Probate is the process of validating a will and administering the estate of a deceased. Many estate planning techniques are used to avoid probate, as the process can be lengthy and incur fees. But if you’ve not had to deal with the probate process, you may have several questions, and we’ll address the most frequently asked questions regarding the probate process. If a person has a will, does their estate go through probate? Yes, every estate goes through probate, but on the other hand, not … [Read more...] about The Frequently Asked Questions of Probate
Blog
Marital Deductions and Estate Taxes
Unlimited marital deductions are an important aspect of estate planning, as they allow property to pass to spouses without estate taxes. But we need to take a look at the impact on future estate taxes. If property passes outright to a spouse, whether it is passed through a will, trust, or joint ownership, it normally qualifies for the unlimited marital deduction. However, it will be included in the taxable estate of your spouse unless the surviving spouse spends or gifts it during their … [Read more...] about Marital Deductions and Estate Taxes
Will Trusts Defined
A will trust, also known as a testamentary trust, is a trust that is literally defined by the will and created upon the death of the testator, the person who had the will drafted. Normally, we think of a trust as a living trust, a legal arrangement in which a "grantor," the person creating the trust, transfers ownership of property to the trust and selects a trustee to manage it. The trustee may be a family member or a trust attorney, and in the case of a living trust, the grantor may also be … [Read more...] about Will Trusts Defined
What is an Elder Law Attorney?
Elder law is a fairly recent entry to the age-old legal profession. It covers an area of legal practice that places an emphasis on issues that affect the fastest growing segment of the population – the elderly. The issues that an elder law attorney can assist with normally fall into three inter-related categories: Quality of life; Financial issues; Health and long term care. Quality of Life Quality of life issues that an elder law attorney may address within their practice … [Read more...] about What is an Elder Law Attorney?
Why New Yorkers Need a Health Care Proxy
If you are just beginning the estate planning process, you may have seen information advising you to have advance medical directives, which are legal documents that deal with issues relating to treatment preferences, and the designation of a decision-maker should you become unable to make medical decisions on your own. Often, estate planning information advises you to have a ‘Durable Power of Attorney’ to appoint an ‘agent’ or ‘proxy’ to make health care decisions for you if you are unable to … [Read more...] about Why New Yorkers Need a Health Care Proxy
