Question: I am the Executor of my mom’s estate and am getting ready to distribute the assets. I was just going to divide the money equally between myself and my siblings. Is that a good idea? Answer: Absolutely not. As an Executor (or Administrator) of an estate you have a duty to account to the…
With tax planning becoming less of an issue for the average client, the focus in estate planning has shifted to asset protection for intended beneficiaries. As attorneys, we often hear our clients tell us that they plan to leave everything equally to their children, but that they are concerned that one (or more than one!)…
Irrevocable “Income Only” Trusts, commonly called Medicaid Asset Protection Trusts, are used to protect assets and allow people to qualify for Medicaid long-term care if needed. Often spouses will place each of their half interest in their home in the trusts, maybe some liquid assets, name a child as trustee and not think about it…
Question: My husband and I have been talking about getting our estate planning documents in order. We have a modest estate and three sons ages 2, 5 and 7. What questions should we be thinking about when we see an attorney for a Last Will & Testament? Answer: As parents of young children, there are…
Question: Since COVID-19 started, I have been concerned that I have no estate planning documents in place. What documents should I have? What factors do I need to consider? Answer: If COVID-19 has taught us anything, it is that life can change in an instant. As the country strives to re-open and create a new…
“If I am not for myself, who will be for me? If I am not for others, what am I? And if not now, when?” – Rabbi Hillel Did you ever meet someone for the first time and think immediately “These are my people.” That’s how I felt the day I met Leo and Mickey….
In New York, when a person dies with a Will owning assets in his or her sole name, the Will must be probated in Surrogate’s Court in order for the nominated executor to be officially appointed and to have legal authority to collect and distribute the decedent’s assets. To the surprise of many clients, the…
The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed a couple of months ago is mostly known for the economic relief provided to individuals and businesses. However, the new law also suspends the requirement to take required minimum distributions (RMDs) for this year, even for inherited IRAs. If you already took the 2020 RMD,…
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…
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. This means if your estate involves a COVID-19 related death and the court will process the matter upon filing of properly completed filings and notice…