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Local Probate Lawyer
Estate Planning

Local Probate Lawyer

As the old saying goes, you can’t take it with you upon your passing. But a probate lawyer can help surviving family members pay off

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Family Law in Staten Island
Estate Planning

Family Law in Staten Island

Estate Planning Lawyer & Family Law Services Family regulation in Staten Island is a region of exercise that deals with all the prison issues that

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Lawyer to Avoid Probate

What is probate? Probate is a legal process carried out by the court of law to determine the validity and authenticity of the last will

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Will Lawyer
Estate Planning

Will Lawyer Staten Island

Will Lawyers A will is an estate planning document that allows a testator to designate the way in which their property will be distributed upon

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Reviewing Your Financial And Estate Planning Checklist
Estate Planning

Financial And Estate Planning Checklist

The Checklist Notwithstanding the significance of having all general legal authorities promptly accessible in case you become unequipped for deciding. Beneficiary assignments ought to likewise

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Wills Probate Records

Wills It is a requirement of the wills probate process that a search for a wills notice be completed. A wills notice identifies that a

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Wills Attorney Staten Island
Estate Planning

Wills Staten Island

Will is an essential estate document A will is an important estate planning document. More officially, it is referred to as a Last Will 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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Common Home Sale Mistakes

 1 Unpracticed Real Estate Agent

Purchaser and dealers tragically commit large numbers of similar errors while picking a Realtor. This can make the method involved with trading a home exceptionally baffling and potentially fruitless. Sometimes, an unpracticed realtor is sufficiently fortunate to get their customers an acknowledged buy contract.

  2 Haggle Through Assessments

Affirm bank examination results, guarantee the potential home purchaser and he or she gets endorsed and then circling back to lawyers to guarantee shutting records are being investigated. With multitasking, there’s open spaces for errors.

3 Purchaser Can’t Sell Their Home

It’s vital to get that you’re selling your home and get a proposal from a purchaser that is dependent upon the offer of their home, you ought not rely on that specific purchaser at the end.

  4 Investigation Issues

Potential purchasers have the choice to play out a few unique sorts of examinations when purchasing a home. There are heaps of motivations behind why having a home examination. These assessments can likewise prompt numerous land bargains that fail to work out.

5 Bank Appraisal Issues

Land bargains that include a purchaser who is acquiring a home loan will be dependent upon a palatable bank examination. A typical explanation a land bargain falls through is on the grounds that there are issues with the bank examination.

For the most part, assuming a bank appraiser refers to a few minor fixes that should be finished before an end, this won’t make an arrangement fail to work out.

6 Issues With Closing Documents

The most widely recognized issues with the end archives connects with the title of the property. Probably the most widely recognized title issues in land incorporate;  liens, report blunders, liquidations, and missing beneficiaries.

7 Short Sale/Pre-Foreclosure Issues

Trading a short deal or pre-abandonment can be precarious. Many short deals, some of the time alluded to as a pre-abandonments, end in an arrangement falling through for an assortment of reasons. It’s critical that before trading a short deal or pre-abandonment, you decide if it’s ideal for you or not.

Since numerous purchasers will demand the evaluation that isn’t finished until the loan specialist endorses the short deal. This doesn’t pass on adequate chance to finish the examination and each of the end reports ready and looked into.

8 Purchasers Experiences Remorse

One of the more regrettable situations for a home dealer is discovering seven days before the objective shutting date the purchaser has concluded they don’t really need to purchase a home and have chosen to keep on leasing. Purchasers regret occurs in land. There are many reasons home purchasers regret occurs, which at last can prompt a land bargain failing to work out.

FAQ

  1. If my spouse dies, do I get his social security and mine?

Yes, according to the surviving spouse law, you’re able to collect all funds from his or her social security onto yours.

2.  What is a pour-over will?

A pour-over Will is a Will written and document stating the actions needed to be done through the trustee which will be transferred to him or her. The truster is someone who’s responsible for many assets to be taken care of or sent to assigned beneficiaries.

3. Who qualifies for medicaid in NY?

Women who are pregnant or those with children over the age of 18, seniors and those with disabilities. Disabilities such as blindness, deafness, etc or physical injury are also eligible for Medicaid.

4. What is elder law?

Elder law handles long term care including future medical care, special needs care for those who are handicapped or mentally disabled and estate planning from ages over 50. This type of law also handles cases with elder abuse as long as there’s evidence of these sort of cases. Elder abuse can come from members of the family and the elder can approach a lawyer to report this sort of behavior to prevent a manipulation of your estate plan.

5. Does transfer on death avoid probate?

The transfer of death only makes the probate process much more difficult having you provide additional details and reason of the transfer. This makes the process longer and if it’s longer, it’ll be more expensive. The only way to avoid the probate is through a trust because everything would be set up or planned ahead, especially the transfer of death.

6.   Are living trusts revocable or irrevocable?

A living trust can be both but with an irrevocable trust, you cannot change anything that’s been documented unless you discuss the changes with all beneficiaries and court.

7. If my spouse dies do I get his social security and mine?

Because of the laws of Estate Planning, there’s something labeled, the surviving spouse clause where if one spouse dies, the surviving spouse gets his or her assets. The only assets not provided would be government funds that the spouse still owes or would actually lose the entire thing because of labeled ownership unless there’s a Will stating rights to owning these finances.

8. Why do I need an elder law attorney?

The only reason you should have an elder law attorney is to have a lawyer to care of cases that are related to future needs leading to promising medical care that can protect yourself and your assets including your estate. An elder law attorney can also protect you from elder abuse that you can report to your lawyer and court.

9. What happens if you die intestate?

Who’s ever married to you or related to you by blood gets your inheritance though the surviving spouse gets it all unless the Will or trust says differently.

10. How long can you receive unemployment in NY?

In the state of NY, you can collect unemployment for 26 weeks but with the pandemic happening, it can go as long as this is drawing out.

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