Wealthy are Suffering without Estate Planning
In a recent story & survey by CNBC, it has been shown that more then 1/3 of high net worth families do not have an estate plan set up. They have surely not taken the basic steps needed in the case that someone dies, to protect and provide for their loved ones. The survey has shown that 38 […]
Who should have an estate plan?
Estate Planning is not only for retired and older individuals or for people with a large estate or large house, it is for everyone! Unfortunately, estate planning can often become a neglected part of many people’s financial planning. Everyone has an estate, and that means you should have estate plan. For young parents an estate […]
I Have Been Appointed as Guardian in New York, Now What?
You have now been appointed as Guardian of the Person and/or Property in New York. You have participated in the hearing and have been told by the judge that you will be acting as Guardian for the incapacitated person. Listed below are steps which must be taken to qualify as a Guardian after the hearing. Review CAREFULLY the […]
Probate 103- Distribution According to the Last Will and Testament
The last step of an estate is everyone’s favorite, distribution. After all the estate’s property has been marshaled and liabilities have been paid, the executor can begin the process of distribution according to the Last Will and Testament. The executor should wait 7 months for any creditors to submit their claims to the estate. It also may be […]
Probate 102 – Marshalling of Assets and Payment of Liabilities
Once the courts grant the Executor letters testamentary, it is time to marshal the assets and pay the liabilities of the estate. An experienced estate attorney can provide valuable advice and help with this process. Marshalling the assets involve first locating the assets of the decedent. The assets that are to be marshaled are any accounts and property […]
Probate 101 – Appointment of the Executor
If you are named Executor in a Will, you may be asking yourself what are the next steps? Hiring a knowledgeable and experienced probate/estate attorney can help you with all the necessary steps in probating the Will. The first phase of probate is to get appointed as Executor by the Surrogates Court. The following documents need to be […]
What is Probate?
Probate sounds like a big scary word and often times can intimidate people. Probate is simply the legal process of distributing assets according to the Last Will & Testament of the Testator (person who created the will). The person that has this job is the executor of the estate listed in the Will. The executor has the […]
What is a Healthcare Proxy?
A proper estate plan does not just include a will but also includes a healthcare proxy and a durable power of attorney. The healthcare proxy and durable power of attorney are documents that can be used in the event of your incapacity. A healthcare proxy is a legal instrument that gives your agent the authority […]
Why Do-It-Yourself Estate Planning is a Terrible Idea
Many people do not want to spend their money to have proper estate planning done. They think that they can just do it themselves with a website like Legal Zoom or Rocket Lawyer. This is like requiring surgery and attempting to do it yourself. Here are the top 5 reasons why you should not have […]
What is an adult guardianship and when is it needed?
Eleanor Roosevelt once said, “Today is the oldest you’ve ever been, and the youngest you’ll ever be again.” Unfortunately, no one has found the cure for aging and as we get older our bodies and mind can begin to deteriorate. A guardianship is a legal proceeding commenced by a loved one, nursing home, or friend because they believe […]