Estate planning in New York is done under the regulations imposed by the New York law. A New York based estate planning attorney makes the whole procedure easier, albeit for a fee. Estate planning may also be described as planning in advance to escape future hassles in terms of time, money and misunderstandings.
More on Estate Planning in New York
Estate planning takes account of important aspects of estate planning like accumulation of an estate and disposition of an estate. The idea is to optimize the returns from one’s estate. This involves strategic planning for tax minimization and maximization of the transferred wealth , which is normally meant for the heirs.
Estate planning tools comprise of the following:
powers of attorney consisting of the durable medical attorney and durable financial attorney
powers of appointment
Rules of Estate Planning in New York for Dying “intestate”
Rules of Estate Planning in New York for someone dying “intestate” refers to rules which are applicable when the deceased does not leave behind any will. The estate planning law of New York then determines the way and manner in which the estate of the deceased will be subdivided among his legal heirs.
As per the New York laws if a person dies intestate his wealth will be distributed among the immediate family members. If the deceased leaves behind a spouse but has no children his spouse inherits his entire estate.
In case the dead person leaves behind both spouse and children , his spouse takes the initial $50,000 of his estate income. In addition the spouse inherits half of the remaining property. Whatever is left of the estate is meant for the children of the deceased.
In case the deceased is survived by his children but not his spouse then each surviving child gets an equal share of the estate. If the deceased leaves behind no spouse, grandchildren or children, his surviving parents or their descendants get to inherit his estate.
Last Updated on : 30th July 2013