What is a Small Estate Proceeding?
Jul 01, 2022
Not all estates require a probate or full administration proceeding in New York State. A small estate proceeding, also known as a Voluntary Administration, is a simplified Surrogate’s Court procedure....
See Full Guide
Dying without a Will in New York State
Feb 25, 2022
Passing away without a Will is known as dying “intestate.” Many people mistakenly believe that if they die without a Will their assets go to the State. If there is a blood relative that can be locate...
See Full Guide
What is the difference between a sole benefit trust and a supplemental needs trust?
Feb 11, 2022
All supplemental needs trusts (“SNT”) are created for the sole benefit of a disabled individual. This type of trust is designed to provide support for a beneficiary without jeopardizing their receip...
See Full Guide
Who owns the property when there is a life estate?
Jan 05, 2022
A life estate is a type of joint ownership of real property with ownership “split” between a present interest and a remainder interest....
See Full Guide
How much is an executor paid in New York?
Nov 10, 2021
An executor is the individual appointed to administer someone’s Last Will and Testament. An executor of a New York estate is not expected to administer a decedent’s estate for free. Executors receive...
See Full Guide
What Every Spouse Needs to Know About Estate Taxes
Sep 20, 2021
The changing estate tax landscape makes it more important than ever for accountants and executors to file a federal estate tax return for portability when one spouse passes away. 2017 Tax Cuts and Job...
See Full Guide
Should I put my rental property in an LLC?
Jul 12, 2021
A Limited Liability Company (LLC) is a type of business entity that limits the personal liability of the owners. When clients own rental property in their individual name, or are considering purchasin...
See Full Guide
Steps in a Real Estate Closing
May 28, 2021
The closing is the final step in a real estate sale where the buyer obtains title to the property. The time between an offer’s acceptance and the closing date—evidenced by a deed from the seller or st...
See Full Guide
Avoiding Probate in New York: Don’t Just Deed it All Away
Apr 28, 2021
In general, when a person dies in New York, that person’s Last Will & Testament must be probated in Surrogate’s Court so that an Executor can be appointed to legally distribute assets. If there is no...
See Full Guide
Should I remove my deceased spouse from the deed to our property?
Mar 29, 2021
When a co-owner of real property passes away, what happens next depends on how the co-owners took title to the property. Upon the death of a co-owner, it is necessary to review the last deed of record...
See Full Guide