Law Offices of Daniel Timins 477 Madison Avenue Suite 240 New York New York 10022 914 8190663 212 6833560 wwwtiminslawcom dantiminslawcom What is Probate Handling a deceased persons money amp affairs ID: 634745
Download Presentation The PPT/PDF document "Avoiding Probate & MAKING YOUR ESTAT..." is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
Slide1
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.comSlide2
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 FeesSlide3
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 distributedSlide4
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 TrustsSlide5
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 = variesSlide6
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 estateSlide7
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 FormsSlide8
Thank you!Call or email me your questions!
Daniel Timins
, Esq.
www.timinslaw.com
dan@timinslaw.com