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Estate Planning

Wednesday, September 18, 2019

A Good Plan Avoids Big Problems

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.


Read more . . .


Thursday, September 5, 2019

My recent interview on Serene Home: mistakes, challenges and costs of estate planning.

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/


Read more . . .


Tuesday, July 2, 2019

Top 5 Reasons for Asset Protection


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

https://www.theepochtimes.
Read more . . .


Saturday, June 22, 2019

Common Forms of Ownership of Property and Financial Accounts


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.


Read more . . .


Saturday, May 11, 2019

Removing the Executor of the Estate


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.


Read more . . .


Saturday, April 27, 2019

6 Ways to Coordinate Your Estate Planning with Your Financial Advisor


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.


Read more . . .


Saturday, April 13, 2019

Adoption Ends Inheritance Rights of Biological Family


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.


Read more . . .


Saturday, April 6, 2019

Presumption of Revocation of Lost Will is Not Easy to Overcome


You must be very careful to store your Will properly, otherwise, if it cannot be found, the court is likely to consider it revoked and your assets will be distributed in accordance with intestacy rules.


In recent case In Re Scollan (2018), in which a valid Will could not be found, the court ruled that a presumption of revocation of the Will was not overcome.


There is a strong presumption that a Will known to be in the decedent's possession that cannot be located after the decedent's death was destroyed by the decedent with the intent to revoke. The retention of a copy of the Will by the decedent's attorney, decedent's statements regarding testamentary intentions, and suspicion that the Will was fraudulently destroyed (without supporting facts and circumstances) are not sufficient to overcome the presumption.


If you are afraid that your Will is at risk of being lost or destroyed (due to memory issues, the behavior of omitted beneficiaries, or any other reason), then your Will should be stored either in your attorney's office, a safe deposit box, or with a trusted friend.


Read more . . .


Saturday, March 23, 2019

7 Tips for Keeping Trusts Flexible in a Rapidly Changing World

One hundred years ago there were no commercial airplanes, women couldn't vote, the average family had 5 children, divorce was rare, children born outside of marriage had no inheritance rights, and surrogacy was virtually unheard of. In 2019 we have same-sex marriage, flexible gender identity, assisted reproductive technologies, digital assets, cryptocurrencies and an epidemic of lonely seniors. What will our society be like in 20 years?  The pace of change is increasing, so while you draft your documents today, make sure that these documents are sufficiently flexible to adapt to our unknown future.  


Read more . . .


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Sverdlov Law's practice focuses on estate planning, probate and estate administration, Medicaid planning, elder law, and business succession matters.



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