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Ancillary probate occurs when heirs start probate in a foreign country, but the estate has assets in the state of New York. Heirs cannot have access to personal or real New York assets until the end of the probate process. Although the steps differ based on the case,...
When it comes to estate planning, there are lots of important decisions you must make to protect your assets. You must also choose an executor for your will, who will be the person responsible for carrying out all essential duties. Selecting an executor is a huge...
What do you do when a loved one who lives in another state dies but owned a home or tangible personal property in New York State? How do you settle the estate, especially if there is no will? Once an initial probate filing is made in the state where they live, you...
If you worry about the well-being and future of a family member struggling with a disability, it is essential to understand how setting up a trust could help them. For example, you could look at supplemental needs trusts and some of the perks that can come with this...
If you inherit a home that is in another country, that property will be subject to foreign laws. Such ordinances can be complex, and you may find it difficult to navigate through these complicated statutes. For example, some countries will not allow you to earn a...
If a person who dies owns property in a state other than the state that person lived in, the estate may need to go through an additional probate proceeding known as ancillary probate. Because the probate process can not finish until all ancillary proceedings finish,...
As you are keenly aware, there is no more worldly location nor important hub of travel and commerce than the State of New York. Not everyone who conducts significant business or forms lasting relationships in the Empire State remains here. By definition, New York is a...
The potential of having to pay estate taxes may hang over your estate plans in New York. Yet should they? While most assume that everyone must pay estate taxes, that is not the case. Both the state of New York and the federal government offer opportunities to limit...
Having a comprehensive estate plan is crucial. Wills and other estate planning tools ensure your heirs receive your assets after you are gone. They can also help you minimize taxes when developed strategically. While it is crucial that you have an estate plan in...
Even if you do not currently have a last will and testament, it is likely that you are familiar with the purpose of the document. Many people, however, are less aware of living trusts and the role that they can play in a robust estate plan. Living trusts have a number...