Probate is a legal process that is necessary when you transfer assets through the terms of a will. In New York, the Surrogate’s Court has jurisdiction over estate matters. This court also provides supervision when someone passes away without any estate planning documents at all. It should be noted that there is a simplified probate process in New York for small estates with a gross value of $50,000 or less. When you are planning your estate, you should definitely have some understanding of … [Read more...] about Four Things You Should Know About Probate
Estate Planning
Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article focuses on beneficiaries who don’t fall under the standard 10-year payout of the SECURE Act. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
You Need These Estate Planning Documents
It can be difficult to know where to begin when you are thinking about the estate planning process. There are variations depending on the circumstances, but there is an underlying framework that applies to everyone, and we will break it down in this post. Asset Transfer Vehicle An asset transfer vehicle will be at the core of your estate plan. You could use a will, but this would not be the right choice unless the situation is extremely simple and straightforward. The revocable living trust … [Read more...] about You Need These Estate Planning Documents
Beneficiary Designations
Beneficiary designations can be deceptively simple. You simply designate the person to whom you want the assets to go. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Read on to learn more. … [Read more...] about Beneficiary Designations
Shifting Priorities May Impact Federal Transfer Taxes
Now that we have a new presidential administration and blue majorities in the House and Senate, some legislative priorities have changed. There could be an expansion of the taxes that impact inheritances, and we will look at these potential changes in this post. Elimination of Step-Up in Basis At the present time, inherited appreciated assets get a stepped-up basis. To explain through the use of a simple example, let’s say that you inherit a thousand shares of stock from your uncle. He paid … [Read more...] about Shifting Priorities May Impact Federal Transfer Taxes
Steer Clear of Risky Inheritance Planning Ideas
People sometimes circulate “tips” about estate planning that they hear about, and the ideas may sound good on the surface. However, the so-called simple solutions can create significant complications in the long run, and we will look at two of them in this post. Joint Tenancy You can file the appropriate paperwork to add a co-owner to the title of your property. This would create the condition of joint tenancy, and this can be done with real property, financial accounts, and personal … [Read more...] about Steer Clear of Risky Inheritance Planning Ideas
Beneficiary Designations and the SECURE Act Basics
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article focuses on the basics of the SECURE Act. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act Basics
How Can I Include My Pet in My Estate Plan?
As elder law attorneys, we focus on some of the challenges that seniors face. One of them is loneliness, because loss goes with the territory when you start to reach an advanced age. Pet ownership can do a lonely senior a world of good. When you bring a dog or cat into your home, you feel a renewed sense of purpose, and this can have sweeping positive effects. If you have a dog, you will take him for walks if it is possible for you, and this will give you a reason to exercise. Fresh area … [Read more...] about How Can I Include My Pet in My Estate Plan?
Beneficiary Designations and the SECURE Act: Prior Designations
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article examines how beneficiary designations done prior to the SECURE Act might not have the intended consequences today. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act: Prior Designations
Inheritance Planning With Custodial Accounts
When you have a young child on your inheritance list, you have to find a way to set aside the funds until they can manage their own money. There are a few different approaches that can be taken, and a custodial account is one of the options. UGMA and UTMA Accounts The Uniform Gifts to Minors Act (UGMA) was originally proposed in 1956, and it was revised a decade later. It allowed for the creation of custodial savings accounts for child beneficiaries, and the assets would be held in the … [Read more...] about Inheritance Planning With Custodial Accounts
