Probate generically refers to the process of winding up one’s life affairs, and distributing property to loved ones. But as a legal matter, not all assets are distributed through the court process of probate. What is probate and why do people want to avoid it? Read on and find out....
Trusts are separate legal entities, in much the same way as corporations and LLCs (limited liability corporations). Their operating rules are spelled out in a legal document known as a trust agreement. The trust is managed by the trustee, for the benefit of beneficiaries. Sometimes the trust creator can also...
When you ask what will happen when you die, it’s not just an existential question. You want to know what will happen if you die without a will. There’s a myth that the government will take your assets, but that’s not true. Instead, your assets will be distributed to your...
Probate is the process of having a court determine if a will is properly executed so that estate administration can get underway. As part of the process, a fee is paid to the county and notification is given to creditors, heirs, and beneficiaries. What most people don’t know though, is...
Instead of leaving property to a loved one under a will, clients often create a “living trust” to get the job done. With a living trust, it is easier to change beneficiaries, as well as who gets what when you pass away. Changes to a living trust can be made...
You absolutely need a will if you want to provide for your significant other, best friend or favorite aunt. Otherwise, they will only inherit if they are named as an account beneficiary. Without a will, your closest family members will inherit. People balk at going to a lawyer to tend...
For many clients today, their homes and IRAs represent their biggest assets. And both require special care and handling when leaving them to loved ones as part of an estate. Real estate passes per title on a deed and IRA assets pass to those designated in a beneficiary designation form....
I’m sure that I’m not alone thinking now would be a good time to be in Florida. For many New Yorkers, what starts out as a seasonal home morphs into a primary residence. Aside from the weather, Florida attracts new residents because it has a property tax increase cap on...
Do You Need a Trust Attorney? Estate planning is an important part of getting your affairs in order. During the estate planning process, you’ll need to decide if you want a will or trust. Look at some reasons why you might need a living trust. Then, you can hire a...
When someone needs nursing home care or has extensive medical expenses that he/she cannot afford, Medicaid may provide benefits/services not covered by Medicare. Medicaid is a joint federal-state program. Each state has its own Medicaid rules that operate within the federal guidelines. In New York State, the rules can even...
