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....
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....
One of the most important features of a joint tenancy is called the right of survivorship. This is the right of joint tenants to obtain full ownership of the jointly held property upon the death of the other joint tenant....
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....
While there are many benefits to using a revocable living trust for some people, they may not be the legal instrument that fits your needs. Like all estate planning options, revocable living trusts have certain limitations....
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....
During the NYIA’s nurse assessment, the Community Health Assessment, the nurse is required to conduct an interview with the applicant or their representative about what help the applicant needs performing activities of daily living, or ADLs....
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....
New York’s Medicaid program increased the limits of income and financial assets with which an applicant can qualify for benefits in 2023. The new higher limits provide welcome relief to people struggling with the inflation that raged through much of 2022 and expand the pool of New Yorkers who can now qualify for needed coverage....
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....
Unless you take some steps to protect your home, ideally more than 5 years before you need Medicaid, the biggest asset most New Yorkers ever own, the source of their wealth, will not be fully or at all available to leave to their children or grandchildren....
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....
A letter testamentary is an important court order issued by the NY Surrogate’s Court only after the court conducts a detailed review of all the documents submitted by the person seeking to be recognized as the legal executor of decedent’s estate. ...
This blog post explains one of the most important choices you will need to make when deciding how your estate will be passed to the next generations of your family....
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....
When a family member dies after a long illness, especially one that required very expensive medical treatments, the unpaid medical bills that remain can be enormous. Who is legally responsible for the medical debts that a decedent leaves behind?...
An affidavit of heirship is a document, sworn to under oath, that is submitted to the Surrogate’s Court definitively identifying all of the people who may have a legal claim to inherit the decedent’s assets or property....
Because estate planning sometimes involves legal instruments unfamiliar to most clients, it’s important to have trust that your estate planning lawyer is knowledgeable about what’s right for you and your family, and that they are up to date on all current and pending laws relevant to your purpose....
To discourage an unsatisfied beneficiary from bringing a legal action challenging the terms of a Will or trust, New York law permits the testator to include what is called an In Terrorem clause....
A Supplemental Needs Trust (SNT) is a legal instrument used to permit people with disabilities to remain eligible for Medicaid and other public benefit programs while keeping financial assets or income that would otherwise disqualify them from those benefits....
When can a life insurance death benefit be considered taxable income and what steps can reduce exposing the beneficiary of your policy to unnecessary taxes?...
While Medicaid disapproves of applicants transferring valuable assets in anticipation of applying for Medicaid benefits, some pre-application transfers or gifts are permissible. Medicaid identifies the asset transfers that will not trigger a penalty when reviewed by program eligibility assessors....
In New York, contested wills and other probate matters are handled in the Surrogate’s Court. There is a Surrogate’s Court in each of New York State’s 62 counties....
An administration C.T.A. is a process ordered by the court when the person named as executor in a Will is unable or unwilling to fulfill his/her fiduciary responsibilities. An important part of writing a Will in New York is the designation of someone to act as the executor of the Will when the time comes to submit the Will to the Surrogate’s Court for probate....
When a young couple is starting a new life together, estate planning is probably the last topic on their minds. But, the birth of a child should change that. Suddenly, new parents become responsible for the life of another person, one who will depend on their good judgment and planning. There are immediate estate planning steps new parents should make upon the birth of their first baby....
A Grantor Retained Annuity Trust (GRAT) is an effective tool estate planning and elder law attorneys use to prevent estate and gift taxes from consuming the assets their clients intended for their families and other beneficiaries to receive. Essentially, it is a mechanism to minimize the tax burden on large financial gifts that exceed the annual gift tax exclusion limit....