Probate and Estates
Generation Skipping Transfer Tax (GSTT) is the tax imposed on transfers made to grandchildren, or individuals (other than a spouse) who are at least 37 ½ years younger than the donor of the gift. GSTT sounds complicated, and can be complicated, but the concept is simple. The tax was instated in 1976 to prevent wealthy […]
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When a co-owner of real property passes away, what happens next depends on how the co-owners took title to the property. Upon the death of a co-owner, it is necessary to review the last deed of record to make this determination. There are three ways to own property in New York as co-owners: tenants in […]
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Even if someone passes away with an estate below the federal estate tax exemption amount of $11.7 million dollars, if married, the estate should consider filing an estate tax return to capture the deceased spouse’s unused exemption amount. In 2017, the Tax Cuts and Jobs Act increased the federal estate tax exclusion amount for decedents […]
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Under Article 19 of the New York Surrogate’s Court Procedure Act, real property vests in the decedent’s heirs or legatees immediately as owners date of death. So why would someone have to go through probate to take title or sell it? Although technically a probate or administration proceeding in the Surrogate’s Court is not needed […]
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New York State has an estate tax “cliff”, which means that if an estate exceeds 105% of the New York estate tax exemption then the estate will receive absolutely no exemption from New York estate taxes and the entire value of the estate is subject to New York’s estate tax. Since the 2021 NYS exemption […]
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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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