The executor of a will has several important responsibilities when enforcing a New Yorker’s will and administering an estate. In cases where a person dies without a will, the appropriate Surrogate’s Court will appoint an administrator of the estate. Although this...
Often, a will goes through the probate process and the estate is closed without issue. Sometimes, however, the beneficiaries of the will want to challenge it, known as a will contest. If the beneficiaries are unhappy with their share of the deceased person's assets,...
With the uncertain times of the last two years, we all know what we must do. We all must have an estate plan. It does not matter whether one believes they are wealthy, everyone has wealth, even if it is just the joy we give to our loved ones. And, the attorneys at...
Many New Yorkers have probably heard that one of the advantages of using a trust as an estate planning device is that it avoids probate. This is true in that property which pass through a trust are not subject to a court-approved process. A trust also continues to...
Estate planning can be complicated. Often, New York residents wish to leave assets to their loved ones, such as family members and close friends. They may choose to pass property onto organizations or even charities. When a person wishes to create a charitable trust,...
While it is understandable why many New Yorkers may want to qualify for Medicaid in order to finance a nursing home stay, there are right and wrong ways to go about doing so. The problem with a person’s just transferring wealth so he or she can meet the Medicaid...
New York residents who have gone through the estate planning process have most likely had power of attorney set up. This is an important step in estate planning because it ensures that a person has someone who will take care of their medical and financial affairs...
Many New York City residents have gone through the process of updating or creating their estate plan. This is an important process for everyone, regardless of what stage they are in life. Although every person’s estate needs are different, many families choose to...
As many people in New York City may agree, estate planning needs differ from person to person. For some, a will and a power of attorney are sufficient while for others, trusts may be the next estate planning tool. However, for more complex estates, something more than...
Long-term care planning is a part of every state plan, or at least it should be. This is because the cost of long-term care can be daunting. Indeed, the average yearly cost of long-term services is $138,000, and most people have to pay half. Some, about 20%, pay over...