Preserve Your Legacy

Estate Planning | Elder Law | Special Needs Planning

Blog Posts in December, 2011

  • WHAT ARE THE NECESSARY INGREDIENTS OF A VALID WILL? PART 2 OF 3

    In addition to signing your will as a mentally competent adult, you must also sign your will without any other legal defects. In other words, you must sign your will without any duress, fraud or undue influence. No one else can pressure you to sign your will, and you must sign it freely and without any confusion that the document you are signing is in fact your will. If someone threatens you ...
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  • WHAT ARE THE NECESSARY INGREDIENTS OF A VALID WILL? PART 1 OF 3

    To create a valid will in New York, you must comply with the New York Estates, Powers, and Trusts Law or “EPTL.” The New York EPTL governs all wills and trusts drafted by New York residents. Once your executor or custodian probates your will, the New York Surrogate’s Court Procedure Act or “SCPA” govern the procedural parts of your estate administration. Other various state, federal and common ...
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  • COMMON ESTATE PLAN TERMS

    When creating your estate plan, you will likely see many legal terms that may confuse you. It’s important to understand what these terms mean so that you can create a plan that fits your needs and so that you understand how your plan works. We’ve taken the time to define some of these terms so that you can better understand the estate planning process. Take a look at the information below to learn ...
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  • NO ESTATE PLAN...BIG PROBLEMS

    If you’ve been putting off your estate plan , you’re leaving yourself unprepared and unprotected. Many people put off planning because of anxieties, other commitments, or because they feel there is no need for planning. However, estate planning is extremely important; just look and see… Without an estate plan, your assets will be distributed to beneficiaries based on your state laws. This may mean ...
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  • WISHING YOU A HAPPY HOLIDAY SEASON

    We at Davidov Law Group would like to wish you all a very Joyous Hanukkah, a Merry Christmas and a Happy and Healthy New Year!
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  • IF I AVOID PROBATE, DO I ALSO AVOID THE FEDERAL ESTATE TAX?

    Some clients ask whether avoiding probate also avoids the federal estate tax. Both probate and the federal estate tax deal with your estate, but avoiding one doesn’t avoid the other. To answer the question, if you avoid probate, you don’t necessarily avoid the federal estate tax. What is Probate? What’s the Federal Estate Tax? Probate is the process of validating a will, if there is one, and ...
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  • IS YOUR WILL VALID?

    When creating your will , it’s important to make sure that you follow all laws so that you have a will that is valid. In many cases, wills are contested, or challenged, because laws are not followed, or an individual was found to be forced into creating the will. Take a look at the following information, to better understand what makes a will valid. If your will isn’t legally valid, its terms are ...
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  • WHAT IS WILL ADMINISTRATION?

    When an individual dies, his or her financial life must be wound down. If that person died with a will or a living trust that was not fully funded, will administration is required. Another name for will administration is “probate.” You’ve probably heard that term. During probate, the court must validate the will; then, will administration can begin. Will administration (probate) is required for ...
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  • THE DIFFERENCES BETWEEN A WILL AND A LIVING WILL

    Living wills and last wills and testaments, most commonly referred to as simply a will, are two very important parts of any complete estate plan. These two vital parts of your estate plan serve two very different purposes. While you can create these documents at any time, you should only do so after consulting with a qualified attorney who can advise you about all your options and make ...
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  • DO I HAVE TO PAY TAXES ON MY INHERITANCE?

    After the death of a loved one, there is much concern about paying taxes. One of the first questions beneficiaries ask is, “Do I have to pay taxes on my inheritance?” The good news for beneficiaries is that all inheritance and estate taxes will be paid from the estate before you receive your inheritance. Therefore, you do not have to pay taxes on your inheritance; they’ve already been paid before ...
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  • WHAT DO YOU MEAN, A WILL DOESN'T CONTROL MY PROPERTY?

    Many folks associate estate planning with having a will and a will is all they have. They are shocked to learn that a will is not all they need and that it usually doesn’t work. If you’re single, a will doesn’t control all of your property; and, if you’re married a will probably doesn’t control any of your property. Joe and Claire were married (second marriage) and like most married couples, they ...
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  • QUESTIONS ABOUT AGENTS, ATTORNEYS-IN-FACT AND EXECUTORS

    When you’re devising an estate plan, you may come across several terms used in relation to people who will play an important part role in your plan. The title for these people, or organizations differ, and each has its own specific meaning and importance. It’s important to understand these terms before you begin the estate planning process. Q: Is an agent the same as an attorney-in-fact? A: ...
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