The executor of an estate is an important individual vital to ensuring the deceased’s assets are accounted for, debts are settled, heirs are notified, and ultimately passing the estate through probate and dividing the estate. So long as the last will and testament was notarized and filed with the appropriate…
If you have an estate with any number of assets, including a home, real estate, retirement benefits, and bank accounts, passing these along to your heirs can be quite a challenge for them if your will needs to go through probate. Furthermore, having your estate go through the probate courts,…
As of 2018, cross-border families planning an estate will require an investment plan meeting relevant rules to domicile, succession, generation-skipping transfer, and gift tax laws in each country where distribution will occur at the time of a decedent’s death. International estate planners use investment techniques specific to cross-border transfers and…
The last will and testament is an important document an individual creates to spell out his or her final wishes to pass on the assets of an estate to friends, family, and business partners. However, New York probate laws do put limits on the extent to which a person may…
In New York, not every estate needs to pass through the probate process in Surrogate’s Court. The law gives this exemption to so-called “small estates” valued under a certain number and provider the executor to the estate handles the process correctly. Although small estates are allowed to pass through a…
One of the most important parts about planning your estate is appointing an executor to oversee an estate and carry out your final wishes which can include passing an estate through the probate court, settling estate debts, and ensuring heirs receive their inheritance. Often times, family members or close friends…
With President Trump’s recent immigration reforms impacting the domiciliary status of many New York residents, estate trust administrators are faced with changes to the taxable status of those asset transfers. New York Consolidated Laws, Estates, Powers and Trusts Law (EPTL) applies specific rules to asset transfer procedure when there is…
A recent study suggests that people with moderate to severe anxiety in middle age may be more likely to develop dementia as they get older. The study based its conclusions off of data from four previously published studies that tracked a total of 30,000 individuals over a 10-year period and…
The primary benefit of trust and family foundation investment in stock funds, is the transferability of those vested assets to cash. Unlike real property, securities offer wealth enhancement features, as well as a ready source of liquidity. The Securities and Exchange Commission Act of 1934 (“The Exchange Act”) is the…
In the United States, the inheritance rights of children with unmarried parents are virtually the same as those of children with married parents. New York estate law allows trust holders to leave property to anyone named in a will, trust, or other joint estate or investment device. Where there…