What Qualifies as a Probate Asset in NY

Probate is a legal process after someone passes away to collect the property and assets of the individual. The first debt is paid and then assets are distributed to the beneficiary according to the will. But figuring out which assets are included in a NY probate estate is sometimes not so easy. For medium to large estates, a local probate attorney in NY is often needed to streamline the probate process to only include assets that actually can go through probate. For smaller estates, under a certain threshold ($50,000) probate can also be skipped depending on how the assets are calculated.

What assets are included in probate estate in NY

Many assets which are singularly owned by the individual can go through probate but if an asset is jointly owned or held in a trust that it is not considered a probate asset. Some of the most common assets are bank accounts, stocks, bonds, cars and even real estate.

Assets not included probate estate in NY

But some of the assets not included in probate include property owned in a living trust, life insurance, 401ks and transfer on death accounts. These assets not included in a probate estate in NY are typically passed directly to the beneficiary or the joint owner upon receiving the death certificate. These assets are also not included in the probate petition and are not used to calculate the filing fee.

If all the assets are not included in the probate estate due to the fact they are jointly owned or other qualifying reasons then the NY court will not be involved. Careful planning is required in advance to legally classify and protect assets to avoid the lengthy probate process and set up joint ownership or a trust.


Get a free consultation with the local estate planning experts at:

Roman Aminov Esq. Estate, Probate & Elder Law of Queens 147-17 Union Tpke, Queens, NY 11367 (347) 766-2685 https://www.aminovlaw.com/

Medicaid Planning: Irrevocable Medicaid Trust

It is necessary to understand the different planning strategies which allow seniors to obtain benefits while protecting their assets for their beneficiaries. While long-term care insurance is the best option, it is not always an option. That is why most Medicaid Trust Lawyers in New York use another technique;  an irrevocable Medicaid trust which can have various benefits both during life and after death.

Benefits throughout life

Planning a Medicaid trust in NY  involved transferring assets, including real estate, into an Irrevocable Medicaid Trust.

There are certain benefits to this kind of trust including:

  1.  The right to remain in the home as long as you and your spouse are alive.
  2.  The right to make the trust “income only” and collect any rent the property generates.
  3.  The ability to keep your existing STAR and Enhanced STAR property tax relief as long as you reside in the home.
  4. The right to use the $250,000 (if single) or $500,000 (if married) capital gains tax exclusion if the home is sold during your life.
  5. When homes are placed in a trust your beneficiary can be protected from creditors.
  6. Changes can also be made during your lifetime

Benefits After Death

After both spouses have passed away the trust will distribute assets according to their predetermined wishes. By writing a will you can reference the trust the right is retained during life to change the beneficiaries. So this means the right of control is not forfeited. This means a home can receive a step-up tax basis, saving the heirs from paying capital gains when the home is sold. 

Probate can also be avoided which saves both the time and money of the beneficiaries. One of the reasons you might want to avoid probate is the Medicaid estate recovery which means the Medicaid program can claim back what was paid after death.

Working with a Medicard lawyer is the best way to ensure you, your assets and your beneficiaries are protected.


Get a free consultation with the local estate planning experts at:

Roman Aminov Esq. Estate, Probate & Elder Law of Queens 147-17 Union Tpke, Queens, NY 11367 (347) 766-2685 https://www.aminovlaw.com/

Do Surviving Spouses have Rights?

What is Spousal Election & Protection?

Spousal right of election in New York is a law where a surviving spouse is entitled to receive up to $50,000 or 1/3 of the total assets value from their spouse, even if they were left less than that under a will and beneficiary designations. As defined in the New York’s Spousal Right of Election NY laws you can be protected if you act quickly and work with an experienced estate attorney. Let’s take a look at a few cases of how the law can be used in your favor

Case 1: Need to know facts of case 1: Beneficiary Designations

  1. The couple was separated for several years before one spouse passed away.
  2. The family of the deceased individual claimed the spouse abandoned the now deceased spouse and forfeited their rights to spousal right of election
  3. A petition was filed to the surrogate court in NY asking to rule that the surviving spouse has a right to ⅓ of the estate value

After finally arriving at court the family continued to maintain their original position and they wanted to take the case to trial. But after dedicated negotiations, the case was settled for nearly the exact amount of the value of ⅓ of the estate. Without any risk of the expense of going to travel, which can be very costly.

Case 2: Need to know facts of case 2: Investment Property

  1. A spouse passed away leaving the surviving spouse everything except investment property.
  2. The surviving spouse was not sure if they were entitled to more
  3. Even though there was a will which declared the above facts, it was discovered that this was only 1.5 of the value of the estate with the exclusion of the investment property. And as we know there is a legal right of ⅓.
  4. The other beneficiary of the investment property was required to redistribute the remaining value to equal ⅓ of the total value to the surviving spouse.

Knowing your rights can be complicated especially when all the facts of the case are considered, but choosing a top rated estate law firm in NY can help you to make the process easier and less expensive.


Get a free consultation with the local estate planning experts at:

Roman Aminov Esq. Estate, Probate & Elder Law of Queens 147-17 Union Tpke, Queens, NY 11367 (347) 766-2685 https://www.aminovlaw.com/

How To Protect Your Assets From Medicaid

Applying for Medicaid in NY certainly comes with its pros and cons. Many elderly people are concerned that Medicaid may try to take their home (or other assets) after their death. And if they have children, grandchildren or family members they wish to leave assets too it can be very concerning. If you are worried about protecting your assets from Medicaid in your old age or after passing then a NY elder law attorney can help with planning.

Medicaid is divided into two general categories: 

  • Institutional, which includes nursing home and intermediate care facilities
  • Community-based which includes all the other services Medicaid provides including home care and insurance. 

Understanding these two categories are one of the major factors taken into consideration regarding assets along with age and family situation.

Medicaid is required to place a lien on your home if:

  • Are receiving nursing home care
  • are considered a permanently institutionalized individual (will not return home)
  • Own your home

In these cases when the property is eventually sold the lien must be paid in full before the beneficiaries receive any assets or funds.

But there are certain exceptions to this rule including:

  • If certain qualifying family members are residing in the home including a spouse, child under 18, or a child of any age who is blind or disabled the lien cannot be placed.
  • If you return home after being a permanently institutionalized individual,  Medicaid must remove the lien. 
  • Prior to initiating a lien against your home, Medicaid allows you to transfer your home to the children under 18, spouses or any blind or disabled child of any age

Probate and Medicaid

If Medicaid is providing you with various types of medical care it is possible they will try to reclaim the value of their payout from your estate that is in probate. This is called Estate Recovery and there are certain ways to protect yourself from it. 

But it is possible to protect your home from probate since Medicaid goes after assets included in probate.

Next, they can only recover payments paid after your 55th birthday. They can only recover up to 10 years’ worth of benefits from the day of death. And lastly, Medicaid can not recover any payment if you have a living spouse, a child less than 21 years old or a disabled or blind child of any age. 

What type of trust protects assets from Medicaid?

An income only Medicaid trust is one of several methods an experienced elder law attorney can use to help protect your home.


Get a free consultation with the local estate planning experts at:

Roman Aminov Esq. Estate, Probate & Elder Law of Queens 147-17 Union Tpke, Queens, NY 11367 (347) 766-2685 https://www.aminovlaw.com/

Why is a living trust important in NY

Will Vs Trust

A will is a legal document created to name certain assets and wishes of an individual after death. It can name beneficiaries, transfer assets. A will goes through probate after death to determine its authenticity and then execute the will according to what it says. It is only active after the person has passed away

A trust can be similar in many ways but it creates a fiduciary relationship to allow another individual to be responsible for handling assets on behalf of the beneficiaries. The Living trust is created during the lifetime of the individual, What makes the living trust so attractive is it allows for an easy transfer to the beneficiaries while many times avoiding probate which can be lengthy and expensive.

What are the benefits of a Living Trust in NY?

  1. A living trust gives a very high level of control. It allows you to determine, who, what, when, where and why and with proper planning with the help of an estate attorney can be done seamlessly
  1. A living trust saves time. Especially when compared to a will (or worse having no will at all) a living trust is a huge time saver. The probate process creates exposure for relatives to challenge the will which can disrupt the initial plans and also drags the process on and on.
  1. A living will can allow you to save money. In the state of New York, a Surrogate Court reviews the will and how assets will be distributed. Assets that are transferred through a living trust skip the NY Surrogate Courts, probate, and additional legal fees.
  1. If you are incapacitated due to a decline in the health of an injury a living trust allows your wishes to be carried out. A legally sound living trust is difficult to challenge or to be abused and your wishes as initially planned will be carried out both during your lifetime and after.

Living Trust can be an excellent estate planning tool and consulting with a local estate planning lawyer in NY is the best way to have one created according to your requirements.


Get a free consultation with the local estate planning experts at:

Roman Aminov Esq. Estate, Probate & Elder Law of Queens 147-17 Union Tpke, Queens, NY 11367 (347) 766-2685 https://www.aminovlaw.com/

What’s The Difference Between Divorce And Legal Separation?

Divorce is one of the most difficult situations for everyone in the family, especially the children. When it comes to divorce and separation, there is often confusion when speaking with friends and family members about the difference between these two terms. Divorce refers to obtaining an order from the court that legally dissolves the marriage; while separation refers to ending an existing marriage without obtaining a legal order for dissolution. 

These cases in which the divorces are filed in the second year tend to be more difficult and contentious than couples who file for divorce immediately following the separation. There are many reasons why a couple may choose to separate rather than divorce, such as a desire to maintain their residence, open up a joint bank account, or maintain child custody. In short, people can choose to separate without legal dissolution of marriage (e.g. Separation Agreement, Separation Agreement forms, Separation Agreement N.E.C.), though they are still legally married and the state laws of divorce apply to them. Having a separation agreement will either give guidance when both parties are unable to compromise or end relationship separation in a more amicable manner. The option of separation is common among couples that are unable to resolve their disputes through amicable discussion.

Does the legal process work differently with domestic partnerships in New York City?

Yes. In New York City, with the recent legalization of same-sex marriage, couples that perform a legal domestic partnership have all the rights that are granted to both gay and straight couples under New York State laws. The law provides for the possibility of legal separation in a domestic partnership, but it is not necessary. In order for this to occur, one partner has to file a Petition for Legal Separation with the court.

When is a domestic partnership considered marriage? 

A domestic partnership is considered marriage in New York State if it is registered by both partners at the city or village level of government in either Queens or Albany.

Do you need a divorce lawyer in New York?

Yes. It is always recommended to hire a divorce lawyer for legal separation. This is because paperwork must be processed and filed properly at the court clerk’s office, or the couple will have to go through the process again. In addition, since there are various laws that apply to couples in New York City, it is best to have a lawyer familiar with these laws guiding you through the legal separation process.


If you are looking for a professional lawyer specialized in Divorce, Call now and schedule a free consultation!

Aronov Esq Contested Divorce Lawyer 98-14 Queens Boulevard Rego Park, NY 11374 (718) 206-2050 https://divorcelawyernys.com/

Cosmetic Botox Is Not Just For Wrinkles!  

What is Cosmetic Botox?

Cosmetic botox is a treatment that blocks nerve signals from the brain to facial muscles, so people will have smoother faces and fewer wrinkles post treatment.

Botulinum toxin injections can be used to temporarily smooth lines on multiple parts of the body, it also can be used to treat medical conditions such as chronic migraines, chronic muscle spasms or even acne. Botulinum toxin injections also cause temporary paralysis of targeted muscles without causing any complications or long-term side effects like permanent paralysis or death.

5 Surprising uses for Botox 

Botox is generally safe and has been used since it received approval from the Food and Drug Administration in 1989, here are 5 surprising uses of botox to treat medical conditions that we bet you didn’t know about!

Chronic migraines 

Different medical studies have shown that botox works for migraine headaches because it blocks chemicals called neurotransmitters that travel between cells carrying pain signals from your brain. Botox is like a natural painkiller. When you inject botox at a med spa, you don’t get the same amount of pain signals from your brain to your forehead, which is where migraines tend to originate. This also blocks the pain signals from reaching your eyes.

Blepharospasm 

Blepharospasm is a condition in which people close their eyes involuntarily or blink excessively, particularly in social situations. Botox targets the nerves and muscles reducing the blinking.

Hyperhidrosis

Botox is used to treat excessive sweating by blocking the nerves that activate the sweat glands in your armpits and palms. It helps reduce the amount of sweat in those areas. The treatment is a permanent solution for people who suffer from excessive sweating.

Spasticity

Botox has also proven to be an effective treatment for other types of muscle spasms. In some cases, it can reduce painful muscle spasms that are caused by conditions like cerebral palsy or multiple sclerosis.

Crossed-eyes 

Botox has been proven to work in kids and adults with crossed eyes conditions relaxing the eye muscle correcting it temporarily. Usually, one eye turns inward and the other outward when people blink. Some people have a specific medical condition that causes their eyelids to wrinkle into an abnormal position that prevents the eyes from moving in unison. This is known as strabismus.


 

If you want to learn more about cosmetic botox in Queens, NY , contact your local medical spa today!

Dr V’s Queens Botox, IV Therapy, Acne Scars, Emsculpt & Hydrafacial Med-Spa 106-15 Queens Blvd #B15, Queens, NY 11375 (917) 789-6963 https://www.mymdspa.com/