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Question: My mother is a resident of Florida and owns a condominium and several financial accounts in her sole name. She also owns a summer home in New York that is titled in her sole name. If she were to pass away, what is the procedure to transfer the New York home after her death?

Question: Someone told me that assets with named beneficiaries are not subject to estate tax, is that correct?

Question: I was recently appointed Administrator of my uncle’s estate, but the Decree from the Surrogate’s Court said that I must post a bond. What does that mean?

The estate tax concept tax known as “portability” is permanent as a result of the enactment of the American Taxpayer Relief Act of 2012. Portability allows a surviving spouse to use a deceased spouse’s unused estate tax exclusion (up to $11.4 million in 2020/$11.7 million in 2021).

Question: My mother recently passed away and I received something in the mail called a “Waiver of Process; Consent to Probate”, what does this document mean?

Question: My loved one passed away and someone needs to clean out her home, who is in charge of that?

As of Monday, May 18, 2020, any uncontested probate, administration and small estate matter involving an individual who passed away due to COVID-19 related causes is deemed an essential matter.

The executor is a fiduciary of the estate and must administer the estate in accordance with the decedent’s wishes as stated in the will. Generally, the duties of an executor are as follows:

Question: My husband passed away a couple of months ago. All of our assets were held jointly except for one of our cars, which was held in his sole name. The car is worth about $20,000.00. What do I need to do to transfer the car into my name? Do I need to go to Court?

An executor is responsible for paying all outstanding the debts from the assets of the estate. The executor is not personally liable for the debts and the Fair Debt Collection Practices Act prohibits collection attempts against a surviving relative or beneficiary.