Anthony S. Park

Is the highest offer the strongest offer? Not necessarily, especially in probate. Sometimes an heir or a co-executor believes they can get a higher offer. Then, all things being equal, we should take that offer. However, it’s unusual that two offers are identical. There are other factors to take into account besides the price. 3 Fs of probate homebuyers We use the 3 Fs to make sure the buyer is a...

A few Solo Agers have asked if they can use beneficiary designations instead of a traditional estate plan. We’ll explain some pros and cons of beneficiary designations, and why a professional executor may work better. Why traditional estate planning doesn't work for Solo Agers Most traditional estate plans are centered around a friend or family acting as your executor to manage probate. Solo Agers...

Most people correctly assume you need a local executor in New York, but they may not know exactly why. Let’s review a few real-world scenarios and reasons why you need an executor local to New York. KYC requirements KYC stands for “know your customer,” and this applies to banking requirements. Banks take steps to make sure the customer is who they say they are. This helps prevent fraud, terrorism,...

“There’s no such thing as a perfect estate plan,” Sherlock Holmes would probably say if he did probate. What we mean is that things may not work out the way you plan, no matter how hard you try. We’ll review an anonymous probate case study, where even in an ideal planning scenario (knowing the time of death to the minute, and plenty of time to plan ahead), there were all sorts of probate problems....

How long does probate take in New York if the estate includes bitcoin? As we talked about in  a prior blog How Long Does Probate Take in New York , generally probate takes 15 months or longer; sometimes up to 3 years. Those numbers are actually on the lower side, because everything is more delayed these days. Here we will discuss how a new-ish asset like bitcoin may add some delays. How long does...

Many of our Solo Agers wonder “how will my executor know I died?” (Especially if they’ve chosen me as their professional executor, as opposed to someone they see daily). Solo Agers tend to live alone, so this is a very understandable and common question. Notify in case of death In New York, many Solo Agers live in buildings with a doorman, which is very convenient. Many of these buildings have “No...

Every executor faces the tax risks unless they get proper tax clearance, which can take a LONG time . Here’s how we’ve seen that plays out with professional executors, non-estate attorneys, and amateur executors. Professional executors set patient expectations We advise heirs from the beginning that this will be a long process! This probably turned away many prospective clients who thought I was c...

Here are our tips for cleaning out the decedent’s home and getting it presentable for sale. Identify the estate clean-out problems For example, did the decedent die recently, or has some time passed? Sometimes folks become ill and move into a facility, leaving their home behind. We often see these homes in disrepair (leaks, mold, gas shut-off, rotting food, etc.). Alternatively, if the decedent wa...

Probating bitcoin is more complicated than usual probate. We’ve discussed the 3 stages of probate generally. Here, we’ll describe some specifics of the process for when the decedent owned bitcoin. How to find out if deceased had bitcoin First, did the decedent even own bitcoin? We previously discussed three steps to take to find out if the decedent owned bitcoin . To recap: Check for hardware wall...

How does receiving an inheritance change your own Solo Ager estate plan? A family inheritance will increase the size and complexity of your estate, so let’s discuss what that means for Solo Agers. Increases the size of your estate How does this inheritance result in a more complex probate for you later on? The more you have, the higher the risk of conflict. This is because there is more at stake....

Does the MTA covid death benefit have beneficiaries, and if not, who should inherit? The MTA is paying a pretty generous amount (about $500,000) to the estate of any employee who passed away with or from covid. The requirements seem to be tightening up a bit, but we’ll see what comes of it. Have your MTA Covid death benefits been paid to the wrong person? We’ve had a few of these cases. Although w...

We often get hired when someone has died, but no one wants to be the executor. Sometimes there was a will with nominated executors who don’t want to serve. Other times there was no will, but none of the next of kin want to do the job. So they hire us as the professional executor. Being executor is too much work Most folks who’ve been an executor before avoid doing it again. They know first-hand ho...

We’ll discuss how to sell a loft in probate. This is yet another type of apartment that is unique to New York. We’ve talked about co-ops in the past, which seem mind-boggling to many people (even New Yorkers). What is an artist-in-residence? It is too much to cover in depth, so this is a link from Street Easy, a local real estate blog: https://streeteasy.com/blog/sohos-artist-in-residence-law-101/...

How do you probate a Bitcoin miner’s estate? We’ll cover: what a miner looks like, whether to keep the miner running through probate, and how miners will probably have yet another wallet to figure out . The Bitcoin mining machine The word “miner” can apply to the individual who engages in active mining or to the device itself. Confusing, right Did the decedent own a miner? A miner is a supercomput...

Many of our Solo Ager clients ask if I’ll serve as their successor (not primary) executor. The short answer is yes. We discuss why solo agers ask for successor executors. Planning to be a future Solo Ager They may not be Solo Agers at the moment, but they are planning for when they will could become a Solo Ager. It’s smart: planning two steps ahead. Married, no kids Mrs. M and her husband named ea...

We’ll share 3 recent problems we encountered while selling probate real estate: a bad septic tank, firing a broker, and co-op listing prices. We’ll share these stories with you and add key takeaways for executors and those facing probate. Septic tank problems in probate Any leak or other problem involving a septic tank is a huge headache. Septic water leaking into the ground soil is an environment...

Many non-US heirs need a professional executor to get federal transfer certificates. What is a federal transfer certificate? It is an IRS document, specifically, Form 5173 . It is used to confirm through the IRS that there is no estate tax due, or it’s already been paid. The certificate allows the financial institution off the hook for taxes. In absence of this, they can be liable! For example, le...

How will your executor handle a Bitcoin winter (or crash) like the one we’re living through now? We’ll compare a few likely scenarios depending on who you’ve chosen as your executor. But first, a few assumptions: You’re a “maxi” (a Bitcoin maximalist – someone who really values Bitcoin in and of itself, and not just its conversion to dollars); You want your heirs to inherit the actual Bitcoin you’...

Our solo ager clients often ask “who should draft my will? Should I do it myself or hire a lawyer?” Default: hire a reputable estate planning lawyer The benefit is that you will have peace of mind that your will is done correctly, as opposed to using a computer program. Software is pretty good, but a human (in this case, an experienced attorney) will spot problems that a DIY will can miss. A drawb...

Sometimes the small personal effects can have a big impact. It may be the irreplaceable keys to the loft, the invaluable smartphone, or treasured photos in the wallet. What are personal effects? They are usually personal property; items of particular significance that are carried or worn. These can be wallets, jewelry, phone, keys, etc. Items above a certain value, like a diamond engagement ring,...

Today we describe some real-world examples of mistakes made by non-professional executors dealing with probate real estate. Making it personal with tenants Often times, a non-professional executor is a family member or friend who has too much history with the tenants. For example, one of our executors helped the decedent in her final years and felt that the tenants were taking advantage of the dec...

When someone passes away, it is the executor’s job to gather the decedent's assets. What are the Bitcoin wallets executors may overlook? We’ve discussed how to look for common bitcoin key storage ( Episode 253 3 Steps When a Bitcoin Owner Dies ), such as hardware wallets, software wallets, and seed phrases. But a professional bitcoin executor will also find these others. Wallets on nodes Think of...

Business valuation is tricky even under the best circumstances. And the probate process adds a few more twists. Not turnkey The first twist is that you are probably not selling a turn-key business. Some people come to us with valuation approaches such as 1) Comparables (what similar businesses have sold for in the area) and 2) Discretionary income (meaning, what sort of income does this business t...

To my surprise, we keep getting calls from Solo Agers in California asking me to serve as their executor and trustee. Let's explain why this is surprising. California is a leader of professional executors and trustees I thought that California has a robust and developed industry of professional executors. For instance, California has a state licensing agency: Professional Fiduciaries Bureau . You...

Our clients want a professional executor for many reasons. Most commonly they have no heirs, or their family lives abroad. But those aren’t the only reasons. We’ll share a few recent examples of why clients want a professional executor . 19 Heirs! Mr. and Mrs. K. are in their 70s, and they want a professional executor for when they pass. They have 19 nieces and nephews as heirs, scattered across t...