When a person dies, it is the job of the personal representative, or estate executor, to ensure the decedents affairs are handled in accordance with their last will and testament. Such responsibilities include identifying creditors, compiling a list of assets, paying taxes, resolving claims against the estate, and ensuring assets are distributed to heirs.
If you live in New York, have a less than happy marriage, and think you can disown your spouse when drafting your will, think again. In fact, the Empire State has specific laws in place to prevent you from disinheriting your spouse from your estate plan.
Probate is the process of validating a deceased person’s will. Since no two probate cases are the same, the length of time it takes for the process to conclude can vary greatly. From start to finish, probate can range from months to several years.
Unless you plan for it, inheritance tax (also known as estate tax or death tax) can take a big bite out of the money and property you wanted your family to inherit.
Usually, the executor of an estate is responsible for filing a New York estate tax return and paying the tax within nine months after the person dies. The executor typically works with legal and financial professionals to determine the value of the estate and to determine the federal and state taxes the estate owes.
With healthcare costs rising every year, it’s critical to have a plan to pay for coverage as you age or if you become disabled. Medicare does not cover everything for people over 65. For example, although Medicare pays for hospital care and short-term rehab facilities, it does not cover residential long-term nursing support.