The Surrogate’s Court is the court in New York where all matters relating to Wills and Trusts are determined. The Surrogate is the title of the judge in this particular court, and each county in New York has at least one Surrogate (New York County, covering Manhattan, has two). The Surrogate’s Court handles, among other…
Continue reading ›It is the Executor’s responsibility to locate all of the decedent’s assets, pay the taxes on them, if any, and distribute them to the people named as beneficiaries in the Will. Estate assets include bank accounts, 401(k) plans, IRAs, pension plans, stocks, bonds, brokerage accounts, real estate, co-ops, partnership interests, intellectual property, life insurance, social…
Continue reading ›Beginning May 13, only individuals with tax identification numbers… either a Social Security number (SSN) or an individual taxpayer identification number (ITIN) may request an employer identification number (EIN). This new requirement, recently announced by the IRS, will provide greater security to the EIN process by requiring an individual to be the responsible party and…
Continue reading ›If a deceased taxpayer was a party to a financial arrangement providing that income which he earned is to be paid after his death to his estate or his heirs, such income is referred to as “income in respect to a decedent” (“IRD”). Income which the taxpayer was unconditionally entitled to receive prior to his…
Continue reading ›New York State has an estate tax on the transfer of property at death. New York State does not have a gift tax. But, since April 1, 2014, gifts made by N.Y. residents, within three years of death are “clawed back” (that is, they are brought back into the New York taxable estate and subjected…
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