The new year is our annual reminder to do the things we should have done in the previous year, as well as get ahead and make plans for the future. If you haven't already done so, you should review your estate plan and set up a meeting with your estate planning attorney if you see any changes that need to be made. Step 1: Update your documents. If this past year had you go through family or financial changes, you'll want to address these in your estate planning documents. If, for … [Read more...] about 3 Estate Planning Steps to Take in 2012
Estate Planning
New York’s Laws on Executors: Part 3 of 3
Why doesn’t an executor receive any compensation for jointly owned property? The answer is simple. An executor’s duties are to administer your estate pursuant to your written will or pursuant to New York’s intestacy laws. Your jointly owned assets do not pass under your will, and by operation of state law, they pass to surviving joint tenants or owners and are not subject to probate. The total commission an executor can receive depends on the value of your estate, reasonable expenses incurred … [Read more...] about New York’s Laws on Executors: Part 3 of 3
New York’s Laws on Executors: Part 2 of 3
Typically, executors are entitled to receive reasonable monetary compensation reimbursing them for their time and efforts. In New York, executors customarily receive a commission-based compensation, and their total commissions depend on the value of the assets they are charged with administering. Often, decedents will name trusted friends or family members to serve as executors of their estates. Executors can waive their compensation, but this typically only occurs with family members. The … [Read more...] about New York’s Laws on Executors: Part 2 of 3
Former Stray Turned Millionaire Thanks To Wealthy Owner
It sounds like the plot for a novel or movie. A homeless wanderer leaves a life of poverty after befriending a wealthy elderly woman. She, in return for his providing her companionship in her declining years, decides to leave him her entire fortune. The former vagrant then becomes an instant millionaire. For one fortunate resident of Rome, the story is a reality. Tomassino, a 4-year-old former stray cat, has recently inherited the entire fortune of his former owner, Maria Assunta. … [Read more...] about Former Stray Turned Millionaire Thanks To Wealthy Owner
New York’s Laws on Executors: Part 1 of 3
By drafting a written will, you can appoint an individual to carry out the provisions of your will. The individual that you appoint is an “executor” (or “executrix” if this person is a female) who is responsible for carrying out your written testamentary intent. Executors are responsible for making sure that your estate pays your creditors before they carry out your testamentary wishes. Executors are responsible for making sure they carry out the provisions of a decedent’s will. Before a court … [Read more...] about New York’s Laws on Executors: Part 1 of 3
Post-Divorce Estate Planning: Part 3 of 3
Previously, we discussed the New York legislature's enactment of default post-divorce probate statutes. These rules help divorced residents who failed to revise their wills after divorcing their former spouses. If you bequeathed your property to your former spouse while you were married and before your divorce, New York law treats your former spouse as having predeceased you. In this case, the specific bequests to your spouse would fail by operation of law, and your next-of-kin or surviving heir … [Read more...] about Post-Divorce Estate Planning: Part 3 of 3
Post-Divorce Estate Planning: Part 2 of 3
Although New York law may revoke any prior bequests to your former spouse in an unchanged will, problems could arise if you failed to amend your other estate planning documents, including your trusts after you divorce your former spouse. You can call our office and schedule a consultation to help you understand your estate planning options after divorce. The New York legislature amended the probate laws dealing with revocable dispositions or testamentary substitutes. According to the new law, … [Read more...] about Post-Divorce Estate Planning: Part 2 of 3
Post-Divorce Estate Planning: Part 1 of 3
The U.S. Census Bureau reported that as of 2009, more than 50 percent of first marriages in this country ended in divorce. The divorce rates for second and third marriages were even higher, and almost 75 percent of third marriages ended in divorce. Unfortunately, divorcing spouses caught up in the turmoil of untangling their married lives during the divorce process may not consider their futures without their spouses, and few of them may think about their estate planning documents. Many … [Read more...] about Post-Divorce Estate Planning: Part 1 of 3
Special Needs Planning: Part III of III
Your estate planning attorney can help you draft a special needs trust for the benefit of your special needs child or other family member. After you select a trusted individual that will serve as your trustee, you need to make sure your special needs trust complies with New York State law. Your attorney must make sure that the trustee will use your assets within your special needs trust only for a limited purpose. Because you may not want your special needs trust property to pay for necessary … [Read more...] about Special Needs Planning: Part III of III
Special Needs Planning: Part II of III
Why would you want to draft a special needs trust for your disabled child? By creating a special needs trust or supplemental needs trust, you may be able to ensure that your dependent child or family member is able to avoid becoming inadvertently disqualified from receiving financial support from the state and federal governments. In other words, by creating a special needs trust, you can help your special needs child or family member continue receiving monetary and medical government benefits … [Read more...] about Special Needs Planning: Part II of III
