We all have to pay taxes, both as individuals and as businesses, including while we are alive and as our final responsibility once we pass on. In the latter case, it's an executor's fiduciary responsibility to file a testator's final tax return. It may cause problems...
Sometimes, a chosen executor may not feel capable of this responsible role of settling an estate. Or other times, that person may take a flippant view of these duties. In either scenario, mistakes are possible. Some of those mistakes may be unintended, while others...
In Brooklyn, NY, estate taxes are imposed by the federal government and state governments on transferring a person's assets or property upon death. These taxes apply to all inherited properties even if the decedent has an estate plan or will. In most cases, the...
There may be a time when you will have to pay the bills or make medical decisions on behalf of a sick loved one. Having a POA offers the ability to do those things, but the POA must be valid to be put into effect. It may be an easier process and ensure the validity...
On December 15, 2020, New York Governor Andrew Cuomo signed the Advanced Power of Attorney Bill into law. Sponsored by Senator Brad Holyman and Assemblywoman Helene Weinstein, the law resolves issues with the old law, making the power of attorney a more helpful...
Did you know that the IRS will still demand an estate tax on the property that devolves to your beneficiaries? If not thought out, the estate tax would massively diminish the portions beneficiaries ought to receive. Estate taxes are separate from probate fees that are...
Trust, but verify. That's an adage that comes to us from Russia. Ronald Reagan made it famous during his presidency, using it often in connection with nuclear disarmament talks.When it comes to the disposition of wills and other elements of a New York estate plan, it...
Most of the time, relatives of a decedent bear no responsibility for debt owed by that person. However, the existence of such debt does create the potential risk of reducing the value of the estate and how much heirs receive. That's because debts of the deceased are...
Many in New York City don't have wills. Few have any valid excuse for being in that situation. If you work, are investing money for retirement and care for the welfare of your family, you should have a plan. If you have complex assets, it is even more important to...
It's an honor to be named executor of a will, but it's also hard work. While most executors understand their role, there can be a lot of confusion when it comes down to getting things done. Unless you work in the legal industry, the order of the process, the different...
