A trust can become an important part of your estate plan. There are different types of trusts, and each type comes with its own benefits. Which type is appropriate depends on your goals, and the facts and circumstances of your case. There are two main categories of...
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Estate Administration
Lessons learned from the battle over Aretha Franklin’s estate
Nearly five years after Aretha Franklin’s death, it seems that the battle over her estate may finally be over. While few people have her wealth, all too many people make similar mistakes. She failed to properly execute an estate plan resulting in years of litigation....
Different types of estate proceedings: small estates, probate and administrations
Upon a person’s death, it is important to understand whether an estate proceeding is even necessary in the first place to access the decedent’s assets, and if so, which type of proceeding is required. The type of estate proceeding that may be needed depends on a...
Different types of estate proceedings: small estates, probate and administrations
Upon a person’s death, it is important to understand whether an estate proceeding is even necessary in the first place to access the decedent’s assets, and if so, which type of proceeding is required. The type of estate proceeding that may be needed depends on a...
New York estate tax update for 2022
When you die your estate is not subject to the federal estate tax if the value of your estate is less than the “exemption amount” (Federally) or the “basic exclusion amount” in New York State. For people who pass away in 2022, the Federal exemption amount will be...
Oral claim for one-third of an estate hits snag in court
The passing of a loved one is not an easy transition and many experience financial troubles on top of the grief. While family members are the usual people dealing with this stressful period, close friends and companions are just as susceptible. In the event that these...
Do all estates enter the probate process?
Whether you are getting your affairs together and planning your estate or you have recently lost a close friend or loved one, it is important to understand the steps of estate administration and the probate process. The probate process is designed to ensure that the...
Probate- Who Can Object to a Will?
Objecting to a Will Surrogate's Court Procedure Act ("SCPA") section 1410 states that "[a]ny person whose interest in property or in the estate of the testator would be adversely affected by the admission of the will to probate may file objections to the probate of...
Estate Administration- When Do the Duties of an Executor Begin
There is great responsibility being the executor of an estate; standards of prudence, vigilance, and care are expected from the executor. An executor is one type of fiduciary (a trustee is another type) and to quote Chief Judge Cardozo from his decision in Meinhard v...
Estate Administration – How to Transfer the Deceased’s Car in New York
Last updated September 2022 A common task following a person’s death is the transfer or disposal of one or more automobiles owned by the decedent. How this may be accomplished depends upon the answers to the following questions: Question 1: How many cars did the...
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