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Will Lawyer
Estate Planning

Will Lawyer NYC

Last Will and Testament Last Will is an estate plan that holds detailed list of instructions as to how your property should be shared after

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Can you have two wills?
Estate Planning

Can you have two wills?

Can I have multiple wills? There are times when multiple picks are needed. Others don’t learn to separate between them and navigate this complex procedure.

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Trust Types
Estate Planning

Trust Types

Protect Your Assets With A Trust Revocable Trust A revocable trust can be changed or dropped whenever by the maker, the trustee. The grantor as

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Understanding Estate Planning
Estate Planning

Understanding Estate Planning

ESTATE PLANNING When planning an estate plan in New York State it is important to know the terms to understand with what you’re doing. Terms

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Is it illegal not to do probate?
Estate Planning

Is it illegal not to do probate?

Probate Attorney Near Me A probate attorney is a lawyer who specializes in administering an estate for the deceased. The lawyer usually assists the executor,

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Is probate mandatory in NY?
Estate Planning

Is probate mandatory in NY?

Estate Planning Lawyers & Probate Definition Probate is the technique of administering a deceased person’s estate. It involves validating their will, paying off debts, and

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So many persons may happen to have estates across countries with families and loved ones elsewhere or in some situations where some get married to a foreigner or invest in foreign countries and all these could make estate planning quite challenging. However, synchronizing your international estates will require legal experts with vast knowledge, understanding and wealth of experience in such issues as estate succession and tax laws in the relevant countries that will affect the effectiveness of a will in the event of death. Difficulties In Estate Planning For Expatriates And Multinational Families In spite of the different estate tax laws in different states in America, however, these differences are barely noticeable because they all are founded on the same foundation in legal matters. But the contrary is the case across nations or internationally. While the Americans use the common law, the Europeans and Africans use the civil law. The common law is a legal system developed by judges through decisions of courts and similar tribunals (also called case law), as distinguished from legislative statutes or regulations promulgated by the executive branch. Whereas civil law is Roman law based on the Corpus Juris Civilis; it is the body of law dealing with the private relations between members of a community; it contrasts with common law. It contrasts with criminal law, military law and ecclesiastical law as well. Common Law Offers Significant Planning Pliability As regards estate planning, common law allows or gives an individual (the trustor) the freedom to decide who and who to receive what and what, he or she has the liberty to decide how his or her properties or estates should be distributed when he or she dies. Hence, a will is very vital as it determines how the estate of the decendent is to be distributed via the probate process. However, a trust can help avoid the probate process and the taxation of the estate likewise. Also based on common law, the estate is normally taxed before it is transferred to the beneficiary or named heir. Meanwhile, in a situation where there's no will, the estate becomes intestate and it is distributed based on the state laws. Civil Law Operates Based On Succession This is similar to the intestate laws followed in common law in the absence of a will when an individual dies. This implies that even while alive an individual cannot determine how his or her estate should be distributed in the event of his or her death. So, a will is almost of no use in civil law unlike in common law. Again, taxation of the estate takes place during distribution unlike in common law where the estates are taxed before distribution. That is, the heirs or beneficiaries of the estate are being taxed in civil law. Meanwhile, a trust is of no relevance when civil law is in operation. Citizenship and Residency An expatriate should have a good understanding of the laws and requirements concerning citizenship and residency in any country he lives and in which he possess properties. The estate plans of an expatriate will not only be altered by relocating to a new place with different laws, but also how long he or she intends to stay in the new location is another contributing factor and likewise how much of his riches he invests in the new location. International Transfer of Tax Credits The transfer tax for an expatriate is determined by the following factors; 1. The type of assets 2. The location of the assets 3. The accessiblity of tax credits in significant areas where there is an overlap of levied taxes 4. The relevance of an estate tax agreement or protocol between the US and the country of residence Usful techniques for international tax estate planning includes; Wills, Trusts, Life insurance, Gifting, personal investment companies, college savings etc. Estate Planning In The Case Of A Non-citizen People live, work and own properties overseas and happen to marry from their country of residence or a foreigner altogether. Sadly, the difficulties in taxation faced by American expatriates also occurs in a situation where they marry foreigners. In spite of having a permanent resident in the US, spouse who are foreigners do not enjoy the unlimited marital deduction on gifts and inheritance transferred to them by their spouse. Although they enjoy the 2019 $11.4 million lifetime exclusion.
Estate Planning

Inheritance tax

Having a will and planning your estate is important. Here we are going to consider why. Before we delve into that, let’s look at what

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LIVING TRUST NEW YORK
Estate Planning

LIVING TRUST NEW YORK

While planning towards you financial and assets protection may seem like a lot of stress, it is expedient that you have some certain estate plan

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Immigration lawyer salary NY
immigration

Immigration lawyer salary NY

The legal guide pays New York City. Movement attorneys are the lawyers that arrangement with migration problems for the sake of folks as nicely as

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Probate and Estate Administration
Estate Planning

Probate and Estate Administration

At the point when a friend or family member dies, their home frequently goes through a court process called probate where the resources of the

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What is Estate Planning?

Though common, not everyone knows what the term estate planning is. And this is because a huge percentage of people don’t see the importance in planning an estate. Estate planning is simply a plan an individual makes while alive for the management, distribution, and or disposal of their assets during their lifetime of after their demise.

Types of assets that can comprise of an individual estate include real properties (like buildings and lands), intellectual properties, cars, insurance, shares and stocks, banks accounts, including other personal properties.

It is very important that you contact an estate planning attorney Buffalo, NY, and plan your estate as failure to do so may not necessarily affect you, but your family and those you care about. And this is because when you kick the bucket, and you do so without a will, your assets will be shared based on the intestate laws of Buffalo, NY.

Estate planning is very important

Estate planning is for everyone, both the rich and the poor, so you shouldn’t use that fallacy as a reason not to plan your estate. You see, failing to plan your estate will not only affect your loved ones, it can also affect you should you get incapacitated. Failing to plan your estate will give the state of Buffalo the right to share your assets on your behalf based on the intestate laws of the state.

Estate planning is a huge plan. In fact, it could take several days or even weeks to draft a good estate plan. An estate plan usually involves the preparation of a will or codicil, setting up trusts, bequeathing gifts to individuals or entities, and granting people the right to do certain acts by way of power of attorney.

Below are the common forms of estate planning:

  1. Wills
  2. Trusts
  3. Deed of gift
  4. Power of Attorney

What will happen if you fail to plan you estate?

Failure to plan your estate can be very terrible. The effect it’ll have on your loved one may last for a while and that is why you see most wealthy individuals ensuring that they plan their estate in time because no one knows when he or she could kick the bucket.

If you fail to plan your estate, the following may occur:

  • Your loved ones may a little portion of your estate. Or in the worst case scenario, they may not get anything.
  • All that you have worked for will be shared based on the intestate law of your sate. That is, the government of your state will dictate how your estate is to be shared or distributed.

Who is an Estate Planning Lawyer?

An estate planning lawyer, who is also regarded as an estate law attorney or a probate attorney, is an experienced and licensed law expert who has an in-depth understanding of the state and federal laws that affects how your estate will be shared, managed, and taxed after your death.

An estate planning lawyer Buffalo, NY can help you plan your estate according to you wish. If you need advice or recommendations this professional can be of great help. Also, if you wish to set up a trust, update your estate planning documents, or set up power of attorney, an estate planning lawyer is that go-to guy!

What is Probate?

Probate is a process that is carried out to determine the validity or authenticity of a will. This legal process, which can be very challenging, expensive, and lengthy, is also refers to the administration of a deceased will or the estate of an individual without a will.

After the death of an estate owner, the court chooses either an executor indicated in the will or an administrator (if there exist no will) to administer the probate process. The probate process involves obtaining the assets of a deceased individual to settle all outstanding debts remaining on the individual’s estate, and sharing the assets of the estate to the designated beneficiaries.

How to avoid probate

Probate is a costly, time-consuming and stressful process that you should avoid at all cost. As an estate owner, the best way to ensure that your loved ones don’t experience the difficult probate process is by creating a trust and outing you assets in the trust.

Who is a Probate Lawyer?

A probate lawyer is a lawyer who is versed in the probate process. This professional is will work with estate administrator or executor to ensure that all regarding the estate of the deceased is taken care of, exactly the way it should. Contact a probate lawyer Buffalo, NY if you want to overcome probate without difficulty.

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