Avoiding Probate & MAKING YOUR ESTATE EFFECTIVE

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Presentation transcript:

Avoiding Probate & MAKING YOUR ESTATE EFFECTIVE Law Offices of Daniel Timins 477 Madison Avenue, Suite 240 New York, New York 10022 (914) 819-0663 (212) 683-3560 www.timinslaw.com dan@timinslaw.com

What is Probate? Handling a deceased person’s money & affairs Handled in Surrogate’s Court Process (to start the process): Petition Court Serve NY residents (in person), Return Receipt others May require 1 court date Pay Court and Attorney Fees

Why is probate “bad”? Public Affair Open to public, including how much money you have Creditors are notified (sometimes children’s creditors too) Court Fees ATTORNEY FEES!! Executor Commissions Starting at 5% Takes Time: Need “Letters Testamentary before money can be distributed

How do I avoid probate? Don’t have money in your name when you die! How? Use the following: IRAs – beneficiary designation form Life Insurance – beneficiary designation form Joint Property – real estate & accounts TOD / ITF accounts Revocable / Irrevocable Trusts

Creditor protection Protect your beneficiaries from their creditors Trust Assets = Protected Retirement Plans = Protected Life Insurance = Protected (generally) TOD / ITF = NOT protected In case of Divorce = Protected (if done right) Child Support Modification = varies

Common mistakes (even when you do it right) Naming “My Estate” as beneficiary on beneficiary forms Beneficiary forms are not updated Too much Joint Property (estate taxes on second death) Property is not owned by your Trust Safe Deposit Boxes A lot of physical cash assets EE & II Bonds Stock Certificates Hidden personal property Liens / Incorrect modifications to real estate

What is a proper estate plan? Represents values & desires Takes family member’s situation into account Minimizes Taxes & Fees Client understanding of Estate Plan Legal Documents (living & post mortem) Retitling Accounts & Real Estate (ITF, TOD, Trusts) Updating Beneficiary Forms

Call or email me your questions! Thank you! Call or email me your questions! Daniel Timins, Esq. www.timinslaw.com dan@timinslaw.com