The duties of an executor

New York residents who have been chosen as executors under someone's will have a number of important duties as well as challenges ahead. One of the difficulties of being an executor is that the person may face pressure from heirs to distribute assets as soon as possible. However, the executor should be wary of doing so before all debts are paid. Otherwise, the executor may end up without enough to cover those debts Read More

The importance of correct art valuation

New York residents who are preparing their estate plans should not neglect to value their artworks correctly. By and large, art does not produce any revenue until it is sold, and it can be difficult to place an accurate value on paintings and other works because the among will usually change in keeping with prevailing market conditions. However, failing to do so can result in a dispute with the Internal Revenue Read More

David Bowie’s savvy financial decisions

New York music fans were likely saddened on Jan. 10 when the world's media began to report that David Bowie had died of cancer. Bowie was a powerful force in rock music, and his remarkable career featured numerous classic albums. Entertainers were awed for decades by Bowie's ability to constantly reinvent himself and explore his musical boundaries, but financial experts say that his savvy financial mind and prudent Read More

A refreshed look at irrevocable trusts

One of the reasons that New York residents might choose a revocable trust instead of an irrevocable trust for handling their estate planning needs is that irrevocable trusts are traditionally ineligible for changes. Irrevocable trusts have also traditionally included very limited oversight by just one or two trustees. However, flexibility available for modern trust planning makes it possible to achieve a customized Read More

New York legal advisors may help with will disputes

Wills written by New Yorkers aren't always probated as smoothly as possible following the deaths of the testators. In some cases, survivors and beneficiaries get into legal spats over the validity of wills and other estate documents. Valid concerns such as potential fraud, the mental state of the testator or the existence of other wills can all be used to initiate disputes that impact the process of distributing the Read More

Estate planning to benefit multiple generations

New Yorkers who have spent their lives working hard to amass wealth are often concerned about how to preserve it so it will benefit multiple family generations. Due to factors such as dividing assets between beneficiaries, the effect of risk and taxes with each successive generational transfer, family wealth can be depleted in as little as two or three generations. People are able to use family trusts to help Read More

Probate process in New York

When a person dies, whether or not there is a will, the decedent's estate will be subject to the probate laws for the distribution of his or her assets. Probate laws exist in order to protect creditors, beneficiaries and heirs, and the probate process involves making certain taxes and debts are paid as well as passing assets to beneficiaries or heirs. If a person dies with a will , then the person who is named Read More

Taking care with IRAs and estate planning

Many New Yorkers have individual retirement accounts. They can be problematic for estate planning purposes as the IRS considers them to be income that the decedent would have otherwise received and thus in some cases taxable to the estate. In many cases, a decedent who had an IRA failed to update beneficiaries or to name them on the account, which can also be an issue after they die. Careful drafting of estate Read More

How to dispute a will

When it comes to challenging a will, New York residents may find the process difficult. However, there are times when someone, especially the decedent's spouse, can successfully challenge a will based on certain circumstances. One of the ways a will can be challenged is if there is an alternate will that trumps the present one. When an outdated will is in the process of being executed, a newer one can trump it. Read More

2nd will before court in New York man’s ongoing estate saga

According to reports, a second will has now been filed for the court to consider in the ongoing case of a wealthy Staten Island man who died, leaving a $40 million estate without apparently having heirs. The 97-year-old man's wife predeceased him, and they had no children. Another will that had been filed in the case was thrown out of court and dismissed. Now, an attorney representing a woman who died in 1999 and Read More