Estate Planning (Wills and Trusts), Probate/Estate Administration Archives - Genser Cona Elder Law

Category Archives for Estate Planning (Wills and Trusts), Probate/Estate Administration

Probate Process

Let Us Guide You Through the Probate Process

Considering the enormous emotional burden associated with losing a loved one, the New York probate attorneys at Genser Cona Elder Law will help you navigate the complex legal and financial considerations of the probate process. As an Executor, you’ll have several responsibilities and the process can be daunting, confusing, and a bit overwhelming. What is […]

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How COVID-19 has Impacted Your IRA in 2020

How COVID-19 has Impacted Your IRA in 2020

A series of new laws, regulations, and IRS guidance has drastically altered the Individual Retirement Account (IRA) and Required Minimum Distribution (RMD) landscape for 2020. Since IRAs are a core part of any estate plan, it is important to be aware of these changes. The most important change is that RMDs for 2020 have been waived. […]

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What to do After Your Loved One has Passed

The COVID-19 pandemic has affected many of us with inconceivable hardships, and for some that includes the most unfortunate circumstance; the loss of a loved one. Fortunately, our experienced attorneys are here to help you every step of the way and we recommend the following initial steps: Notify the Social Security Administration and pension providers […]

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Tax Relief

COVID-19 Tax Relief

Due to the Coronavirus pandemic, the federal government has implemented tax and retirement plan relief that may benefit you. Additionally, tax planning remains an important part of preparing your estate plan and these new changes must be considered as you revisit your planning strategies.  Estate and Gift Tax Planning: The due date for gift tax […]

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Elder Law Attorney

Irrevocable or Revocable: Which Trust Is Right For You?

All trusts are not the same and there are many different types used for a variety of purposes. Two common types of trusts in estate planning are revocable trusts and irrevocable trusts. Here’s an overview:Irrevocable TrustAn irrevocable trust is a trust set up for asset protection purposes. The trust can hold almost any type of asset, […]

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Estate Administration: Small Estate Threshold Raised in New York

Probate and administration proceedings in New York State are reasonably straight forward and efficient, relative to other states, and New York law also allows for a simplified proceeding called voluntary administration for small estates with a value below a certain threshold.  Recently, the threshold was expanded from estates valued at less than $30,000 to include all estates under $50,000.   Voluntary administration […]

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How to Select an Executor

How to Select an Executor

A key component in an estate plan is selecting your decision-makers. One of those decision-makers is your executor, whom you name in your last will and testament to take charge of your estate after your passing. The role of Executor is powerful, as the executor has access to your assets after your passing. While they have […]

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Social Security Statement

Your Social Security Statement: What Is It and Why Should You Save It?

This is the time of year when recipients of Social Security will receive an annual benefit statement from the Social Security Administration. This year’s benefit statement will show a 1.6% cost of living increase. Do not throw this statement away! This document is very important should you need to apply for government benefits (i.e., Medicaid, Veterans […]

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Major Changes to IRAs and 401ks in 2020

Major Changes to IRAs and 401(k)s in 2020

Effective January 1, 2020, Congress made a number of major changes to IRAs and 401(k)s with the passage of the SECURE Act (“Setting Every Community Up for Retirement Enhancement”). Some changes are of great benefit to seniors but others will negatively impact beneficiaries and call for an immediate update to your estate plan.Here is a […]

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Don’t Overlook These Items on Your Retirement Checklist

You’ve spent a lifetime working hard to create a comfortable life and an enjoyable retirement. As you approach or enter retirement, there’s no better time than the present to make sure your affairs are in order. Your retirement should be as fabulous, extraordinary, or exceptional as you want it to be. However, if you fail […]

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