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What are Executor Duties During Probate?

Estate Planning

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When creating your will, you must appoint an executor to handle your estate’s affairs during the probate process.  This person will be helping you and your loved ones in a number of ways.  Are you unsure of the duties that your executor will face during the probate process?

Take a look at some of the information below to learn more.  If you have any questions about probate or your executor’s duties, meet with an estate planning – probate attorney.

  • Your executor will be responsible for starting the probate process.  He or she will need to submit documentation to the probate court in order to start the proceedings.
  • Your executor must keep in contact with beneficiaries and alert them of their inheritances.  He or she will also have to notify creditors of your death.
  • Your executor will need to locate all of your assets.  It’s a good idea to provide some instruction to your executor ahead of time.  He or she will also have to carefully manage these assets during the process.
  • Your executor must attend all court appearances and follow the instructions that are outlined by the probate judge.  Your executor will be responsible for continuously reporting to the court.
  • Your executor must pay all expenses.  This includes past debts as well as estate expenses such as attorney fees and court costs.
  • Your executor must file and pay appropriate taxes.  He or she may need to get the help of a professional to ensure that the taxes are done correctly.
  • Your executor must distribute the assets to beneficiaries.  He or she will follow the instructions in the will and will be supervised by the probate court.

When choosing an executor for your estate, it’s important to understand the duties as well as the probate process.  You want to make sure that your executor is able to handle all of the duties so that your estate is handled with care.

If you have any questions about choosing an executor or understanding the probate process, consult with a qualified estate planning attorney.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

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One of the most common misconceptions among retirees is that if they have Medicare, they are covered for stays in nursing homes. Though Medicare will pay for short-term care in a nursing facility, you will not be covered for long-term care. One of the reasons why so many people make this mistake is because of the fact that Medicaid does pay for long term care, but this is true only for those qualified to receive these benefits. Medicaid is an entirely different program than Medicare.

When it comes to nursing facilities, Medicare Part A will pay for inpatient care, but before they will cover this expense, the patient must have spent at least three days in a hospital prior to be admitted to the nursing facility. No matter how long a patient must reside in a nursing facility, Medicare will only cover the first 100 days.

Medicare will cover 100% of the cost, but only for the first 20 days. After those 20 days, the remainder of the 100 days is only covered up to 80%. This is the reason why so many seniors also have another form of insurance.

Medicaid will cover long term care in a nursing facility, but there are some major restrictions when it comes to qualifying for these benefits. You must be low income and have less than $2,000 in assets. You can have up to $3,000 if you are married. There are some exemptions, such as an automobile and a home, if your spouse is still living in the home. You should be aware that in many cases the state could put a claim against the home after your death to recoup some of the cost of your care. There are methods of getting around this, but it will take a solid estate plan that is drawn up by an experienced attorney.

If there is any possibility that you will not be able to cover the cost of long-term care, you will want to prepare for this chance now with long term care insurance and a solid estate plan.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

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There are various things that you’ll likely want to consider when entering the estate planning process. It’s important to make sure that you have proper plan in place so that all of your needs, as well as those of your family, are met. If you are new to estate planning, look at the following list of do’s and don’ts. If you have questions about your individual needs, meet with a qualified estate planning attorney to discuss your options.

Do create a plan early in life. Many people put off their planning and then never get the chance to do so. If you’re age 18 or older, you need your own estate plan.

Do include medical planning in your estate plan. This will protect you during illness and disability.

Do create a will. This will allow your assets to be distributed as you wish and will allow you to appoint a guardian to care for your minor children.

Don’t attempt to do your own estate planning. You can make serious errors that will have negative effects on your estate and your life.

Don’t forget to review and update your plan. Your plan should be reviewed every 3 to 5 years, or sooner if life changes occur. This also includes updating beneficiary designations for assets such as your retirement account and life insurance policy.

Do choose responsible and trustworthy trusted helpers. This includes possible guardians, executors, trustees, and power of attorney agents. You want to make sure that your affairs are handled appropriately and with care.

Don’t forget to tell your loved ones that you’ve taken the time to plan. An estate plan is only effective if your loved ones know that it exists.

Do include funeral planning in your estate planning. This can ensure that your funeral wishes are followed as well as help to minimize family disagreements.

Do ask your attorney questions about your plan. It’s important to make sure that you understand all aspects of your estate planning!

Don’t attempt to change your estate plan before seeking professional advice. This will help to minimize mistakes. Don’t ever write on your original documents.

If you are ready to make your estate planning goals happen, consult with a qualified estate planning attorney.

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When creating an estate plan, it is important to make sure that it is accurate and effective. Below is a list of some of the common estate planning mistakes that are made. It is in your best interest to speak with an estate planning attorney to start your planning and to take the time to avoid the following mistakes.

  • Putting off planning or not planning at all. Many people wait years to start their estate planning. Taking the time to plan now could make a difference in the future. It is also important to make sure that you have some sort of estate plan in place. No matter how much money you make or how young you are, if you are over the age of 18 you should have a plan in place for the future.
  • Not updating estate planning documents. Everyone should meet with an estate planning attorney every 3 to 5 years to review and revise their plan. If serious life changes occur such as marriage, death or the birth of a new child, you should make sure that you update your planning.
  • Not having a will. A will allows you to appoint a guardian for your minor children, outline how your assets will be distributed after your death and appoint someone to manage and distribute your assets. Without a will, the court or state will determine all of these things. If you do not have a will, your wishes may not be followed.
  • Not hiring an estate planning attorney. Many people attempt to do their own planning in order to save money. It is important to hire an estate planning attorney so that your estate plan fits in with your needs and is legal and error-free. Estate planning is an investment for the future.
  • Not updating beneficiary designations. If you become divorced or experience other significant life changes, you will likely need to update your beneficiary designations for your life insurance policy and retirement accounts. This will enable you to make sure that your assets are given to the right people after your death.

If you have questions about estate planning, consult with a qualified estate planning attorney.

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Many people assume that they do not need estate planning. The truth is everyone needs estate planning! No matter what your life experiences, if you are over the age of 18, you need planning. Take a look at the following list of people who benefit from the use of estate planning. Speak with an estate planning attorney today!

  • Families who have young children
  • Young couples who have just gotten married
  • College students
  • Individuals who want to provide for their loves ones
  • Young professionals who are just beginning their career
  • Families with adult children
  • Individuals with few assets
  • Individuals with extensive assets
  • Retired individuals
  • Couples who are expecting a child
  • Individuals who have preferences about their funeral arrangements
  • Seniors who have recently lost a spouse
  • Individuals who do not have life insurance
  • Recently divorced individuals
  • Couples who have recently adopted a child
  • GLBT individuals
  • Individuals who want to make important medical decisions ahead of time
  • Veterans of the Armed Forces
  • Elderly couples
  • Individuals who own a business
  • Couples who have become separated
  • Same sex couples
  • Individuals with disabled family members
  • Individuals who want to donate to a worthy cause
  • Grandparents who want to make a difference in their grandchildren’s lives
  • Individuals with life threatening illnesses
  • Families who love their pets
  • Parents who want to make sure their children are cared for no matter what
  • Individuals who want peace of mind

As you can see, everyone needs estate planning. With the help of an estate planning attorney, you can invest in a plan that will meet your individual goals. Take the steps needed to prepare for the future today!

If you have any questions about the estate planning process, consult with a qualified estate planning attorney

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JOIN US FOR A FREE WORKSHOP THIS WEEKEND TO LEARN THE FOLLOWING:

Elder Law and Medicaid Planning

Medicaid needs arise when you least expect them. Americans are living longer than before. At the turn of the 20th century, life expectancy was about 47 years. In the 21st Century, life expectancy has doubled. As a result, we face more challenges and transitions in our lives than those who came before us.

PROTECT your life savings.
INCREASE the amount of income of keep.�
AVOID losing your home.
REDUCE or ELIMINATE your nursing home bills and long term care costs.
LEARN about Veteran’s Benefits.

Wills, Trust and Estate Planning

We know you want to pass your wealth to whom you want, when you want, the way you want, at the time of your death. If done correctly, a Estate Plan can help minimize estate taxes for a married couple and allow a trusted person to take over your care and finances during incapacity.

PROTECT your family.
AVOID probate delays and expenses.
SAVE estate taxes. Give your money to your family.
PRESERVE money for children or charitable causes.

Join us at our FREE Workshop this weekend. Our experienced attorneys will give you the information you need.

To register for the seminar, call our office at (718) 793-7000 , or register online!

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Estate planning takes a team effort. This is the perfect idea to plan and schedule important meetings at the same time. This includes scheduling meetings with an estate planning attorney, insurance professional, CPA, and financial advisor. If you take the time to schedule these meetings over the next few weeks, you will be well on your way to beginning to creating the future you want.

1. Don’t let fees stand in your way.

Estate planning works well with the help of other professionals.

While professional fees can be a big concern, this is something that shouldn’t stop you from proper planning. The truth is, you will likely be offered a free or low-cost initial consultation with an estate planning attorney.

Even if you have to pay the attorney’s hourly fee, it is a worthwhile investment.

A CPA will charge by the hour, so fees will depend on your specific needs.

Both insurance professionals and financial advisors are paid through the products that they sell. You will most likely not have to pay a direct fee for their time.

2. Many people need an estate planning attorney and advisors.

Many people assume that only the rich need an estate planning attorney and advisory team. The truth is, everyone needs estate planning and many people can benefit from a team of advisors.

Feel free to ask your estate planning attorney if you are unsure whether you need an advisory team.

3. Be honest and share all information with your attorney.

If you fail to disclose assets to your estate planning attorney in order to avoid paying legal fees, there could be problems in the future.

For example, after you die, you may suffer a loss to state or federal taxes.

By sharing all information and assets, your attorney will be able to create a proper estate plan. You should always be genuine with your professionals.

4. Follow these guidelines when planning meetings:

  • Meet with your estate planning attorney every three to five years. If a law changes or you experience a significant life change, you may need to meet with your attorney sooner.
  • Meet with your CPA twice a year or as recommended.
  • Check in with your financial advisor quarterly.
  • Check in with your insurance professional on a yearly basis.

Call a qualified estate planning attorney and make advisory appointments. This will allow you to have several professionals looking out for your future.

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There are different ways to own property. It is important to understand how each form of property ownership affects your estate plan. Knowing how each ownership impacts your estate plan, can allow you to make better estate planning decisions. Below are descriptions on the three main ways to own property.

Individual Name

  • If you are not married, most of your property will probably be owned in your name.
  • Examples of property with individual ownership include your mortgage deed, car title, and insurance and investment accounts.
  • Assets that are owned by you, individually, are controlled by your will. This guarantees probate.

Joint Ownership

  • Most married couples have most property owned in joint names.
  • Joint ownership is not only for married couples. This can be used with siblings or with an elderly parent and his or her children.
  • A mortgage deed and investment accounts would name two names as owners and say as “joint tenants with right of survivorship.”
  • Both owners have 100% ownership.
  • Jointly owned assets are not controlled by your will or trust. This could lead to unintentional problems such as disinheriting a child.

Tenants in common

  • Tenants in common is a form of ownership that allows two people to own a property, but each person owns a specific share. Each person is able to sell his or her own share.
  • A rental property that lists two people as tenants in common gives each person a 50% ownership (usually.) Each owner is able to sell, devise, or give away his or her share. The other owner will still own his or her 50% share.
  • This type of ownership is controlled by your will. This guarantees probate.

If you have questions about property ownership and how it impacts your estate plan, consult with an experienced estate planning attorney.

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Along with authorizing organ donation with the use of a donor card (often your driver’s license,) you can state your organ donation wishes in your estate planning documents. This can be done in a separate organ donation form.

Take the following things into consideration when considering implementing organ donation into your planning.

By donating organs and tissues, you can help contribute to medical advances as well as save lives.

The following organs are tissue transplants are common:

  • Liver
  • Heart
  • Skin
  • Kidney
  • Lung
  • Bone
  • Connective tissue
  • Pancreas

If you want to contribute to medical science and/or save up to eight lives, you may want to include an organ donor form among your estate planning documents.

With proper planning you can do the following:

  • Choose which organs or tissue that you want donated
  • Decide which organs or tissue you do not want donated
  • What purpose you want your donation to have (research, education, transplant)
  • Decide if you want your entire body donated to medical research

Although you have the ability to specify, most folks simply indicate that they are organ donors without restriction.

Should you be an organ donor?

Choosing whether to be an organ donor is your own personal decision. Take some time to think about your own personal beliefs and values. Know that if you choose to be an organ donor you could make a difference in another person’s life and the medical world.