Probate and Estates

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Don’t Just Deed it All Away

By Burner Law Group, P.C. / April 28, 2021 / 0 Comments

In general, when a person dies in New York, that person’s Last Will & Testament must be probated in Surrogate’s Court so that an Executor can be appointed to legally distribute assets. If there is no Will, an administration proceeding will be required and an administrator will be appointed to distribute the decedent’s assets according […]

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It Pays to be Married: an Explanation of the Unlimited Marital Deduction and Portability

By Burner Law Group, P.C. / April 16, 2021 / 0 Comments

It pays to tie the knot, at least according to the IRS. The unlimited marital deduction is a provision in the U.S. Estate and Gift Tax Law that allows individuals to transfer an unrestricted amount of assets to their spouse at any time, free from tax. The unlimited marital deduction is considered an estate preservation […]

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Avoid Tax Traps When Giving Assets to Grandchildren

By Burner Law Group, P.C. / April 9, 2021 / 0 Comments

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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Should I Remove My Deceased Spouse From the Deed to Our Property?

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

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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Life Insurance in your Estate

By Burner Law Group, P.C. / March 28, 2021 / 0 Comments

What You Need to Know About Life Insurance and Your Estate Many people choose to invest in a life insurance policy. Some choose to purchase a term life insurance policy wherein the insured pays a premium for a period of years and if he or she passes away during that period of time, the policy […]

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When to File a Final Estate Tax Return After a Spouse Passes Away

By Burner Law Group, P.C. / March 17, 2021 / 0 Comments

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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Why Does a House Have to be Probated if it Passes Automatically to Heirs Upon Death of Sole Owner?

By Burner Law Group, P.C. / February 18, 2021 / 0 Comments

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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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 Have to 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 the Account Is Held Jointly If a bank account is held jointly between two or more parties, there is usually […]

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