Adler & Adler Blog

An executor may voluntarily make an advance distribution to a beneficiary in need. If an executor refuses to help a beneficiary who has demonstrated need, the law provides a process whereby a petition can be filed with the Surrogates Court to order an executor to make an advance distribution to a beneficary in need. The…

The executor is the CFO of the estate. The executor’s responsibilities include: 1 – the preservation of estate assets; 2 – the collection of income due the estate; 3 – the payment of the debts of the decedent and the administration expenses of the estate; 4 – preparing the required income and estate tax returns;…

A lost will may still be admitted to probate if: (a) It is established that the will has not been revoked; and (b) Execution of the will is proved in the manner required for the probate of an existing will; and (c) All of the provisions of the will are proved by at least two…

A trust is a device for controlling how assets are held and distributed. Trusts can be revocable or irrevocable. There are many differnt types of trusts. A trust that is created during the lifetime of the person creating the trust (referred to as the grantor, settlor or trustor) is known as a “living trust” or…

1 – Disclaimer Plan With Trusts For Descendents 2 – Clayton QTIP Plan With Trusts for Descendants 3 – Two Share Plan With Trusts for Descendants 4 – Three Share Plan (Federal Bypass Trust (Family Trust); GST Exempt Reverse QTIP Marital Trust; Marital Trust) 5. Three Share Plan (Federal/State Bypass Trust (Family Trust); State Only…

Estates of decedents dying on or after January 1, 2011, may elect to transfer any unused federal estate tax exclusion amounts to the surviving spouse. The amount received by the surviving spouse is called the deceased spousal unused exclusion, or DSUE, amount. If the executor of the decedent’s estate elects transfer (through so-called portability) of…

The Bank Secrecy Act requires taxpayers to report foreign bank accounts, brokerage accounts and mutual funds, to the Treasury Department. Taxpayers report the accounts by filing a Report of Foreign Bank and Financial Accounts (FBAR). Who Must File A U.S. person, corporation, partnership, limited liability company, trust and estate, must file a FBAR to report…

A death certificate is an ofiicial legal document that records the date and location of a person’s death. In some cases, you might need a “certified” death certificate. A certified death certificate has security features that proves that the document is genuine. Depending on the issuing county in New York state, the death certificate can…

In planning for gifts of property, if the donor has a choice among more than one type of property to be transferred as the gift(s) (e.g., if she has a portfolio of several investment securities), it would probably be more advantageous, for tax purposes, to transfer assets having less unrealized appreciation (i.e., current value in…

Original wills should be kept in a secure, fireproof location and your nominated executor should be informed of the documents’ whereabouts. If key people cannot locate your will, they will not be able to assist you in the manner you wish. If an original will is lost, the law may presume you intended to revoke…