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…
Continue reading ›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;…
Continue reading ›A lost will may still be admitted to probate if: (a) It is established that the will has not been revoked; and (b) Execution of the will is proved in the manner required for the probate of an existing will; and (c) All of the provisions of the will are proved by at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…
Continue reading ›Ownership of real estate is determined by how title is held. Different kinds of ownership interests: Tenants in Common Tenants in common is when two or more people own real estate together. Tenancy in common can have equal ownership or they can each own in different percentages. Tenants in common can obtain the property together,…
Continue reading ›The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for retirement plans and certain health plans in the private sector. The objective of ERISA is to protect the rights of individual plan participants. ERISA requires plans to provide participants with plan information including important information about plan…
Continue reading ›Although the charitable remainder trust offers considerable potential tax advantages that can reduce the effective cost of charitable giving, the fact remains that a portion of the donor’s wealth will be going to charity and not to the donor’s heirs. This represents an obviously significant dilemma for a charitably inclined individual making estate planning decisions.…
Continue reading ›Follow these steps to protect yourself: Secure your computer. Use security software that updates automatically and includes a firewall, virus protection, malware protection, and file encryption. Give personal information only over encrypted and trusted websites. Use strong passwords and protect them. Beware of Phishing. Phishing is defined as “the fraudulent practice of sending emails purporting…
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