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Executor

How Do You Compensate the Executor of a New York Estate?

By Meyer & Spencer, P.C. |

When making your will, one issue you need to consider is how to compensate the executor of your estate. If you have a particularly complex estate–i.e., one with a lot of assets that will take time to liquidate–it may take your executor many months (or years) to complete the New York probate process. Indeed,… Read More »

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Trusts

Understanding the Uses and Limits of a “No-Contest” Clause in a New York Will or Trust

By Meyer & Spencer, P.C. |

One of the reasons you make an estate plan is to minimize the risk your family (or other legal heirs) will resort to litigation after your death. To that end, many wills and trusts include an in terrorem or “no-contest” clause. Basically, this is language that states if a beneficiary unsuccessfully challenges a will… Read More »

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EstPlan18

Is a Contract to Make a Provision in My Will Legally Binding in New York?

By Meyer & Spencer, P.C. |

A will is the normal means of disposing of any property subject to a probate proceeding under New York law. But what if you make a contract with someone else that promises to dispose of your property after-death in a different manner? Is such a contract enforceable in New York? The short answer is… Read More »

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EstPlan14

What You Need to Know About Reverse Mortgages in New York

By Meyer & Spencer, P.C. |

Many New York seniors struggle to make ends meet. When Social Security and private pension benefits are not enough to cover daily living expenses, those seniors who own their home may turn to a home equity conversion mortgage (HECM), more commonly known as a “reverse mortgage.” This is a special type of loan available… Read More »

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Couple

U.S. Supreme Court: North Carolina May Not Tax New York-Based Trust

By Meyer & Spencer, P.C. |

A trust is a common estate-planning tool where a person–usually known as the grantor or settlor–transfers assets to a trustee. The trustee is then legally obligated to administer the trust property on behalf of one or more beneficiaries named by the settlor in the trust documents. The trust typically also contains language indicating which… Read More »

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EPlan1

Who Serves as Executor of My Estate If I Do Not Have a Will?

By Meyer & Spencer, P.C. |

Many New Yorkers put off making a will until it is too late. When this happens, a person is said to die “intestate.” State law then determines who has the right to be named as executor or personal representative of the deceased person’s estate. For some people this may not be a bad thing…. Read More »

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GrayDiv2

New York’s Elective Share Rule and “Sham” Marriages

By Meyer & Spencer, P.C. |

Under New York law, it is not possible for a person to completely disinherit their own spouse without their consent. The surviving spouse has the right to take an “elective share” of the deceased spouse’s estate. This applies even if the deceased spouse left a will purporting to expressly disinherit the surviving spouse. However,… Read More »

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AssetP4

Power of Attorney Extras for Advanced Planning

By Meyer & Spencer, P.C. |

For millions of Americans, a power of attorney document is nothing more than a “worst-case scenario” item that allows loved ones to make decisions in the event of hospitalization or other emergencies. But for high net-worth individuals and those seeking to maintain eligibility for Medicaid, powers of attorney take on a whole new dimension…. Read More »

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EstPlan12

5 Things a Trust Can Do that a Simple Will Cannot

By Meyer & Spencer, P.C. |

So, you’ve finally decided it is time to update your estate plan (or create one for the first time). Maybe you’ve looked online or read up on how to get your Will done quickly, and you are starting to wonder if a Will can actually accomplish all the things you want it to. If… Read More »

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FathSon

Six Things You Need to Know About Adult Guardianships in New York

By Meyer & Spencer, P.C. |

If you have a loved one who has lost the ability to make healthcare and financial decisions due to a cognitive or physical limitation, you need to understand how a guardianship works and whether it’s right for your situation. Often, people end up needing guardianships because they failed to plan appropriately, while other times… Read More »

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