Most people think that estate planning just involves making a last will. Some people see the value in a living will that protects them if they become medically incapacitated. Far fewer people understand how valuable asset protection planning is. Often a part of...
Estate Administration & Probate
Will you and your siblings disagree over your parents’ estate?
You and your siblings have grown up and moved all over the country. You all still keep in touch, of course, but there’s a lot of distance between you. Your parents still live in your childhood home, though, and it becomes something of a touchstone for all of you. As...
Yes, even celebrities need to have wills and estate plans
Every year, there are celebrities who pass away. Those celebrities sometimes don’t have wills, and their life story reaches the media as family or friends attempt to obtain what they think they should as beneficiaries of the estate. Having money, being wealthy, being...
How to handle the upsetting aspects of probate litigation
Losing a loved one can cause a great deal of grief, and this is not something that just goes away overnight. It may take months or even years for you to fully process the passing of your loved ones, and you will go through different stages of grief during this time....
Why is estate planning challenging for wealthy people?
Estate planning is especially challenging for wealthy people in New York and around the country. You could have dozens or even hundreds of high-value properties that you want to pass along to your loved ones. If you don't plan your estate carefully, federal and state...
Process to contest a will
Sometimes, heirs of a decedent may wish to contest the probate of a will. This usually occurs when heirs would be entitled to more of a decedent's assets if there were no will than the actual will bequeaths them. Individuals in New York and other jurisdictions should...
When a person dies without a will
New York residents die intestate when they pass away without leaving behind a last will and testament. In these situations, state law determines how their assets will be distributed. Before this happens, a person must be appointed to administer the estate. This is...
How tax law impacts estate planning
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...
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...