Probate and Estates
Whether a bank account must go through probate depends on how the account was held – jointly or in the decedent’s sole name. Like real property, bank accounts can be owned in many ways. If a bank account is held jointly between two or more parties, there is usually a right of survivorship. This means […]
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The 2017 Tax Cuts and Jobs Act (the “Act”) increased the federal estate tax exclusion amount for decedents dying in years 2018 to 2025. The exclusion amount for 2021 is $11.7 million. This means that an individual can leave $11.7 million and a married couple can leave $23.4 million dollars to their heirs or beneficiaries […]
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As fiduciary you are required to account to the beneficiaries, but the type of accounting will vary depending upon the actual beneficiaries and the fiduciary’s relationship with them. There are two types of accounting: informal and judicial accounting. Informal Accounting Typically, the least expensive and fastest way for a fiduciary to account is to prepare […]
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When someone in New York State dies with a small amount of money, the family may be able to avoid probate by using a “1310”, or small estate affidavit. This affidavit may be used by certain family members or the decedent’s creditors to collect assets up to a certain value in the decedent’s sole name. […]
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Question: My loved one passed away and someone needs to clean out her home, who is in charge of that? Answer: Losing someone you care for is incredibly difficult. Going through their belongings can be one of the most difficult tasks to be accomplished after their death. Assuming this individual lived alone and rented the […]
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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. This means if your estate involves a COVID-19 related death and the court will process the matter upon filing of properly completed filings and notice […]
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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. An executor should locate all the decedent’s credit cards and cancel them to prevent […]
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When a person does their estate planning, he or she will typically prepare a Last Will and Testament. A Will contains a provision that nominates an Executor. Since there is a nominated executor, typically, in probate proceedings the appointment of the fiduciary is not complicated as it is controlled by the selection made by […]
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Question: My loved one recently passed away and I am the nominated executor in the Will. How do I know if I have to probate the Will? Answer: The answer to this question depends on how the individual’s assets are titled at the time of death. Generally, assets that are titled in the individual’s name […]
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Q: My mother is an assisted living facility and while going through some of her papers, I found that there is a bank account worth about $120,000 in her sole name that I am listed as a transfer on death (TOD) beneficiary. I have 2 other siblings that are not listed on this account. What […]
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