A last will and testament should protect the interests of the heirs and beneficiaries of the testator. However, when the testator dies, they no longer have control of the estate administration process. They are not there to verify whether the estate administrator or...
PROVEN LEGAL COUNSEL
For Estate Planning, Estate Administration And Disputes
Year: 2023
How is an estate executor different from an administrator?
The estate of an individual comprises all their assets and liabilities. When a person creates a last will and testament, they appoint an executor to manage the estate and distribute it to the designated beneficiaries according to their explicit instructions. However,...
Smart strategies to minimize capital gains on real estate
Capital gains taxes can significantly impact your profits when selling real estate in New York. However, by employing savvy strategies and taking advantage of existing regulations, you can minimize your tax liability and retain a larger portion of your hard-earned...
The importance of seeking advice for immigrant entrepreneurs
Immigrant entrepreneurs continue to fly into the United States in pursuit of the American dream. Data shows that immigrant business owners have been able to significantly boost the economy by creating jobs for millions of people and generating over a trillion dollars...
What happens if the estate is not enough to pay creditors?
Even after an estate owner dies, their debts and liabilities continue to exist. This is where probate and estate administration comes in. The state executor will pay the decedent’s liabilities before distributing the remaining assets to the heirs and beneficiaries....
When is a good time to buy and sell commercial real estate?
There are many ways to make money off your commercial real estate investment. Some investors develop their property and earn revenue by renting it to businesses. Others buy a property and then sell it to companies and other investors at a higher price. When it comes...
How can I change my will’s executor?
Your will’s executor performs a vital function, so you need to choose whom you are appointing for this role carefully. Should you find a reason to change your executor later, you can do so in several ways. Why might you change your executor? After you pass away, the...
Signs your trustee breached fiduciary duty
A breach in fiduciary duty would mean either the trustee has overstepped their authority and/or failed to act in the best interests of the beneficiaries. If there has been suspicious activity concerning the management of your trust, you may want to investigate the...
FAQs about probate in NY
Few people want to think about losing a loved one, which deters conversations about estate planning. However, knowing what to expect when someone passes is vital, especially when they have a sizeable estate to settle. Probate is a common element in estate settling....
Are estate executors and trustees the same?
When a person passes, they leave behind all their money, assets, debt and property. Together these make up the estate of an individual. In New York, an executor and trustee are essentially the same in that an owner of an estate gives them the fiduciary duty to manage...