Estate Administration

Published on: January 18, 2012

Court Rules on Alleged Misconduct of Co-Conservator

by Stephen Bilkis

Two individuals and a trust company submitted a counter-application regarding the preliminary letters sent to them for the last will and testament of the decedent. In the will submitted by to the court for probate, one individual and the trust company were named as executors. In their petition, the petitioner’s eligibility to serve hold and oversee the assets of decedent is questioned. A New York Probate Lawyer said that the company is agreeing to act alone and not together with the petitioner.

The trust company alleges misconduct on the petitioner’s part while acting as the decedent’s attorney-in-fact and co-conservator while she was alive. An attorney-in-fact is a person who is legally authorized to transact business-related transactions in behalf of another. A conservator is a person appointed by court to oversee and mange the financial affairs of a person who is considered as under a legal disability. It is also required that part of the financial accounting is submitted for review. It is said the petitioner did not submit his records to his co-conservators, including the documents and assets of the decedent. He is also charged with preventing access to the decedent’s apartment, drawing checks that are payable to himself or cash, and wrongful investment of funds owned by the decedent in Great Britain.

The court states that if there is a good cause it may reverse the instruction of a will to make a person an executor of the estate. In the preliminary letters issued, it is required that it is in its original form. This does not remove the court’s authority for a wise discretion in determining who will be part of the execution of the will. A Manhattan Estate Litigation Lawyer said that leaving out a person named in a later will do not require a full hearing. It can be determined with affidavits as a basis or through a summary hearing. The court says that they prefer to avoid a contest within a contest. The legislature also wants an uncomplicated probate hearing. This is to save on cost and time for the court, and the parties concerned.

Published on: October 7, 2011

Estate Tax in DC

by Stephen Bilkis

Nobody enjoys paying taxes, but they are something that everyone will have to pay. There are plenty of different taxes, and all of them are disliked by everyone. It is the role of the financial officer to try and determine how these taxes will affect the budget of the state. In 2012 there is an estimated $322 million budget deficit. To counter this there are proposed budget cuts and tax hikes. The estate tax could help the state to become much more financially stable.

The revenue earned from state taxes is thought to be $35 million in 2011explains a New York City Estate Planning lawyer. The same estimated amount is predicted through years 2012 and 2014. However, whether these predictions are accurate or not will remain to be seen. The exact number of deaths will not be known, nr will their wealth and circumstances.

It might not be the nicest thing to think about, but if some of the wealthiest residents of the district were to die, then it would be beneficial for the budget.

Published on: October 5, 2011

Connecticut Probate Court System nears Surplus

by Stephen Bilkis

Just a year ago the Connecticut probate courts were near being bankrupt. However, after the courts have been restructured the system is much more effective explains a New York Estate Planning Lawyer. The states probate system has its roots in the colonial era, but after the number of courts being halved, it now works better.

The NY Estate Planning Lawyer attended the Connecticut Probate Assembly’s Annual Meeting. It was explained that the courts have managed to save $1.2 million. This is much better than when they were almost bankrupt.

The court expects to be able to generate a $2 to $3 million surplus at the end of the 2012 financial year.

Published on: October 2, 2011

Estate Planning in 2011

by Stephen Bilkis

At the end of 2010 congress revamped the estate tax and generation skipping tax legislation. This saw all of the different types of death related taxes being filed with the highest rate of 35%.

At the moment the exemption rates are very generous and this is thought to continue throughout 2012. However, in 2013 it’s likely that things will be changed. That’s why many New York Probate Lawyers are starting to tell their clients about the possibility of gifting now.

The portability of the gift tax exemption means that a married couple actually has double the amount of exemption. The $5 million lifetime gift tax exemption for individuals is $10 million for a married couple. In 2010 the gift exemption was only $1 million.

Published on: September 29, 2011

Woman’s Wrongful Death Suit Reinstated in California

by Stephen Bilkis

A California court has decided belief in a marriage can, in fact, make it legal when a man marries another woman before his divorce is final.

A state appeals court reinstated the lawsuit of a woman over the death of a man she may or may not have been married to for four years. In the eyes of the law, he was her husband, even though he married her while still legally married to another woman.

Similar suits have been rejected consistently for more than two decades, New York City Estate Planning Lawyers have discovered. Court after court rejected the suit until finally the Sixth District Court of Appeal in San Jose said because the plaintiff “believed in good faith” she was, in fact, legally married, she has marital rights, which includes the right to sue another party for wrongful death.

Published on: September 24, 2011

South Florida Woman’s Fight for Inheritance Ends Up in Bankruptcy Court

by Stephen Bilkis

The niece of a deceased ice cream chain owner has ended up in bankruptcy court, indicated a firm of New York Estate Planning Lawyers.

It is her assertion that she is the rightful heir and administrator of the ice cream fortune – not the foundation to which the money has gone. She already made several attempts in New York, before filing personal bankruptcy in Fort Lauderdale, saying she had $32 million in litigation claims as her assets.

There are some who say it was a good idea, legally, for her to file bankruptcy. It may have held back some orders from the New York judges who are still overseeing her conflict with the foundation. Unfortunately for the would-be heiress, it did not quite go that way.

Published on: September 23, 2011

Seeking an estate planning lawyer’s advice is essential

by Stephen Bilkis

Many people tend to overlook the likelihood of being hit with an estate tax because they aren’t considered “rich.” But according to NY Estate Lawyers many upper middle-class citizens could be hit with a tax rate as high as 35%.

Currently the law indicates an exemption for estate tax of up to $5 million for those who die in 2011 and 2012. What many people are unaware of is that this amount can easily be exceeded when you take life insurance coverage, a valuable home, healthy retirement balances and other assets into account.

“Don’t forget to count any private business ownership interests such as shares in a family corporation or partnership,” explained a New York Probate Lawyer.

Published on: September 17, 2011

What new tax laws will mean for married couples, explains New York Estate Planning Lawyers

by Stephen Bilkis

In 2010 when a person died, there would have been no estate tax owed, according to a New York Probate Lawyer. He added that in 2010 the estate tax had been repealed.

In 2011, estate taxes will be reinstated but a high amount of $5 million will be set. In the past, two spouses could individually file their own exemptions, which brought this number up to $10 million. The catch was they had to use caution with the way they labeled assets and had “to have bypass trusted drafted by estate planning attorneys”.

Trust preparation costs as much as $5,000 to $10,000. President Obama’s new tax law aims to create decent tax breaks for married couples because spouses can use leftover portions of a deceased spouse’s estate tax on their own exemptions with no trust requirements. This means a taxable estate of $3.5 million that is left behind could be added as part of the $5 million exemption for a later date or time. Families in Manhattan a Queens qualify for these advantages.

Published on: September 14, 2011

Estate Tax Laws in Illinois worth looking into, writes a New York Probate Lawyer.

by Stephen Bilkis

During one of the state of Illinois’ largest ever tax increases; the new public act appears to contain a nice loophole for the wealthy deceased, said a New York Estate Planning lawyer.

Earlier this year the Governor of Illinois signed into law the Public Act 096-1496, the Taxpayer Accountability and Budget Stabilization Act.

Aside from increasing state income taxes on individuals and corporations, [it] reinstated the Illinois estate tax effective January 1, 2011, with a $2,000,000 exemption.

Published on: September 8, 2011

New Tax Law Could Benefit the Rich

by Stephen Bilkis

In spite of the stone-throwing and partisan pandering of last December’s revamp of US tax law, a New York Estate Planning Lawyer claims that there are a few hidden gems for families willing to dig through the rubble.

In particular, the New York Probate Lawyer singled out the new gift tax laws as a boon for those in high tax brackets.

The gift-tax exemption, the much maligned cap on individual giving, which has long been set at what some would consider a paltry one million dollars, has been raised dramatically for the next two years to the princely sum of five million dollars for individuals- or a whopping ten million dollars for individuals. Accountants in Nassau and Suffolk Counties are studying the new law and trying to find ways to help their clients.