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.
There are many good reasons to have a will as part of your estate plan. A will helps ensure that your property is divided according to your wishes. Without a will, property is divided according to New York State law, which may not coincide with your wishes.
Along with other estate planning tools, having life insurance provides a way to guarantee a lump sum of money will immediately transfer to your beneficiaries tax free. While it might not mitigate their grief, life insurance can help ensure that financial worries will not add to your family’s sadness
Because of all the regulations and the yearly accounting requirement, it’s important that the special needs trust be set up properly. You should seek the advice of a New York attorney with estate planning experience to help you set up a New York special needs trust.
For better or for worse, our lives can change at any moment. Because life comes with no guarantees, it’s important to have an estate plan that protects you, your family and your property. At a minimum, your estate plan should include a couple of basic documents.
So much of our lives is lived online. We post videos and photographs, important papers and correspondence—and so much more. Even so, many people overlook their digital lives when creating an estate plan
Estate planning can be a complex process so it is a good idea to retain an experienced estate planning attorney who can help you plan to transfer your real estate and other assets after you have passed away.