In New York, estates with real property valued at less than $30,000 are considered “small estates” and may be able to pass through probate court much more quickly than larger estates, if the executor handles the process correctly. Although small estates can pass through a simplified probate process, executors will…
Recently, we have written on the intricacies of estate planning when an individual owns foreign property. If you own international property or have other estate assets that span two or more countries, one of the most effective ways to ensure that your estate is properly administered according to your wishes…
Dynasty trusts often conjure up images of very wealthy families that have a great deal of money to pass onto their heirs. However, dynasty trusts can actually be an effective tool for families with more average assets to distribute. Investopedia defines dynasty trusts as long-term trusts established to transfer wealth…
When people learn they are going to be the beneficiaries of someone’s estate and will inherit property, many of them often wonder whether it will actually cost them money to do so. We often hear about raising or lowering the federal and state estate tax, sometimes referred to as “the…
Estate planning can be a complicated process, especially for individuals that have diversified assets. The process can be even more complex for individuals engaging in estate planning when those individuals have foreign assets to consider. If you have or are considering acquiring foreign assets, including foreign real estate property, it…
A last will and testament spells out the final wish of the deceased, including how he or she wishes to allocate assets amongst friends and family. However, there are certain limitations to the extent deceased spouses may effectively cut out their surviving spouse from a will. Under New York estate…
Estate planning is something everyone, regardless of age or wealth, should take care of in order disperse assets and have final instructions carried out. Whether that plan be a last will and testament or a trust, folks need to create a plan early on in life and update their estate…
While some aspects of estate planning can seem pretty rigid, it is important to look at them while keeping an eye on things that will allow for some flexibility. By building flexibility into your estate planning tools where it makes sense, you can save yourself from headaches down the road…
Medicaid is an important needs-based program to help pay for the vital healthcare of millions of at risk people in this country. In fact, many older Americans plan on using some part of Medicaid to pay for nursing home or in-home nursing care later on in life only to find…
It is important to remember that whether your estate is subject to probate or not, you should make sure that you have designed a comprehensive estate planning strategy that effectively distributes all of your assets so that your family is not forced to rely on the state to make important…