Legal Q&A
Estate Planning FAQ
Plain-English answers to common estate planning questions from the attorneys at Seraj Law in Albany, serving the Capital Region and all of New York State.
Capital Region: Albany Estate Planning · Statewide: New York Estate Planning
How Can an Estate Planning Attorney Help With Medicaid?
An estate planning attorney helps you qualify for Medicaid long-term care without spending down everything you own. That includes planning around New York's 60-month look-back for nursing home Medicaid, using tools like a Medicaid asset protection trust and exempt transfers, protecting a spouse who stays at home, and preparing the application. Planning early gives you more options.
How Much Does Estate Planning Cost in Albany?
We charge flat fees for estate planning, quoted before work begins. The fee depends on the plan you choose in your meeting with the attorney: a basic will-based plan costs less than a trust-based plan with deeds, tax planning, or Medicaid provisions. Poor planning can also cost your family more through probate delays and disputes.
What Is the Role of an Executor in an Estate Plan?
An executor is the person you name in your will to settle your estate after you die. In New York, the executor asks the Surrogate's Court for letters testamentary, then gathers and values your assets, pays valid debts and taxes, and distributes what remains to your beneficiaries as your will directs. The job usually lasts months to a few years.
What's the Difference Between a Will and a Trust?
A will takes effect only at death, goes through probate in Surrogate's Court, and becomes a public record. A revocable living trust takes effect once you sign and fund it, lets a successor trustee manage assets if you become incapacitated, and passes funded assets privately without probate. Most trust-based plans still include a pour-over will.
When Should I Update My Estate Plan?
Review your estate plan every 3 to 5 years, and promptly after a major change: marriage, divorce, a birth or adoption, the death of a beneficiary or fiduciary, a large change in assets, a serious diagnosis, or a move into or out of New York. Law changes, like New York's 2021 power of attorney reform, matter too.
Have a Estate Planning Question?
(518) 941-8579Schedule a consultation: straightforward guidance from an attorney serving the Capital Region and all of New York.
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