Call Menu

Blog

What Are The Key Estate Planning Documents Everyone Should Have?

If you are planning to meet with an estate planning attorney, or want to see if your estate planning documents need an update, there are certain documents that you should have ready to review and to present to your attorney. If you currently have estate planning documents that may require review and revision, please check Read on…

Is It A Good Idea To Transfer Your Home To Your Children During Your Lifetime?

Transferring property to your children during your lifetime is not something that an experienced attorney would recommend. Some consequences of giving up your property are mentioned as under: Transfer of property will result in gift tax. A gift tax form is required to be filed when a property worth $13,000 or more is transferred. Whereas, Read on…

How Can Someone Become The Legal Representative Of An Estate For A Deceased Person?

The duty to handle the property of a deceased person is given to the Personal Representative, who was previously known as the executor. All matters regarding the deceased’s business and finances, including finishing, filing latest tax returns, and dividing assets among the descendants are handled by the Personal Representative. A PR can only be appointed Read on…

Does The Durable Power Of Attorney Permit Agent To Make Gifts To Themselves?

The default provisions in a Power of Attorney in New York provide that the agent may make gifts to any persons (including agent), charities, or organizations not to exceed the sum of $500.00 for any calendar year. This provision can place limitations on the ability of the agent to engage in proper estate planning on Read on…

What Happens If A Will Beneficiary Passes Away?

New York estate law has adopted and implemented an anti-lapse statute. This law is designed for situation where the beneficiary under the terms of a Will dies before the person who executed the Will, known as the testator. The anti-lapse statute was enacted to balance the equities of the wishes of the testator versus the Read on…

When Should You Contest The Inventory Of Your Intestate Share?

When a person dies intestate (without a will), statutory law determines how that person’s estate will be distributed. Essentially, the assets are divided according to who is that person’s next of kin. Once necessary funeral expenses, estate administration costs, debts, and taxes of the decedent and estate are paid (i.e. final income taxes (IRS 1040), Read on…

What Is The Difference Between A Power Of Attorney (POA) And Executor?

Quite often, clients (or potential clients) do not fully comprehend the role of both the agent appointed under a Power of Attorney and that of an Executor. Or more importantly, when the role of the agent under that power of attorney ceases. Typically, people sign what is known in New York as a Durable Power Read on…

How To Find An Executor For My Will?

The fact that you are contemplating an executor for your Will signifies that you have taken the first step on taking control of your estates when you pass away. Remember that if you don’t have a validly executed Will when you pass away, the laws of intestacy will decide who inherits your estate. In order Read on…

How To Avoid Probate On Bank Accounts

There are various methods by which one can avoid having their assets await the outcome of a probate proceeding. This time frame can increase in the event that one of the interested parties to such a proceeding decides to contest the will. One of the simpler assets that should always be structured to avoid probate Read on…

What If The Will Maker (Testator) Becomes Incompetent, Does That Invalidate The Will?

When a will is executed in New York State, one of the requirements of a validly executed will is that the person who is signing the Will (testator) possesses testamentary capacity. But what if the person who created the Will becomes incompetent? Does that invalidate the Will? When is a Will not valid? It is Read on…