明星黑料

The 2017 Tax Cuts and Jobs Act (the 鈥淎ct鈥�) increased the federal estate tax exclusion amount for decedents dying in years 2018 to 2025. The exclusion amount for 2021 is $11.7 million. This means that an individual can leave $11.7 million and a married couple can leave $23.4 million dollars to their heirs or beneficiaries without paying any federal estate tax.

As fiduciary you are required to account to the beneficiaries, but the type of accounting will vary depending upon the actual beneficiaries and the fiduciary鈥檚 relationship with them. There are two types of accounting: informal and judicial accounting.

While the best elder law and estate plan is to have a valid health care proxy naming agents and a valid durable power of attorney naming an agent to make financial decisions, not everyone has done the proper planning. It is not uncommon for an elderly person to fall ill, be hospitalized and then need nursing home care with no time to plan.

Question: Who would inherit from an estate if someone dies without a will?

Question: My aunt recently passed away and I just found out that I was named executor of her Will. I really do not want to serve. Is renunciation an option; can I decline or resign from being executor?

When someone in New York State dies with a small amount of money, the family may be able to avoid probate by using a 鈥�1310鈥�, or small estate affidavit. This affidavit may be used by certain family members or the decedent鈥檚 creditors to collect assets up to a certain value in the decedent鈥檚 sole name.

Question: My mother is a resident of Florida and owns a condominium and several financial accounts in her sole name. She also owns a summer home in New York that is titled in her sole name. If she were to pass away, what is the procedure to transfer the New York home after her death?

Question: Someone told me that assets with named beneficiaries are not subject to estate tax, is that correct?

Question: I was recently appointed Administrator of my uncle鈥檚 estate, but the Decree from the Surrogate鈥檚 Court said that I must post a bond. What does that mean?

The estate tax concept tax known as 鈥減ortability鈥� is permanent as a result of the enactment of the American Taxpayer Relief Act of 2012. Portability allows a surviving spouse to use a deceased spouse鈥檚 unused estate tax exclusion (up to $11.4 million in 2020/$11.7 million in 2021).