April 2, 2018
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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 heirs based on the laws of intestacy. To put it simply, your relatives will inherit your assets if you don’t get help from a will attorney. Fortunately, the law firm of Susan G. Parker, Esq. PC can help. Susan G. Parker offers estate planning services in Westchester County, including Briarcliff and the surrounding areas.
In the meantime, though, it’s a good idea to find ...
January 31, 2017
ESTATE PLANNING, financial planning, probate, retirement, taxes, trusts, wills
Here is some more information about probate: Understanding Probate
What is Probate?
Probate is the legal process of petitioning the court to declare that a will is valid and appointing an executor to oversee the estate. The executor is the person chosen to carry out the wishes of the decedent. And the will provides instructions for what’s to be done.
Probate assets are typically assets titled in the decedent’s name alone. Common examples include:
Personal property such as furnishings, jewelry and collections.
Bank accounts or deeds to real estate, in the decedent’s name alone.
An interest in a business.
A life ...
November 3, 2014
elder law, financial planning, probate, trusts, wills
When you acquire property (real estate, investments, etc.), what you pay for property you acquire is known as your “cost basis” or investment in the property. It is this number that becomes important when you determine the tax on any gain, when the property is sold. The basis rules become very important in estate planning. Here’s why: If someone gives you property, you get that person’s basis in the property, which is known as a “carry over basis.”
But if you inherit property, you get a basis equal to the property’s fair market value on the date of death. If you have substantially appreciated property, it may be better to hold it, ...