Estate Planning

This blog post explains the key differences between an executor and an administrator in the context of a probate estate in New York. At Ely J. Rosenzveig & Associates, we believe that every client should understand as much as possible about how the New York probate process functions and how they can maximize their control over how their estate is managed after their death....

When someone creates a last will and testament, they make a legally binding document in which they clearly state how and to whom their assets will be distributed after their death. If a person dies without leaving a will, they are said to have died intestate, and New York’s laws of intestate succession will determine how the persons assets will be distributed....

The death of a parent provokes deep feelings among surviving children. Whether they were distanced emotionally or enjoyed a close relationship with their recently deceased mother or father, they will be surprised and hurt to learn that their late parent excluded them from their last will and testament. When a child is excluded from a parent’s will in New York, the child has legal recourse to challenge the will that was submitted to the Surrogate’s Court for probate. This blog post explains who has the legal right to challenge a will in New York and what facts they need to prove to invalidate a will....

A healthcare proxy is one of the most essential components of an effective estate plan. As we age or deal with illness, it is natural to think about how you can manage your healthcare decisions if you become incapacitated. But healthcare proxies are not only for the elderly or for people diagnosed with serious illnesses. Sudden accidental injuries can also strike young adults. A healthcare proxy enables you to designate a trusted individual to communicate your healthcare decisions to healthcare providers if you cannot make or communicate those decisions yourself. ...

When a decedent’s estate is valued under $50,000 and is comprised only of personal property, engaging in a full probate process is not cost-efficient. In these circumstances, New York law provides an alternative procedure for small estates called “Voluntary Administration.” This process is designed to reduce costs and simplify the requirements needed to distribute assets left by a decedent, whether they left a will or not....

Informal estate accounting is by far the simplest and least expensive type of accounting procedure. Informal accounting involves no contentious litigation expenses like hiring expert witnesses to testify to the value of particular assets. By avoiding unnecessary expenses, more of the estate’s assets are available to be distributed to the estate’s beneficiaries....

In most cases, getting copies of documents about a trust in which you have an interest, even a contingent one, should not be difficult unless the parties involved are estranged or hostile to one another. If you are a contingent beneficiary whose parent or other close relative is already a vested beneficiary, then, typically, you can easily direct the trustee to provide you with the trust information that you desire....

In most cases, getting copies of documents about a trust in which you have an interest, even a contingent one, should not be difficult unless the parties involved are estranged or hostile to one another. If you are a contingent beneficiary whose parent or other close relative is already a vested beneficiary, then, typically, you can easily direct the trustee to provide you with the trust information that you desire....

In most cases, getting copies of documents about a trust in which you have an interest, even a contingent one, should not be difficult unless the parties involved are estranged or hostile to one another. If you are a contingent beneficiary whose parent or other close relative is already a vested beneficiary, then, typically, you can easily direct the trustee to provide you with the trust information that you desire....

To ensure someone makes the most informed decision about the best instrument to use in planning how their own estate will be set up, they should understand how wills and trusts work, how they differ from one another, and what advantages and disadvantages each instrument offers to both the settlor/testator(rix) and the beneficiaries. In this blog post, we’ll focus on how a revocable trust can serve as a tool to transfer tangible personal property or other assets to the next generation or to other parties you wish to endow....

If you are named as the executor of a person’s will, or you plan to administer the estate of someone who died without a will, you will be assuming a role of great responsibility as an estate fiduciary. How you perform your new duties will be subject to the oversight of the New York Surrogate’s Court, and the scrutiny of all those who stand to benefit from the decedent’s estate....

An ABLE Account is a special bank account that enables certain people with disabilities to save more money than they would otherwise be able to, in tax advantaged savings accounts -- while continuing to receive benefits from Medicaid, the Supplemental Security Income (SSI) program, Social Security Disability Insurance (SSD or SSDI), or housing assistance....

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