Legal Question in Wills and Trusts in New York

Re: NY Estate Tax - Who Pays - $1.25 Mil / 0 Value

I agree with the above, but I would also emphasize that you are now in a war with an outside of new york defendant.

You must try to keep the assets in New York so that he would have to come to you.

You should start an action right away and get a court order putting the money into the court until the matter is resolved.

I am a litigator, and if you would like the services of a lawyer who has practiced law for over 35 years, please feel free to contact me.

Re: NY Estate Tax - Who Pays - $1.25 Mil / 0 Value

I agree with the above, but I would also emphasize that you are now in a war with an outside of new york defendant.

You must try to keep the assets in New York so that he would have to come to you.

You should start an action right away and get a court order putting the money into the court until the matter is resolved.

I am a litigator, and if you would like the services of a lawyer who has practiced law for over 35 years, please feel free to contact me.

Re: NY Estate Tax - Who Pays - $1.25 Mil / 0 Value

I believe that you should be appointed the executor and commence an action against the beneficiary for his share of the taxes since the gift (through operation of law) is conditioned on the estate's payment of taxes.

Mike.

Re: NY Estate Tax - Who Pays - $1.25 Mil / 0 Value

I believe that you should be appointed the executor and commence an action against the beneficiary for his share of the taxes since the gift (through operation of law) is conditioned on the estate's payment of taxes.

Mike.

Re: NY Estate Tax - Who Pays - $1.25 Mil / 0 Value

I agree with Michaek, although the problem is slightly more complicated, due to the fact there is no "probate" estate. The "probate" estate only consists of assets actually passing by Will, and has nothing to do with assets that pass by operation of law or account or beneficiary designation. All assets, even those passing by operation of law or beneficiary designation, MAY form part of "taxable" estate. Your problem is how to pay the taxes where the estate has no assets from which to pay them. This is not a probate matter, per se, but a general civil law matter, which still means litigation may have to be initiated. This can be done by you, in the capacity as Executor, or by you and your siblings as a suit for contribution. Which way is best and quickest should be discussed with a NY attorney familiar with litigation. If it is possible, I suggest placing aq lien against all assets before they are distributed, so an easily reachable fund exists, rather than suing after the distribution. You might also notify the NY Tax Department of the problem, as it is possible they could file a lien before distribution. If it is any solice, this is not the first, nor will it be the last, time these family situations will arise.

Re: NY Estate Tax - Who Pays - $1.25 Mil / 0 Value

I agree with Michaek, although the problem is slightly more complicated, due to the fact there is no "probate" estate. The "probate" estate only consists of assets actually passing by Will, and has nothing to do with assets that pass by operation of law or account or beneficiary designation. All assets, even those passing by operation of law or beneficiary designation, MAY form part of "taxable" estate. Your problem is how to pay the taxes where the estate has no assets from which to pay them. This is not a probate matter, per se, but a general civil law matter, which still means litigation may have to be initiated. This can be done by you, in the capacity as Executor, or by you and your siblings as a suit for contribution. Which way is best and quickest should be discussed with a NY attorney familiar with litigation. If it is possible, I suggest placing aq lien against all assets before they are distributed, so an easily reachable fund exists, rather than suing after the distribution. You might also notify the NY Tax Department of the problem, as it is possible they could file a lien before distribution. If it is any solice, this is not the first, nor will it be the last, time these family situations will arise.

Re: NY Estate Tax - Who Pays - $1.25 Mil / 0 Value

I agree with Michaek, although the problem is slightly more complicated, due to the fact there is no "probate" estate. The "probate" estate only consists of assets actually passing by Will, and has nothing to do with assets that pass by operation of law or account or beneficiary designation. All assets, even those passing by operation of law or beneficiary designation, MAY form part of "taxable" estate. Your problem is how to pay the taxes where the estate has no assets from which to pay them. This is not a probate matter, per se, but a general civil law matter, which still means litigation may have to be initiated. This can be done by you, in the capacity as Executor, or by you and your siblings as a suit for contribution. Which way is best and quickest should be discussed with a NY attorney familiar with litigation. If it is possible, I suggest placing aq lien against all assets before they are distributed, so an easily reachable fund exists, rather than suing after the distribution. You might also notify the NY Tax Department of the problem, as it is possible they could file a lien before distribution. If it is any solice, this is not the first, nor will it be the last, time these family situations will arise.