For millions of Americans, the country’s recent transition to a new administration will have a significant impact on tax and estate planning. This is particularly true for high-income earners and high-net worth individuals, but even those with more modest incomes and assets may be affected. In general, many families who have been safe from exposure to estate taxes and other forms of inheritance tax for the past decade are going to find themselves incorporating estate planning into their overall financial planning strategy.
Category Archives: Estate Administration
Estate Administration blog archives section.
How to Avoid Probate Litigation in New York City
When someone dies with or without a will, the estate may be subjected to probate before any assets are distributed. Probate is essentially the process through which a person’s will is verified to be legal and valid.
Ancillary Probate in New York
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.
Responsibilities of an Estate’s Executor
When someone dies, their estate goes through the probate process in surrogate court to ensure that the estate is divided according to the wishes stated in a will and/or other estate plan document. The person named as executor in the will or estate plan has a legal duty to accurately and carefully ensure that the will and estate plan are carried out according to the decedent’s wishes.
How Assets are Distributed During Estate Administration in New York
During the administration process, the assets and property accumulated by the decedent are collected and distributed to beneficiaries and legal heirs after debts and taxes are paid.
Federal Tax Considerations for Estate Administration
Many estates are not subject to the federal taxes; however, understanding the criteria for how federal taxes are applied to an estate can help you plan for your future.
New York State Tax Considerations for Estate Administration
Whether you are planning your estate in New York, or you are acting as the executor for a family member’s estate, it is important to consider the state taxes that may be levied prior to distribution of the property and assets specified in a will to the named beneficiaries.
Is Probate Required for All New York Estates?
New York State only requires estates valued over $30,000 to be probated when there is a will. Probate proceedings in New York State take place in Surrogate’s Court in the county where the decedent lived at the time of their death.
Selling Estate Property During the Probate Process in New York
During the estate administration process in New York, an executor is responsible for finding and sometimes selling estate assets on behalf of the estate. How does that work?
The Estate Administration Procedure in New York
Estate administration is the settling and distribution of the possessions and value of a person who is deceased, according to their will. If a loved one recently passed away, what do you need to know about the process?