Being the executor of someone's estate is a big responsibility, and there are a number of things to consider before you agree to do so. As the executor, you are responsible for ensuring all debts are paid, distributing assets according to instructions in the will, and...
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...
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...
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...
Recently, the world was shocked to learn of the unexpected death of the musical legend Prince. Best known for his provocative lyrics and flashy on-stage performances, Prince was also intensely private and fought fiercely to maintain ownership of and control over his...
Most people in New York and across the country offer assistance to their loved ones as they age. From offering help doing daily chores to finding affordable health care options, there are a countless number of ways in which we can offer our loved ones help during a...
In our last post, we began a discussion about the possibility of disclaiming an inheritance. Popular culture generally treats the concept of inheritance as a welcome one. When loved ones pass away and leave their friends and family gifts of money, property or other...
