When a will is used to arrange for postmortem asset transfers, an executor is named in the document. This is the person or entity that will act as the estate administrator. After the passing of the testator, the executor would admit the will to probate. In New York, the Surrogate’s Court would provide supervision during this process. Proving of the Will There is a proving of the will during probate. The court examines the document to make sure that it was properly executed. In New York, a will … [Read more...] about What Are Acceptable Grounds for Will Challenges?
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An Incentive Trust Can Provide a Solution
Estate planning is not always a simple and straightforward matter. If you have someone on your inheritance list that is not ready to handle a large amount of money, you would rightfully have concerns. Under these circumstances, it is possible to maintain a significant degree of “dead hand control” through the utilization of an incentive trust. Guiding Choices You can use an incentive trust to guide a beneficiary toward choices that you would like to see them make. The first step is to fund … [Read more...] about An Incentive Trust Can Provide a Solution
Uncompensated Transfers
Medicaid is a state-federal partnership that provides medical benefit assistance to people who qualify, especially those over 65 years of age. However, in order to qualify, you also need to meet certain financial requirements such as asset limits. However, if you have made “uncompensated transfers,” that could lead to a period of disqualification from the program. Read on to learn more. Uncompensated Transfers … [Read more...] about Uncompensated Transfers
Do New Yorkers Pay an Inheritance Tax?
In order to be able to answer the question that serves as the title of this post, we have to provide some broad background information about all taxes on postmortem asset transfers. Federal Estate Tax There is a federal estate tax in the United States, and it carries a 40 percent top rate. Most families never have to be concerned about this tax, because there is a high credit or exclusion that can be used to transfer a certain amount tax-free. Only the portion of an estate that exceeds this … [Read more...] about Do New Yorkers Pay an Inheritance Tax?
Medicaid Planning and the Five-Year Look Back
You are probably aware of the fact that Medicaid is a government health insurance program for people with very limited financial resources. If you know you are going to qualify for Medicare when you reach the age of 65, you may wonder why Medicaid would ever be relevant to you. Many people would say that it is not fair, but Medicare does not pay for a stay in a nursing home or assisted living facility. It won’t pay for in-home custodial care either, and this is a problem, because the vast … [Read more...] about Medicaid Planning and the Five-Year Look Back
