Probate and Estates

Examples of Trust Commissions

By Burner Law Group, P.C. / January 29, 2021 / 0 Comments

Examples of Trusts Commissions Executor’s Commissions The decedent passed away with the following assets titled in her sole name: House valued at $350,000 Bank Accounts valued at $50,000 Stock Accounts valued at $100,000 Total Assets: $500,000 The Executor’s commissions would be calculated as follows: 5% of the first $100,000                     ($100,000 x .05)                                  $5,000 4% of […]

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Don’t Fall over the Estate Tax Cliff

By Burner Law Group, P.C. / January 27, 2021 / 0 Comments

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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Do Bank Accounts Go Through Probate?

By Burner Law Group, P.C. / January 7, 2021 / 0 Comments

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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Estate and Gift Tax Update for 2021

By Burner Law Group, P.C. / December 2, 2020 / 0 Comments

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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Does an Executor have to provide an accounting to beneficiaries?

By Burner Law Group, P.C. / November 16, 2020 / 0 Comments

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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Protecting Assets in the Context of a Guardianship Proceeding

By Burner Law Group, P.C. / November 14, 2020 / 0 Comments

While the best elder law and estate plan is to have a valid health care proxy naming agents and a valid durable power of attorney naming an agent to make financial decisions, not everyone has done the proper planning.  It is not uncommon for an elderly person to fall ill, be hospitalized and then need […]

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Can I Resign or Decline Being an Executor?

By Burner Law Group, P.C. / October 22, 2020 / 0 Comments

Question: My aunt recently passed away and I just found out that I was named executor of her Will. I really do not want to serve. Is renunciation an option; can I decline or resign from being executor? Answer: Just because you are nominated as executor of a Will does not mean that you must […]

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Who Would Inherit From an Estate if Someone Dies Without a Will?

By Burner Law Group, P.C. / October 22, 2020 / 0 Comments

Question: Who would inherit from an estate if someone dies without a will? Answer: Passing away without a will is known as dying “intestate”.  Administration is the process in which letters are issued to a distributee of the decedent who then collects the decedent’s assets, pays the decedent’s debts and then distributes the remaining assets […]

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Avoiding Probate with an Affidavit

By Burner Law Group, P.C. / September 14, 2020 / 0 Comments

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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Ancillary Probate: What it is and How to Avoid it

By Burner Law Group, P.C. / September 11, 2020 / 0 Comments

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? […]

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