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Estate Law New York

Who gets the property after the parent’s death?

When a parent passes away, the fate of their property often becomes a sensitive and complex issue. Depending on legal arrangements and family dynamics, the distribution of assets can lead to conflicts or be easily resolved. Understanding inheritance laws and having open communication with family members are essential in determining who gets the property after the parent’s death.

Estate Law New York Team April 30, 2024

Estate Law New York

What assets should not be in a trust?

When setting up a trust, it is important to consider what assets should not be included. Assets such as retirement accounts, life insurance policies, and certain personal possessions are better left out of a trust to avoid potential complications.

Estate Law New York Team April 30, 2024

Estate Law New York

What is the 7-year rule in inheritance tax?

The 7-year rule in inheritance tax refers to the timeframe in which gifts made by the deceased are still subject to tax. Understanding this rule is crucial for estate planning and minimizing tax liabilities for heirs.

Estate Law New York Team April 30, 2024

Estate Law New York

Long-Term Care Insurance

Long-term care insurance provides peace of mind by covering the costs of assisted living, nursing care, and other services for seniors. It’s a smart investment in your future well-being.

Estate Law New York Team April 30, 2024

Estate Law New York

What does putting a house in trust mean?

Putting a house in trust means transferring legal ownership of the property to a trust. This can provide protection, privacy, and flexibility in managing the property.

Estate Law New York Team April 30, 2024

Estate Law New York

Which type of ownership would best avoid probate?

Avoiding probate is a common goal for many individuals when planning their estates. One type of ownership that can help achieve this is joint tenancy with right of survivorship. This allows assets to pass directly to the surviving owner, avoiding the need for probate.

Estate Law New York Team April 30, 2024

Estate Law New York

Can I put my house in a trust for my daughter?

Putting your house in a trust for your daughter can be a smart estate planning move. By transferring ownership to a trust, you can ensure that your daughter receives the home seamlessly upon your passing. Consult with a legal professional to explore your options.

Estate Law New York Team April 30, 2024

Estate Law New York

What assets should not be in a trust?

Some assets, like retirement accounts & certain insurance policies, should not be placed in a trust due to potential tax implications & limitations on beneficiary access. Consult with a financial advisor for guidance.

Estate Law New York Team April 30, 2024

Estate Law New York

Do beneficiaries pay taxes on trust distributions?

Do beneficiaries pay taxes on trust distributions? The answer is not so simple. Whether or not beneficiaries have to pay taxes on trust distributions depends on a variety of factors, including the type of trust, the amount distributed, and the individual’s tax situation. It is recommended that beneficiaries consult with a tax professional to understand their specific tax obligations.