A Complete Explanation On New York Probate & Estate Law
Probate estate is how you refer to the assets of a person who has recently passed away. Probate is a process which is required in all 50 states unless there is a trust involved. The process involves validating the will of the deceased, paying any debts and liabilities the deceased had incurred, and the distribution of assets to designated beneficiaries.
Transferring probate estate assets can take anywhere from 6-9 months or more, depending on several variables: court caseload, the estate’s value, disputes among beneficiaries, the existence of a valid will, state laws.
If the deceased had created an indisputable, valid, and legally-binding will, the probate process can be executed fairly quickly. If there was no will, or if the will was disputed by heirs or the court, then the probate can span for months or years. Dragging out the probate process has the potential to bankrupt the estate because of the cost of legal proceedings which is billed through the estate.
Wills which are created properly have a designated estate administrator. This administrator has many responsibilities:
Obtaining appraisals of an estate’s assets (such as property, jewelry, art, antiques, collectibles)
Executing the will of the deceased (following instructions and carrying out last wishes)
Clearing debts and liabilities of the estate (paying off loans, creditors, taxes, documentation fees)
Distributing the assets of an estate to their rightful heirs – after all probate estate issues have been settled
Should the appointed estate administrator be unwilling or unable to fulfill this responsibility, they must submit a written request addressed to the court to be excused from this duty. It is for this reason that some wills dictate a secondary administrator as a back-up plan.
When a person dies without leaving behind a will (intestacy), an estate administrator is chosen to manage the estate. Quite often, the courts elects the surviving spouse inheritance to an adult offspring of the deceased. If that option is not possible, then the next direct relative is chosen: this could be the parents, siblings, aunt or uncle of the deceased.
Probate laws are state-specific. Many states will require a formal petition filed in court to prove that all liabilities have been paid, and the complete assets of the estate have been properly distributed to designated beneficiaries. Some states will allow administrators to completely manage the affairs of the estate without intervention.
To avoid the problems and hassles of probate, it is recommended to establish a revocable or an irrevocable trust to manage your estate. Trusts are utilized by people whose assets have a value of over $100,000. If the value of your estate is less than $100,000, the inheritance can avoid probate through two means:
Designating transfer on death beneficiaries – these can be used for investment and retirement accounts
Assigning payable on death beneficiaries – can be established for bank accounts
Motor vehicle owners can have their property jointly titled with their beneficiary. In this manner, the beneficiary can present the death certificate and vehicle title to the department of motor vehicles and request for a title transfer. Properties with joint titles can be exempted from probate.
Probate administration is a time-consuming legal process that can go wrong in many ways. Estate executors need to be knowledgeable in accounting, be familiar with estate law, and be able to settle disputes among family members. Administrators are compensated for their work with their compensation stated within the will. If not, administration fees are calculated based on state probate laws.
Medicaid planning is one of our areas of expertise. Elder law planning is vital to protect your home and assets and that is why we have a system in place to attend to any type of needs you may have when it comes to planning for your future.
Probate Lawyers From Queens To Brooklyn:
Losing a close family member is very difficult. We will help you deal with the courts and the rest of the legal maze that is required to attain and distribute your funds. So whether you need probate Flushing, Brooklyn, or NYC services contact us today. In an effort to get the general public more attuned to elder law matters, We would like to invite you to our estate planning blog. Many patrons have recently inquired about what assets are legally inherited from their spouse and if their spouse can disinherit them from the will or estate. Did you ever ask yourself, what is the probate process in NY?
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If your loved one did not leave a will for whatever reason, you must go through the NY estate administration process to retrieve what you deserve.
In any event, the estate administration and probate law process in Queens can be overwhelming without a legal adviser by your side.
Real Estate Attorneys NYC (Queens, Brooklyn, Manhattan):
From contract to closing, our lawyers can help you with all your real estate needs. Our attorneys make Purchasing Real Estate in Queens and negotiating a contract that will suite the homeowner easy. Whether you are buying your first home, a vacation home or a commercial investment choosing the right real estate attorney can change the whole complexion of the purchase. Don’t be misled by lawyer offering really cheap closing costs. Closing your property with an inexperienced attorney can cost you thousands down the line. NY real estate laws can be difficult to navigate and that is why only a really experienced attorney should be trusted.
Medicaid Planning & Elder Law for Queens Seniors
Our legal professionals always been an advocate of long term care insurance. For many who cannot afford private insurance plans, Medicaid becomes vital in planning for a safer future. A really large amount of senior citizens and workers claims have been coming into medicaid over the last few years. There are a lot of intricacies in Medical planning. Medicaid can jeopardize ones assets down the road if no preventative measures are taken during the initial planning. Medicaid planning with a Medicaid trust is one way we can help protect your home. If you are entering your golden years you must understand all the pertaining laws very clearly. Understanding elder laws in Queens like we do is not something that happens overnight. We have years of experience helping the elderly navigate through the elder law and medicaid maze. so call today for a free case consultation. Queens has a very high blue collared workers population. For this exact reason medicaid law cases and workers compensation law cases have been increasing. Only a qualified medicaid lawyer can help a blue collared worker navigate through the intricacies of personal versus government issued health insurance. There are a lot of complicated laws these days that can effect your eligibility for Medicaid. One of the most dreaded and confusing laws related to government compensation for your medical bills is the “Medicaid five years back law”. Under this law one who is eligible for Medicaid today may be penalized for any gifts or assets that they inherited over the last 5 years. They may have to wait a few months or years for a full five years to pass from the time they received this gift so that they will not incur any penalties.
Did you knows about Estate Planning & Elder Law:
Did you know the legal Status Of A Will Signed By A Dementia Patient that clearly may does have memory & thinking skills that are up to the par of society.
Special Needs Planning
Did you know that doctors, senior citizens, the disabled and many more require special typed of retirement plan for their estate. Healthcare professionals for example are very wealthy. The asset distribution to their inheritors can be very tricky without a legal professional.We highly recommends that estate planning pertaining to medical professionals should be handled by an experienced attorney. Those on medicaid or government assistance also need very special and detail oriented planning. From wills to long term healthcare many issues will arise when trying to plan the future of those on disability. Those who are seeking a will and on government assistance should contact a local legal professional.
If for any reason someone who has special needs or anybody for that manner has passed away without leaving a will you will need to learn all about the probate and estate administration process probate and estate administration process.
Probate is the process in which the deceased persons assets are claimed by his heirs. In the event no will was left behind the process will be legally referred to as estate administration. Both are a very grueling process that can take hours upon hours at a local court. We always advise our clients to hire a legal professional to expedite the inheritance & probate process.
Our team would like to remind you that a will is a very delicate and confidential document. Whether you have a basic or a special needs will you probably will not want the information shares with your loved ones. Do not take any chances when it comes to the security of your top secret information. Learn more about where you should keep your will. For any information regarding any legal issues discussed on this page call our firm now and set up a consultation.
The Chamber Of Commerce Estate & Probate Lawyer
Our team has recently been recognized by two very special chamber of commerce’s. We have featured by the Brooklyn Chamber for our efforts in serving local residents with grade A probate, elder & estate law services. With that said we cordially invite you to visit the Brooklyn Chamber Probate & Estate law page. Across the river in the borough of Manhattan sits another very special local chamber. We would like to thank them for all their hard work bringing local business owners together in efforts to advance common causes. We invite you to visit our newly recognized Manhattan Chamber Estate Attorney page today. We always knew that giving clients legal advice was the right thing to do. We make sure that anyone who walks into the office understands exactly what they need to do to plan the future of their estate. That must be the reason that we have been also been recognized by the Legal Advice Website for our excellence in helping patrons find the legal help they need.
Putting Property In A Child’s name
Have you thought about adding your children to the title or deed of your home. Do you really think that doing so will give you more privileges with medicaid? One of the most common issues we discuss with our clients is putting a home on their children’s names. The reality is that in most cases deeding your home to a loved one will not help you escape medicaid from trying to claim your home and will likely not help you avoid probate.
Probate & Estate Law Service Area
Did you know that our firm serves clients all over the county of Queens?. Our Avvo rated Queens estate & probate lawyers proudly offers estate and probate lawyer services to clients throughout NYC, including areas like Flushing not to mention spectacular areas like Astoria and of course Bayside. Our firm never leaves Bellerose residents stranded either. We love to serve the all American area of College Point as well. Nobody represents Queens better than Corona residents and many of our clients call from their as well. We even reach as far south east as Far Rockaway. We are very popular in central Queens areas like Forest Hills and Jamaica as well. Many of our customers also come from areas as far west as Jackson Heights and as far north as Hollis. Many of our clients call from Howard Beach. After hurricane Sandy residents of this area became really concerned about the future of their asset’s. Long Island City has seen a big real estate boom and we can surely help many residents living their. We also have a strong following in Maspeth and the lovely picturesque town of Middle Village. Our office is close to the LIE making it an easy ride for Oakland Gardens and Queens Village patrons. South Ozone Park is a very short drive from out office as well and the same can be said about St. Albans. If you use public transportation than getting to our office from Rego Park and Ridgewood will be a breeze. Our office if actually walking distance from Fresh Meadows making us very popular in the area. If you live near the G or R subway lines then you will easily be able to get from Woodhaven or Woodside to our law offices. Using the Van Wyck Expressway you can be at our office from Whitestone within minutes. Finally, we will not forget about good old Kew Gardens which is a convenient 3-5 minute drive from out estate planning & probate law offices.
Life Estate Deed in New York & Medicaid Explained
Medicaid is a government provided health insurance program in the United States that is given to low income families or people with wages that cannot afford private health insurance. Though requirements vary in each state for eligibility to apply; the main objective is to support those who are no longer able to work, have lost the ability to due to disabilities, and inability through old age. Such services also provide funding admittance to a nursing home for accepted applicants.
The price of this is the state having a stake on your assets as a form of payment after you pass away. This can be avoided by going through the processes to void estate recovery which could be as simple as transferring the property to another family member. Note that some states have declared the “Deficit Reduction Act of 2005” which states that the home owned by the applicant is not considered an asset for Medicaid eligibility if the value is less than a certain amount ($552,000.00 in some states; 828,000.00 in others).
If you’ve ever thought that you would not be able to apply for Medicaid after transferring you home to another person, know that in most states it would not even weigh this into consideration for your eligibility. If anything it protects your property from being claimed after you pass away.
Can I put my home under a relative’s name then get Medicaid?
If you’re wondering if you can apply for Medicaid after transferring your home to someone else, the answer you’re looking for is: yes, you can transfer your property before applying for Medicaid. Any qualified estate attorney will help you plan a life estate deed for medicaid purposes.
What Are The Risks?
You still need to take caution and think carefully of whom you would name your house to because you can never be too careful. If it becomes their property it can also be seized from them if they happen to owe money to the IRS; it also puts the property in risk of repossession as bank collateral; or worse they could sell it for themselves.
What Is The Best Way To Do This?
Looking for loopholes in the system only means this nationwide program meant to spend for everyone’s care takes more from someone else to shoulder your costs. Taking that into consideration, it is advisable to instead write and deed your property to be given after you pass away. Not only will this protect you from estate recovery in death, but also protects you from losing your home through the actions, or debts of others (the people you transferred your property to), while you are still alive. Keep in mind that there many factors to consider when either deeding your whole house to your loved ones, or leaving only the remainder interest to them, as this can have a significant difference in the value you are passing down. The amount passed down through remainder interest is dictated by the age of the person before passing away. Do refer to the government provided insurance percentage table which shows the different values of life estate at the age of 0 to 109, as Medicaid does take this into heavy consideration when they weigh the value of your life estate.
If you are unsure of how to go about this and need some help with your estate plans, it is highly advisable to consult an estate lawyer to ensure your final wishes are fulfilled and your loved ones are given what they deserve. A proper legal advisor will help you assess your medicaid eligibility and NYC income requirements as well as help you understand how your assets will play a role in the whole scheme of things.