A proceeding to probate a will was brought in Ulster County New York before Surrogate Sarah McGinty. The son who died was 48 years old. The attesting witnesses to the will were the chief beneficiaries of the will. Beneficiaries to a will cannot act as witnesses to the will. Therefore, under New York State law the bequests left to these 2 … [Read more...]
Issues to be Considered When Drafting a Will
If you are born, you will die. It is a fact of life. Writing a will is not something most individuals look forward to. However, responsible individuals who want to simplify the lives of their children and other loved ones write wills. A will can help you be sure your assets will go to the persons you want to receive them. A will can ensure if both … [Read more...]
Is There A Right To Die?
Please click on the link below to watch today's video blog: https://youtu.be/DRw_SWl_I_w Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. Elliot and his associate lawyers maintain a sophisticated practice handling all aspects of elder law. He can be reached for a free consultation at 1-800-344-6431, 516-561-6645 … [Read more...]
Is There a Right to Die?
Five states in the United States recognize the right to die. In those five states, terminally ill patients can be helped to end their lives. The right to die has been referred to by the negative term “assisted suicide.” However, the new movement to help sick, frail, suffering parents end their lives is referred to as “aid in dying.” The aid in … [Read more...]
Irrevocable Life Insurance Trusts – Part II
Avoiding Estate Taxation on Life Insurance Proceeds To ensure that there is no estate taxation, a life insurance trust must also be the beneficiary of the life insurance policy. Beneficiaries Inherit Even Though Not Named in the Life Insurance Policy Upon your death, the trust will receive the death benefit proceeds from the life insurance … [Read more...]
IRA Distributions and IRS Penalties
If you have an Individual Retirement Account (IRA), once you reach the age of 70 ½ years, you must start making distributions out of the account each and every year. Should you fail to make these annual distributions, significant fines are triggered. These fines can equal up to 50% of the money which was supposed to be distributed in that year from … [Read more...]
How to Handle an Improper Will
Please click on the link below to watch today's video blog: https://youtu.be/diSYdWiNpXU Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. Elliot and his attorneys have more than 100 years of combined legal experience handling all aspects of estate planning and estate litigation. Please call to schedule a … [Read more...]
How To Avoid Probate in New York – Part II
Testamentary Substitutes Payable on death accounts. A payable on death account is a bank account maintained in one individual’s control which has specific instructions about when that individual dies, it gets paid to a specific beneficiary. The beneficiary has no rights until the individual who opened the account dies. Joint ownership … [Read more...]
How To Avoid Probate in New York – Part I
The probate process in New York can involve expenses, time delays and the opening up of family related issues to public scrutiny. There are a number of mechanisms which can be utilized to avoid probate. The following are examples of various types of legal measures which can be utilized to avoid probate: Living trusts. In the State of New York, … [Read more...]
How Estate Litigation Works in Surrogate’s Court – Part II
The Trial The trial will either be conducted before a jury or by a judge. There are certain issues an individual can request a jury for. If the claims at trial are that the executor, administrator or trustee embezzled funds or acted improperly, the court can order that individual to repay the estate or the trust for the funds which were improperly … [Read more...]
