and assets that pass to beneficiaries by operation of law. Estate administration assets are generally governed by the terms of a decedent’s Last Will or the laws of intestacy where no…