Wealthy people in New York State need to be aware of the ways that tax laws can impact their assets. In 2016, the Tax Cuts and Jobs Act made it possible for high net worth people leave up to $10 million to people other than their spouses with no tax impacts. This...
Estate Administration & Probate
If my parent died and left me a house, can I remove the tenants?
If your parent wishes to allow a friend to live in their house after they die while still leaving their New York property to you, there are three ways that this can play out. Encourage your parent to think carefully about their estate plan and recommend that they see...
What to do when an executor goes rogue
The executor of your New York estate is responsible for opening a probate case if you have assets that need to be probated. If your executor refuses to begin probate, he or she may be relieved of these duties. This is because failing to do so is likely in violation of...
Removing an executor of a New York estate
Choosing the executor for your New York estate is a critical piece of estate planning. You want to make sure that you have selected trustworthy individuals to handle your affairs at the time of your passing. What is an executor? Estate planning involves the...
Complex estate planning to reduce taxes
New Yorkers who are looking for a way to maximize their family's assets while minimizing what they pay in taxes may want to speak with a financial planner or an estate planning attorney. Before consulting a professional, you can start reading up on some options for...
How to account for beneficiaries dying during probate
It can take months or years for a probate case in New York or elsewhere to come to an end. Therefore, the possibility exists that a beneficiary will pass before he or she is able to receive any property. What happens to items that were intended for a deceased...
Who is an interested party in probate?
If you are a beneficiary of a New York estate, you likely want to know who can challenge the will when it goes through the probate process. You probably already know that you cannot instantly receive the estate property. However, you may not be aware that anyone who...
How executors deal with firearms in NY estate plans
Guns can be very personal. Often, a gun owner will pass down a treasured hunting rifle or other firearm through generations. New York State has specific laws that address the inheritance of guns, and decedents, executors and beneficiaries must follow them to ensure...