Estate Planning & Administration
What are the most common reasons for needing to update our Estate Planning documents?
Life changes such as moving to a new state, getting married, having children, retirement or receiving a difficult medical diagnosis are among the most common reasons, but even without changes it is important to regularly review your estate plan to keep it up to date and properly reflect your desires.
Why do people create Irrevocable Trusts?
Irrevocable Trusts offer a variety of benefits, including the potential to help lower estate taxes, avoid the probate process and to protect assets from other liabilities. Certain irrevocable trusts can also be used to preserve medical benefits for disabled individuals, shelter assets from spendthrift heirs or to help appropriate individuals qualify for Medicaid or other government benefits.
What is a common estate plan?
Having a will, power of attorney, health care directives and a trust.
What is the value of having a Revocable Trust?
A revocable trust is an estate planning tool used to assist those who want to ensure proper distribution of their assets upon death while retaining control of those assets during their lifetime and allowing their beneficiaries to avoid the probate/estate administration process.
What is “Estate Administration”?
“Estate Administration” is a broad term that refers to the process of court-supervised distribution of an individual’s assets after they die. If an individual dies having a Last Will and Testament, this process is referred to as “Probate”. If they die without a Will, the process is called “Administration”. Estate Administration encompasses both proceeding types and can be both costly and time-consuming. The process can sometimes take a year or more before assets can be distributed to beneficiaries and can accumulate thousands of dollars in attorney fees. Proper estate planning can help avoid this process.
Residential Real Estate
Can cash closings accelerate closing time?
Yes, we can sometimes process these transactions and close in as little as one week.
What is the attorney approval contingency?
Many jurisdictions in New York have an attorney approval contingency in their contracts. This allows the parties to have their respective attorneys review the contract, during a specified timeframe, to make sure the contract is legally acceptable before their client is obligated. In Tompkins County, for example, the attorney approval period is three business days. If no objections are made to the contract terms during the three-day period, it will be automatically approved, and the parties move towards closing.
How long does it take to get a title report?
For many law firms and title companies, it can sometimes take several weeks to get updated title documents. This can dramatically extend the time required to close your transaction. With our preferred title vendor, we can almost always prepare a title report within about 72 hours for residential transactions.
If you are an out-of-state seller, is there anything to know about selling in New York State?
You will need to contact your accountant to discuss the IT-2663 form to determine what your cost basis is in the property you are selling at closing. There may be additional issues with reporting income and/or capital gains in your home state.
Do I have to be pre-qualified for a mortgage before I can put in an offer on a house?
Being pre-qualified for a mortgage before submitting an offer can save you a significant amount of time. In fact, there are some sellers and real estate agents who won’t show houses to individuals who can’t prove, in advance, that they have the ability to buy the home. Working with local lenders that have a physical presence in the area where your desired home is located can also offer significant time and cost savings. We work with a variety of local lenders and would be happy to connect you with potential lenders that suit your needs.