Queens Estate Planning & Probate Blog

Dear Readers,

In an effort to give you the best possible estate planning and probate tips we have created this micro blog which contains summaries of information that will be critical to you as well as resources where you can learn more about the specific topic.

NYS Estate Tax Cliff & “Santa Clause”

The New York State estate tax cliff affects wealthy individuals with taxable estates between $6.94 million and $7.67 million, with tax rates reaching up to 250% or more. To mitigate this, one can implement a “Santa clause” in estate planning. This clause triggers a charitable donation if the estate falls within the cliff range, reducing the taxable estate and eliminating the cliff effect. By utilizing the Santa clause, individuals can ensure that their heirs receive more value and reduce the impact of estate tax. It’s important to work with an estate planning professional, analyze different scenarios, and regularly review and update the estate plan to align with current financial situations and objectives. Additionally, consider philanthropic goals when setting up the Santa clause, as the charitable bequest not only helps reduce estate tax but also supports causes one cares about. We advise you to read the full article and get the complete scoop on the NYS estate tax cliff now by visiting this page https://www.aminovlaw.com/santa-clause-help-fix-the-nys-estate-tax-cliff/.

Estate Law 103: Administration d.b.n. & Administration c.t.a 

The role of an Administrator d.b.n. (Administrator de bonis non) is crucial in completing the administration of an estate when the previously appointed fiduciary is unable to continue. This could be due to various reasons such as death, incapacity, or resignation. The Administrator d.b.n. steps in after estate administration has already begun but was left incomplete. In New York, the order of priority for appointing an Administrator d.b.n. is governed by the Surrogate’s Court Procedure Act, which reflects a hierarchy based on familial proximity. The Administrator d.b.n. has the same legal authority and responsibilities as the original Administrator or Executor. Their duties include collecting and managing assets, paying debts and taxes, and distributing remaining estate assets to beneficiaries. The appointment of an Administrator d.b.n. may be complicated by family disputes or contested proceedings in Surrogate’s Court. The Administrator d.b.n. may also have to resolve unfinished business left by the prior fiduciary. In conclusion, understanding the intricacies and legal framework of the Administrator d.b.n. role is essential for ensuring a smooth transition and completion of the estate administration process. We invite you to learn more about this complex Queens Estate Administration topic now by visiting https://www.aminovlaw.com/administration-d-b-n-vs-what-is-administration-c-t-a-under-ny-state-estate-law/.