ESTATE PLANNING
It may be hard to think about how your family would deal with your affairs and finances should you become incapacitated or pass away, but it is essential to do so now. Estate planning allows you to impact the future by directing how you would like your property and assets distributed upon your death Further, you can plan your finances and designate who will manage your affairs should you become incapacitated. If you have children, you can and designate a guardian and plan for their financial support.
We can help you accomplish these goals by preparing a will or establishing a trust, creating powers of attorney for finances and healthcare, as well as drafting a nomination of guardian. We can also advise on various ways to hold title to property so it will pass without court intervention on the death of the property owner.
Without proper planning, your estate could go to the government or to people who you did not choose. Moreover, thousands could be lost in unnecessary probate fees, administrative fees and taxes. We can assist you in making informed decisions about your estate and determine if you need a will, trust or whether some other mechanism might be more appropriate to transfer your property.
For existing estates, we can assist in the distribution of you loved one's assets, either through probate or outside probate as circumstances warrant. So whether your planning your estate or become responsible for distributing some else's, we can be of help. Give us a call for a free, no obligation consultation.
PROBATE
To begin the Probate Administration, a Petition is filed with the local Superior Court to appoint the Personal Representative of the Estate, called the Executor (if there is a Will) or the Administrator (if there is no Will). The Personal Representative takes control of all of the decedent's property, has the property appraised, pays the debts of the estate, accounts to the court for all income and expenses, and then distributes the property to the beneficiaries or heirs of the decedent.
The process takes at least four months. Costs involved in the process are a filing fee, publication fee, certified copy fees, appraiser fees, as well as the ongoing payment for bills and debts of the estate, such as mortgage payments, property tax, income tax, insurance, outstanding medical bills, and other expenses and debts. The Personal Representative may sell property during the probate administration to be used to pay debts and expenses of the Estate.
The Personal Representative and the Attorney for the Personal Representative earn a fee based on the value of the estate, determined by a statute which limits the amount each will receive for compensation. For example, an estate of $200,000 will pay a fee of $7,000 to the Personal Representative and $7,000 to the Attorney. An estate of $500,000 pays a fee of $13,000 to each. An estate of $700,000 pays a fee of $17,000 to each, and an estate of $1,000,000 pays a fee of $23,000 to each. These fees are usually paid at the end of the probate process, from money in the Estate. Simply mention our website and you will receive a 10% discount off the statutory fees for ordinary services!
If the Estate is worth more than $1,500,000 (for the year 2005), $2,000,000 (for the years 2006-8), or $3,500,000 (for the year 2009), there will be Estate Tax to pay, requiring the filing of an Estate Tax Return if the decedent is a single person, widow or widower.