Estate Planning

Video about a Power of Attorney

Under the laws of New York, if you die intestate (without a Will) some or all of your property would go to your children who survive you, in equal shares. However, you can choose to disinherit – leave nothing – to a child.

The disinherited child, of course, may have very hurt feelings, both against you and against the heirs who are ultimately receiving the money. As a result, the disinherited child may choose to challenge your Will: either by claiming that you did not have the mental capacity to write one, by claiming that you were under undue influence from unscrupulous people, or by claiming that the Will was not executed properly. Even if this Will challenge does not ultimately succeed, it can delay the process of asset distribution by years.

If you have married someone who had children from a previous relationship, these are your step-children. Even if you have helped raised the child from a very young age, unless you have legally adopted the child, he will not be considered your child for inheritance purposes. This can have significant implications for your family.

For example, when Harry and Sally got married, Sally had a child John from a previous relationship. Harry helped to raise John from a young age, but he could not adopt him, because John’s father did not want to give up his parental rights.
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Not having a plan in place may create unforeseen problems for your family. Please read my recent article in Epoch Times about the importance of having proper documents.

https://www.theepochtimes.com/a-good-plan-avoids-big-problems_3066028.

I was recently interviewed on Serene Home about how to put your estate planning affairs in order. Please read the article below.

https://theserenehome.com/estate-planning-katya-sverdlov-esq-talks-to-the-serene-home/

I was recently quoted extensively in a recent  article by Nicole Dieker,  regarding planning for a child with special needs. 
 

https://havenlife.

Please see the article that I recently wrote for Epoch Times on Asset Protection  

https://www.theepochtimes.
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Different forms of ownership frequently result in assets being passed by operation of law, and not according to the wishes stated in the Last Will and Testament. It is crucially important to discuss with your attorney your specific wishes and the current forms of ownership of your assets.

Property: Joint ownership of both real and personal property has been recognized for centuries. Three forms of joint ownership are recognized in New York:

1. Tenancy in Common.

Can one remove the executor or the administrator of the estate? The process is not easy, but it has been done multiple times. Below are several common grounds for removal:

•     Self-dealing. This means that the Executor of the Estate acts in the best interests of himself, instead of the interests of the creditors and the beneficiaries of the estate. It may include purchasing a house owned by the Estate at an artificially low price. Or it may include paying themself a high salary from the estate, without prior court approval.

Essential components of every estate plan, regardless of client's net worth, include a Will, a Power of Attorney, and a Health Care Proxy. Some circumstances require the use of a Trust (for the purposes of special needs planning, asset protection, Medicaid/elder care planning, estate tax mitigation, and probate avoidance). Those with potentially taxable estates may consider strategies such as gifting, annuity trusts, charitable trusts, life insurance trusts, personal residence trusts, installment sales and promissory notes.

A financial advisor should work together with your attorney to figure out the plan that is most appropriate for your individual situation. Since most people see their financial advisors more frequently than their attorneys, it falls to the financial advisor to oversee that the plan developed with the attorney is actually implemented and remains appropriate.

Once a person is adopted (either as a child or as an adult) all inheritance rights of the biological family of the decedent are terminated.

In the past, prior to the legalization of same-sex marriage, many partners in same-sex relationships adopted each other, to create a legal recognition of the relationship. Adoption also happens often during second marriages, when one biological parent has either died or abandoned the child. Adoption also frequently happens now by grandparents adopting their own grandchildren, whom they are raising full time, because the biological parents are either in jail or addicted to drugs.

When adoption happens, all past biological relationship is terminated for the purpose of inheritance.