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Peter Vincent Arcese

Peter Arcese’s Answers

33 total

  • How can assure that my children will get equal distribution from our house if I die first, our 2nd marriage and 7 grown children

    I sold my apartment house and my mom's home and we live in my husbands home. I'm on the deed. My problem is, if I die first I want to know that my children will receive equal amounts as the his children when our house is sold.

    Peter’s Answer

    The planning issues that arise with blended families definitely require a consultation with an experienced estate planning attorney. Proper titling of property and the use of trusts can ensure that children receive what is intended of each spouse's property. Ask a local estate planning attorney about the effect of holding property as "tenants by the entirety" as compared to "tenants in common", as well as the use of a QTIP trust (Qualified Terminable Interest Property). There are serious issues of state property law as well as federal and state tax law to be considered.

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  • I am executrix of my mother’s will. I have one living brother that is married to a woman that has shown no interest in caring,,

    State;OHIO, I am executrix of my mother’s will. I have one living brother that is married to a woman that has shown no interest in caring for our mother, they live 4 doors down and I live 4 states away. I fly home to take her to Dr.s appointments...

    Peter’s Answer

    You might consider consulting an elder care mediator as well an estate planning attorney. I've attached a link to an AARP article which discusses this option.

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  • NY state trust accounting

    If there are two remainder beneficiaries to a New York state irrevocable trust. The trust has ended. One beneficiary wants the trustee to do a formal accounting on the trust before the trust assets are distributed and one doesn't want a formal ac...

    Peter’s Answer

    A beneficiary generally has the right to compel a formal accounting. If the trustee has managed the trust well over its terms, the accounting protects the trustee and fulfills their fiduciary obligations, while providing detailed information about how the trust was administered.

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  • My estate is worth less then 5,000,000. Should I meet with an Eldercare lawyer? I am 75 yrs and retired.

    My wife is 70 yrs and retired. We have two children 49 & 50 yrs not living at home. We have a home in Vestal and a summer place in Pa. We live on my pension and we both get Social Security. Thanks for any advice you may forward. Bill &...

    Peter’s Answer

    Keep in mind that NYS currently imposes an estate tax on estates just over $2 Million. Also, consult with an estate planning attorney on how best to avoid the issue of "ancillary probate" when dealing with out of state property.

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  • Is it lawful for an administrator to distribute funds from the estate to family before the estate balance is fully calculated?

    Father passed 2004, left taxi medallion 175,000. Mother passed 2012, leaving 3 houses, 2 pieces of land, and medallion. No will. Sister appointed administrator of estate. I received a $25,000 check 8/16/2014 in mail. Re: Estate of Mother and Fathe...

    Peter’s Answer

    An administrator of an estate has an obligation to account to those who have an interest in the estate. Distributions, when appropriate and prudent, are sometimes made during the course of an estate administration, and while the estate is still open to wind up estate matters. The estate can be settled either formally by a judicial accounting or through less formal alternatives. Accounting proceedings can be brought in the Surrogate's Court where the estate is being handled. They can be voluntary or compulsory. These are options you can discuss with an estates attorney to decide how best to get the information you seek and the timing of when this information will be available.

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  • Hi I'm planning on making a living trust/last will intestment, I'm leaving my assets to my daughters

    Would i beable to make two separate IFT (in trust for) bank accounts for a granddaughter , would i be able to do that or does it have to be stated in the will, or would that also be spilt between my two daughters because the will states it or can...

    Peter’s Answer

    Also consider the ages of your granddaughters. If they are named directly on an account the assets will likely pass to them outright and immediately. If they are minors, these funds will need to be managed by a guardian or custodian. On the other hand, with a gift made through a living trust or testamentary trust created under your will, you can specify when and how much they would get, while protecting those funds until that time. Best to speak with an estate planning attorney and discuss your specific goals for your daughters and granddaughters.

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  • What is a normal charge to obtain guardianship of a adult brother with no assets who is found to not have capacity.

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    Peter’s Answer

    The rates and amounts of legal fees will vary from lawyer to lawyer based on the factors described. Additional factors to consider when asking about a firm's fees include whether they require a retainer against which they will bill hourly or whether they offer a fixed fee.

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  • My uncle passed 4 years ago leaving no will but leaving a house now the house is in limbo by the bank he took out a mortgage on

    the taxes have not been paid one lock to the home has been changed we have keys to home to get in can we legally move in pay the taxes and make the home ours

    Peter’s Answer

    You need to consult a local estates attorney. The Surrogate's Court for the county where your Uncle resided, or where the property is located, can appoint an Administrator to handle the property. You could ask the attorney if it's advisable for you to apply to be appointed as Administrator to gain legal authority to deal with your late uncle's house.

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  • Looking for Trusts and Estates attorney in NY

    What is the Trusts and Estates attorney association that any dedicated full time T&E attorney would belong to as a member? I am helping my mother locate a local Trusts and Estates attorney to handle her affairs and would like to start by looking ...

    Peter’s Answer

    You'll generally find that most attorneys in NY with a significant T&E concentration are members of their local county bar association and the New York State Bar Association.

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  • Can a family member serve as a witness to the signing of my will?

    Or do the witnesses have to be unrelated?

    Peter’s Answer

    A family member is generally not disqualified from being a witness. As long as the formalities of a proper will execution are followed, and there are no other issues, such lack of capacity, fraud, or duress, a will should be valid, even if one of the necessary witnesses is a family member. A witness who is a beneficiary may have to forego their gifted there is not a sufficient number of additional witnesses. Witnesses often sign a "self-proving" affidavit swearing to the propriety of the Will signing.

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