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Hon. Gail Prudenti Selected as a Top Lawyer in Long Island
We're excited to announce that Hon. Gail Prudenti has be recognized by the Long Island Herald as a 2024 Top Lawyer of Long Island award recipient for her excellence in the Trusts and Estates practice area.
Question: I was recently appointed Administrator of my uncle’s estate, but the Decree from the Surrogate’s Court said that I must post a bond. What does that mean?
The estate tax concept tax known as “portability” is permanent as a result of the enactment of the American Taxpayer Relief Act of 2012. Portability allows a surviving spouse to use a deceased spouse’s unused estate tax exclusion (up to $11.4 million in 2020/$11.7 million in 2021).
Question: My mother recently passed away and I received something in the mail called a “Waiver of Process; Consent to Probate”, what does this document mean?
Question: My loved one passed away and someone needs to clean out her home, who is in charge of that?
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.
The executor is a fiduciary of the estate and must administer the estate in accordance with the decedent’s wishes as stated in the will. Generally, the duties of an executor are as follows:
Question: My husband passed away a couple of months ago. All of our assets were held jointly except for one of our cars, which was held in his sole name. The car is worth about $20,000.00. What do I need to do to transfer the car into my name? Do I need to go to Court?
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.
The Executor or Administrator of an Estate may be required to file three separate returns: an individual tax return for the decedent, estate income tax return and estate tax return.
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.
Our Blog
An Irrevocable Life Insurance Trust (“ILIT”) is a valuable estate planning tool used to reduce estate taxes – known as death taxes during an election year. Whether you need an ILIT depends on how much your assets are worth now or what your potential net worth is in the future.
Whether an executor needs to hire an attorney depends on the type of assets, size of the estate, family dynamics, estate tax considerations, and outstanding bills.
Most people do not realize that a Will likely does not control who collects on a life insurance policy. The beneficiary named on the policy supersedes the Will. So long as the policy owner correctly designated a beneficiary on the policy, that designation controls.
In New York State, a parent has no obligation to leave an inheritance to a child. Many other countries have “forced heirship” which prohibits parents from disinheriting children, but Louisiana is the only US state with such a law.
The word is defined as “the ability to be easily moved,” but in the context of Trusts & Estates, it means much more. In this regard, portability is one of the strongest tools in the planner’s toolbox to reduce or eliminate federal estate taxes after the deaths of a married couple.
Surrogate’s Court hears cases involving the affairs of decedents, the probate of wills, and the administration of estates. The Surrogate’s Court also handles certain types of guardianship petitions and adoptions.
