New York Legacy Lawyers by Yana Feldman and Associates

What is estate and tax planning in New York?

In New York, estate planning is the process of organizing and arranging your financial affairs and making provisions for the management and distribution of your assets after your death. This can include creating documents such as wills, trusts, and powers of attorney, and making decisions about the distribution of your assets, the care of your minor children, and the management of your estate. While tax planning involves making decisions about how to structure your financial affairs in order to minimize your tax liability. This can include considering the tax implications of your estate plan,

What are the income tax implications of my estate plan in New York?

The income tax implications of your estate plan in New York will depend on the specific assets and distribution provisions included in your estate plan. In general, assets that are held in a trust or passed directly to beneficiaries through a will or other document may be subject to income tax when they are received.

What is elder law?

In New York, elder law is a legal practice area that focuses on issues affecting older adults and their families. This includes areas such as estate planning, Medicaid planning, guardianship, and issues related to aging and long-term care.

Who are eligible for Medicaid?

Medicaid can cover a range of health-related expenses, including hospital stays, doctor visits, prescription medications, and long-term care services. In order to be eligible for Medicaid in New York, an individual must meet certain income and asset requirements.

What is guardianship in New York and how does it relate to elder law?

Guardianship is a legal process in which a person is appointed to make decisions on behalf of another person who is unable to do so due to a physical or mental impairment. An elder law attorney can assist with the guardianship process, including representing clients in court and helping to establish a guardianship plan that is in the best interests of the person in need of guardianship.

What happens during probate?

Probate in New York is the legal process of administering a deceased person's estate. This involves identifying and collecting the deceased person's assets, paying any debts and taxes, and distributing the remaining assets to the beneficiaries according to the terms of the deceased person's will or, if there is no will, according to New York's laws of intestate succession. The probate process is overseen by the Surrogate's Court in the county where the deceased person lived.

How can I minimize my estate's exposure to probate in New York?

To minimize your estate's exposure to probate in New York, you can consider using strategies such as setting up a trust, transferring ownership of assets to joint tenancy with the right of survivorship, or designating beneficiaries on financial accounts. These strategies can allow your assets to pass directly to your beneficiaries outside of the probate process, which can save time and reduce the costs and delays associated with probate.

What is probate litigation?

In New York, probate litigation refers to legal disputes that arise during the probate process. These disputes can involve issues such as the validity of a will, the interpretation of a will or trust provision, the appointment of a personal representative or executor, or the handling of estate assets. Probate litigation can be complex and time-consuming, and it is often necessary to work with an experienced attorney to resolve these disputes.