The tax benefit of a charitable remainder trust is that a person can recognize a charitable contribution and still receive income on their assets during their lifetime. The person who sets up the trust has control over how long they receive income and the way in which they will receive it. Having a charitable remainder trust has its advantages:

•    You don’t have to pay capital gains on any trust assets that you transfer to the charity because charities are exempt from paying capital gains on any profits.
•    When the charity sells the assets, the money gets reinvested and continues to remain in the trust. You get to receive income from the assets while you are still alive.
•    The value of our estate is reduced so your estate saves money after you pass away.

Under IRS rules, you have the choice of receiving at least 5% of the value of the trust asset annually or a fixed annuity. The idea of a charitable remainder trust is to make sure that the terms are also attractive to the charity as well so that everyone benefits from the trust. Keep in mind that once you set the trust up, it is irrevocable and cannot be changed. Therefore, it is recommended that you consult with a qualified Long Island probate and estate attorney.

The decision to set up a charitable remainder trust should be discussed with a Long Island probate and estate attorney, who will sit down with you to explain the pros and cons of having a charitable remainder trust and help you determine whether making such a trust is the right decision for you. An attorney can draft the trust documents for you and prepare other estate planning documents for you including a will, durable power of attorney and health care directive documents. If you wish to speak with a Long Island estate attorney, give us a call at (516) 777-0647.

A Long Island testator names the executor in the testator’s will. An estate executor, administrator or personal representative of a Long Island estate is in charge of managing and distributing the estate assets. This includes the duties of gathering an inventory of assets, paying administration and funeral and burial expenses and paying the decedent’s bills, taxes, and making sure that the decedent’s beneficiaries receive their inheritances, and settling and winding up the estate. An executor’s duties are considered temporary.

A trustee of a Long Island trust is appointed by the settlor/trustor under the trust agreement. The trustee has the responsibilities of managing the trust assets and investing the assets during the duration of the trust and in accordance with the trust provisions. The trustee has a more permanent job of making sure that the estate assets are managed on a longer-term basis. The trustee performs many of the same job functions as the executor such as managing the assets, investing asset and disbursing assets, paying bills and handling disputes amongst the beneficiaries.

An executor is entitled to compensation for services as set forth by New York statute. The trustee is entitled to reasonable compensation for services. Reasonable compensation may depend upon the type of services involved, the size of the estate and the type of assets.

Both an executor of the will and the trustee of a trust are held to a higher standard of conduct and owe the estate and the beneficiaries a fiduciary duty to act in a reasonable, honest and prudent manner so that the estate or the beneficiaries are not harmed or suffer any monetary losses as a result of the fiduciary’s actions. An executor or trustee can be held personally accountable for any negligent or objectionable acts that may cause financial harm to the estate or the beneficiaries and may be required to reimburse the estate or the beneficiaries for any financial losses as a result of the fiduciary’s bad or negligent decisions.

An example might be if the fiduciary sells estate real estate to a friend for under market value and then purchases the property from the friend only to resell it to a third party and pockets the profits for the fiduciary’s own benefit. The beneficiaries could bring a litigation action asking the court to remove the fiduciary, appoint a new one and request reimbursement from the fiduciary for any losses incurred to the estate or the beneficiaries.

If you are an executor or personal representative or trustee of a Long Island estate and need assistance with the management or distribution of estate assets or other estate matters, a Long Island probate and estate attorney can help you. A Long Island estate attorney handles probate and estate matters, attends court hearings and can help settle disputes among the executor or trustee and the beneficiaries and handle other estate litigation matters.

If you wish to speak to a Long Island estate attorney, call the Law Offices of Albert Gurevich at (516) 777-0647.

A Long Island estate can be settled without filing a formal accounting with the Nassau County or Suffolk County Surrogate’s Court if the parties to the estate agree to an informal accounting instead.

An informal accounting avoids the extra time and expense of having to settle the estate through a formal Court proceeding, which benefits everyone involved. Waivers and consents will need to be prepared in lieu of the formal accounting. They are considered the same as a binding contract and stipulation. The fiduciary/executor or attorney for the estate will probably require a signed receipt and release from all parties having an interest in receiving property or assets from the estate.

A guardian must be appointed on behalf of minors or other adult persons who are mentally incompetent so that the guardian can enter into the agreement on their behalf, and they can receive their inheritance. The services of a Long Island probate and estate attorney may be required to prepare the necessary documentation.

The Surrogate’s Court favors the process of settling a Long Island estate by an informal accounting so long as all parties are in agreement and there is no undue influence, coercion or fraud involved in getting all the parties to agree to sign the necessary documentation. This way, the Court calendar is free to hear other urgent probate and estate matters.

Since most parties to a Long Island estate are unfamiliar with the New York probate and estate laws and do not understand how to formally wind up and settle an estate, they usually turn to the expertise of a Long Island probate and estate attorney for assistance and guidance. If you need assistance settling a Long Island estate or if you wish to speak with a Long Island estate attorney regarding another estate matter, call the Law Offices of Albert Gurevich at (516) 777-0647.

While there is no statute of limitations on claiming your inheritance from a Long Island estate, the Court may require a formal affidavit with a valid explanation for the late filing of an estate petition if it is filed more than two months after a Long Island decedent’s death. Without a valid reason for your late filing, there is always the possibility of the Court denying the claim if the Court suspects any suspicious activity.

Creditors are required to file their claims within the prescribed statutory time period of seven months. If the executor or personal representative of the estate has already approved and paid out creditor’s claims or other litigation claims, that could reduce your inheritance or there may not even be enough to pay you anything.

Estate Litigation Claims

If you are challenging a will on Long Island, you should contact a probate and estate attorney for advice. In New York state, there is very limited time to challenge a will – if a challenge is not made at the first hearing in the case, the will is admitted to probate.

Anyone who has a valid interest in the estate can file a will contest matter. Typically will contests are filed by omitted heirs or beneficiaries who feel that they are entitled to a larger portion of the estate.

A surviving spouse of the decedent may elect to take the spouse’s elective share in a Long Island decedent’s property by filing a petition for elective share with the Nassau County or Suffolk County Surrogate’s Court within a proscribed statutory period, which is usually 9 months from the decedent’s death.

Since New York inheritance laws and claims are complicated, most people seek an experienced Long Island probate and estate attorney to represent them in the matter. An attorney who understands New York Probate and Estate Laws and Suffolk county and Nassau County procedure and can assist you with filing your claim and representing you at the Court hearing on the matter. A Long Island probate and estate attorney also can obtain copies of the will and other documents filed with the Court in order to assist you with your claim and advise you of the status of the probate.

If you wish to speak with a Long Island estate attorney, call the Law Offices of Albert Gurevich at (516) 777-0647.

Disclaimer: Legal deadlines are a sensitive matter and are subject to change. We do not give information about deadlines over the phone, and do not assume that all information about deadlines in this posts is correct, current, and complete. This website does not establish an attorney-client relationship. If you have a legal issue, do not rely on the internet – hire an attorney.

There are certain Surrogate’s Court fees that are required to be paid in connection with the establishment of an estate matter with the Suffolk County or Nassau County Surrogate’s Court pursuant to Surrogate’s Court Procedure-Article 24, Section 2402. The filling fees to establish a probate, intestate estate or ancillary proceeding are calculated upon the value of the estate assets located in the State of New York.

The following are a list of the primary fees that an estate of a long Island decedent or interested party may expect to pay in connection with a probate matter:

Filing fee for a probate, ancillary proceeding, intestate matter and accounting, settling accounts, decree approving accounts and related proceedings in Long Island based upon the following schedule:

Value of Estate or Subject Matter                          Fee Rate
Less than $10,000 …………………………………        45.00
10,000 but under 20,000 ……………………………  75.00
20,000 but under 50,000 ……………………………  215.00
50,000 but under 100,000 ………………………….. 280.00
100,000 but under 250,000 …………………………. 420.00
250,000 but under 500,000 …………………………. 625.00
500,000 and over ………………………………….          1,250.00

Filing petitions in Long Island:

Suspend, modify, revoke letters or remove a fiduciary
other than a custodian or guardian ………………….       75.00
Suspend, modify, revoke letters or remove a custodian
or guardian ………………………………………                       30.00
Application of fiduciary to resign …………………..         30.00
Compel production of will ……………………………          20.00
Construction of will ………………………………..                75.00
Objections to the probate of a will                                  150.00
Fee for will safekeeping (court may reduce or suspend).. 45.00
Bond less than $10,000………………….                           20.00
Bond over $10,000………………………                             30.00
Certificate of letters evidencing that the appointment
of a fiduciary    ……………………………………                    6.00
Copying and certifying or comparing a will or any
papers on file or recorded ………………………..               6.00 pg.
Authenticating the same additional………………           20.00
Appointment of trustee…………………………..                 45.00
Appointment of guardian ……………………………..         20.00
Open safe deposit box ……………………………….             20.00
Proceedings against a fiduciary ………………………       20.00
Proceedings by fiduciary to discover property ……….75.00

Petition to compel fiduciary to account ……………….  30.00
Production of documents………………………..                 30.00
Recording any documents ………………………                $8.00 per pg.  or part $16.00 min
Authenticating copy of a foreign will…….                     $8.00 per pg. $64.00 minimum

A Long Island probate and estate attorney can prepare the necessary documents that may be required in connection with the establishment of a Long Island probate with the Court or other matters such as will contests and other litigation proceedings and advise you regarding the proper Court fees.

A Long Island probate an estate attorney will also represent you at Surrogate’s Court hearings and assist with estate accountings and tax matters. The attorney will also be able to refer other professionals that may be needed in order to wind up and distribute estate assets.

If you wish to speak with a Long Island estate attorney, call the Law Offices of Albert Gurevich at (516) 777-0647.

If you received a notice of probate and you plan to object to the will, contact an attorney immediately, because missing the date a will is presented before the court means missing a will contest.

If you do now object to the will, ask the executor or personal representative for a copy of the decedent’s will. Once you read the will, and determine what is it that you inherited, it is also a good idea to inquire as to whether the items left to you by the decedent are still available for you to inherit. If you change your address during the probate process, or you have information pertaining to the location of any estate assets, you should also advise the executor or the attorney for the Long Island estate of this information. The ensure that you are kept up to date on estate matters, it is important that the executor has your most current contact information.

If you suspect that the proposed executor will deny you your share of the estate, contact a Long Island estate attorney to watch over the excecutor and protect your inheritance.

Just because your grandmother left you some jewelry, doesn’t mean that the jewelry is still available. She may have made the will a number of years prior to her death and since sold, lost, or gave the jewelry away. Or the asset may need to be sold to pay off creditors and the amount of your inheritance may be reduced. You may be able to argue that you are entitled to the equivalent value in cash. If the decedent died insolvent (owing more to creditors than the value of the estate assets, then you may not be able to inherit anything. Since estate matters are complex, you may need to hire a Long Island probate and estate attorney to represent you and help you collect your inheritance.

It may take anywhere from seven month and up to wind up and close out an estate depending in the size of the estate and the type of assets involved.  Be patient because sometimes unforeseen matters arise such as someone contesting the will or an accounting. Litigation matters may delay the distribution of assets to beneficiaries besides yourself. It is best to check in periodically with the executor or check the Surrogate’s Court records to determine the status of the probate. A Long Island probate and estate attorney can also help you get this information.

If you are a beneficiary to an estate and need an attorney to protect your interests in court, speak with a Long Island estate attorney – call the Law Offices of Albert Gurevich at (516) 777-0647.

The executor or personal representative of a Long Island estate does not have to look for the decedent’s creditors or notify them in writing under New York law of the decedent’s death. The personal representative may publish a notice in the local newspaper alerting creditors about the decedent’s death. However, under New York law, it is up to each creditor to submit a claim to the personal representative or executor of the estate within a timely manner in order to get paid. If the creditor misses the deadline, then they are no longer able to collect the debt.

The personal representative has the duty of reviewing the claim and either approving all or a portion of the claim or denying the claim. The personal representative may send a written notice to the creditor explaining the reasons for rejecting the claim. If the claim has not been approved after 90 days of receipt by the personal representative, then it is deemed to be rejected under New York law. The creditor may challenge the claim by filing a lawsuit with the Nassau County or Suffolk County Surrogate’s Court. A hearing date will be set by the Court, and the Court will decide the matter.

Priority Claims

Certain claims have priority over others starting with claims for the decedent’s burial and funeral expenses, taxes and secured claims. Unsecured claims such as credit card bills and medical bills are generally paid after all the priority claims have been paid. Assets such as real estate may need to be sold to pay off debts and distribute cash to the beneficiaries. When there are not enough assets, then the personal representative must decide which claims to pay and how much to pay each creditor. Some creditors may not get anything. If a person dies insolvent, the beneficiaries may not receive their distributions either.

If you are a creditor or interested party to a Long Island estate and need to submit a creditor’s claim, or you are executor of a Long Island estate requiring legal assistance to defend the estate against a litigation matter involving a claim,  call the Law Offices of Albert Gurevich at (516) 777-0647.

Acting as an executor of a Long Island estate is a big responsibility and can be time consuming. Larger estates may require more of an executor’s time, special services and expertise in managing a business, handling real estate assets or a financial or investment background. It is not uncommon for an executor to decide that they do not want to serve. The executor may not have the time to devote or be qualified. An executor of a Long Island estate has the option of either not accepting his or her appointment or resigning at any time during the administration of the estate.

If the executor takes no action at all, then the family of the decedent can request that the Court remove the executor and appoint a new executor. Sometimes, a testator names a successor executor in the will. However, even if the testator did name someone in the will, neither the executor nor any beneficiaries or heirs are allowed under New York law to appoint a successor executor or personal representative. Only the Nassau County or Suffolk County Surrogate’s Court has the jurisdiction to appoint a new Long Island executor. Typically, the family of the decedent will hire a Long Island probate and estate attorney to assist them with the matter.

Executor Responsibilities

After an executor has been sworn in, the executor is responsible for the management and administration of the estate. A Long Island executor may be compensated for services rendered. However, before the executor takes compensation for the executor’s services, it is recommended that the executor consult with a Long Island probate and estate attorney or financial advisor.

Executor responsibilities routinely include locating and preparing an inventory of all the estate assets, reviewing claims against the estate, paying bills, handling estate banking and other financial accounts, collecting rents, selling estate assets and distributing assets to the beneficiaries. It is common for the executor to hire a Long Island probate and estate attorney to assist with the responsibilities and duties of managing the estate and to handle estate legal and tax matters.

The role of an executor can create certain liabilities for an executor if the executor breaches any fiduciary duties. Also, there may be complex legal and business matters that require the expertise of a Long Island probate and estate attorney. That is why most executors work with an experienced Long Island probate and estate attorney to help guide them through the process of administering an estate in order to reduce their personal liabilities and to make sure that the administration goes smoothly and the beneficiaries receive their inheritances.

If you wish to speak to a Long Island estate attorney, call the Law Offices of Albert Gurevich at (516) 777-0647.

There is no fixed cost in probating a Long Island estate. The most expensinve part of probating an estate is the attorney’s fees. The average rate for Long Island area attorneys is $300-$500 per hour plus a percentage of the estate. Albert Gurevich, Esq. Bills at the rate of $350 per hour plus a percentage of the estate.

If the estate involves a will contest, a financial dispute or missing individuals, more attorney time will be required, increasing the overall cost of the estate. Hiring an attorney with experience in estates and a low hourly rate is the optimal way of minimizing estate costs. An attorney who does not have experience will cost the estate more even if they have a low hourly rate, as they will charge the estate for “reinventing the wheel,” and an experienced attorney with a high billing rate will also cost the estate money, as every basic task will be turned into an expensive event.

At an hourly rate of $350 an hour, Albert Gurevich, Esq. is an experienced attorney who will minimize estate costs and will make sure that the estate is closed out in the shortest possible time. To speak with Mr. Gurevich, give us a call at (516) 777-0647.

Will contests are frequently filed by heirs who have been omitted from the decedent’s will or beneficiaries seeking a larger portion of the decedent’s assets. In order to win a will contest challenging the validity of the will in Long Island, the party bringing the suit must show that the decedent was under duress, not of sound mind, there was fraud, coercion or undue influence, the decedent’s signature was forged at the time the decedent signed the will, or the will was not witnessed or signed properly in accordance with New York statutory law.

To learn more, read How Long Island Will Contests Work, When is a Will Contested on Long Island and Will Contests: an Overview (PDF).

If you would like to speak with a Long Island estate attorney, call the Law Offices of Albert Gurevich at (516) 777-0647.