The following article will cover:
- The intersection between estate planning and real estate, including Medicaid planning and examining the estates of deceased property owners.
- The use of estate planning documents like a Will, Trust, or Power of Attorney to protect real estate for assets and beneficiaries.
- The role of an estate planning attorney in long-term care planning.
What Areas Of Estate Planning And Real Estate Intersect?
Estate planning often involves strategies to protect real estate for Medicaid planning purposes. Additionally, real estate transactions may require examining the estates of deceased property owners.
Are There Estate Planning Documents That Can Be Useful In Protecting Real Estate For Assets And Beneficiaries?
Utilizing estate planning documents such as a Will, Trust, or Power of Attorney can ensure that your property is transferred according to your wishes after your death.
Can An Estate Planning Attorney Play A Role In Long-Term Care Planning?
An estate planning attorney can:
- Examine how title to property is held;
- Explain how property will pass to beneficiaries, with or without a Will or Trust;
- Advise on transferring real property into a Trust for taxes, Medicaid planning, and other concerns;
- And more…
What Estate Planning Tools Can Be Used To Transfer Real Estate To Heirs Or Beneficiaries?
Real estate can be transferred to heirs or beneficiaries using the following tools:
- Deeds (with consideration for capital gains tax implications)
- Wills
- Trusts
Can A Will Or Trust Be Used To Specify Who Will Inherit My Real Estate And How It Will Be Divided?
The use of a Will or Trust for inheritance purposes depends on how the title is held in the Deed. An attorney can examine the title, determine if it would pass outside your Will or Trust, and suggest alternative planning tools to use before your death.
How Often Do I Need To Review My Estate Planning Documents? Can I Make Changes Or Updates At Any Time?
While a well-crafted estate plan should account for various future circumstances, you can make changes at any time. In fact, it is recommended to review your planning documents after significant life events such as illness, death of a beneficiary, or changes in your asset distribution preferences.
What Is Involved In Trust Administration After Death In New York?
Trust administration after death in New York depends on the assets held in the Trust. Real estate can be transferred by the Trustee with a Deed, while other financial holdings require the Trustee to contact the bank or other institution and request that the assets be distributed according to the Trust’s terms.
For more information on Estate Planning For Real Estate In New York, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (914) 350-3842 today.
