Probate and Estates
Q: My mother passed away with significant credit card debt, as the executor and one of the beneficiaries her estate am I responsible to pay these bills? A: As executor of your mother’s estate you have the responsibility to use the assets of your mother’s estate to pay her debts. Assets that are includible in […]
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New York’s Estate Tax law has just seen its most dramatic change in recent memory. Finally, the exemption has increased from $1,000,000.00 where it has remained since 2002, with the exemption set to increase annually until it matches the federal estate tax exemption in 2019. After 2019, the exemption will be indexed for inflation annually […]
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Question: My mother is a resident of Virginia. She owns a condominium in Virginia and has several bank accounts in her sole name. She also owns a summer home in Westhampton that is titled in her sole name. When she passes away, what is the procedure to transfer her Westhampton home to the beneficiaries […]
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Question: My mother, who is widowed, is receiving Community Based Medicaid services. She currently owns a home in her own name; she has been hesitant to transfer it out of her name. I am concerned about Medicaid having a claim against the house after her death, am I right to be concerned? Answer: Yes. […]
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