Monthly Archive: October 2019

What Happen to Your Assets After You

A point I hear commonly from customers is: “What will happen to my assets when I pass away?” This sobering concern is very important not just for the person asking it, however likewise for the loved ones that they leave behind. The person making the questions wishes to make sure that his household will be able to get their inheritance in a fast, efficient, and affordable way as possible. As a licensed estate planning legal representative in Brooklyn & Queens, I would like to answer the question of what happens to one’s properties when they pass. Off, we require to look at the most common methods of having asset in New York:.

Home ownership rates, particularly in areas such as Long Island, Brooklyn, and Queens, is rather high. The most valuable asset in a person’s estate is their home. A married couple typically possesses their home jointly, as tenants by the totality, meanings that after the death of the first partner, the home instantly passes to the other spouse. Only married couples could take title by occupants by the totality. While this might make estate administration much easier by avoiding probate, there are certain drawbacks to this approach. It does not allow the departed partner to fully use their New York life time estate tax credit amount which could trigger higher estate taxes after the 2nd partner’s death. Second, the enduring spouse could be, or could quickly be, on Medicaid, and having the home in their names could subject them to Medicaid liens or Medicaid estate recuperation. Additionally, when the 2nd spouse passes away, the asset will have to go with the probate process (see below) unless a joint owner is added to the deed. An estate lawyer need to be sought advice from in each circumstance.

A 2nd way of holding title is by joint ownership or joint occupancy. This resembles renters by the totality other than that it lacks some securities which are outside the scope of this short article. Real property can be held as a joint tenancy with rights of survivorship (JTWROS) meanings that when one joint owner passes, their share immediately transfers to the various other remaining joint owner(s), avoiding probate. At the death of the last joint owner, the property passes under his will or through intestacy and warrants the probate or estate administration process. Bank and brokerage accounts can likewise be held jointly. This type of ownership, common amongst spouses, implies that each co-owner has the full right to utilize the properties during his or her life, with the balance visiting the surviving joint account owner at his/her death. Having possessions collectively may be convenient, however it likewise opens all the joint owners to liability based upon the acts of one joint owner.

An additional typical method of passing properties is by marking a recipient. Numerous financial items allow for the designation of a recipient. Instances include checking account (“POD” or “ITF”), life insurance plan, and IRAs. When you list a recipient, that individual will be able to gather the funds without undergoing a court process. That person will simply provide a death certificate to the monetary establishment and fill out the needed paperwork. This is an excellent way to pass cash to people to help spend for immediate costs related to the funeral. There are some problems which need to be considered with beneficiary classifications, nevertheless. A small should not be listed as a recipient since the cash will not be accessible up until he or she turns 18 or 21, depending on the state. Subsequently, it is suggested to call a depend on or a custodian as the recipient to hold the money for the perk of the minor. Second, if the recipient is receiving governmental advantages such as SSI or Medicaid, they might lose their benefits upon receiving the funds. In this circumstance, it is a good idea to establish and call an extra needs count on for the advantage of the recipient. Third, if you have a life insurance policy by yourself life, your beneficiaries could need to pay an estate tax on the profits. To prevent this result, ownership might have to be changed and an irrevocable life insurance depend on might be needed.

Possessions which are labelled in the name of the depend on pass under the terms of the count on and avoid probate. Generally, a pour over will is likewise performed to move anything not labelled in the name of the trust. A trust can permit property protection, conservation of Medicaid and/or SSI advantages, and circulation to minors.

A person might merely possess asset in his own name without any joint owner or beneficiary. In such a case, except for certain home passing to his or her enduring partner or small children, the asset will need to go through probate (if there was a last will and testament) or administration (if there was no will). Probate, as you can check out here, is a pricey and time consuming process.

You will likely need the aid of a probate attorney to take care of the Surrogate’ Courts in the county where the decedent was domiciled, whether it be Brooklyn, Queens, or Nassau.

Get to Know About US Immigration Form Application For Travel Document!

Travel outside United States may be normal for lawful permanent residents (LPR) with some limitations. The Form I-131 is used to apply for a Travel Document, reentry permit, refugee travel document or advance parole. This form cannot be used to request release from immigration custody.

Reentry permit

Reentry permit can be applied by LPR or a conditional resident if you intend to travel abroad for a period up to 2 years using Form I-131. In this case you need not obtain returning resident visa. From the date of issuance the reentry permits are valid for 2 years. If stay abroad is for more than 4 years since the last 5 years of LPR status the validity is reduced to 1 year except if the reason for stay outside US is on government order, as a public treaty member or as US sports representative. New reentry permits are not issued unless validity of prior document is over or returned to USCIS or unless it’s proved that it’s lost.

In cases where you cannot or do not wish to get your home country’s passport, you may also want to get a reentry permit if you plan on traveling outside the United States. You may use it as your main travel document, placing necessary visas and entry and exit stamps in the permit. Many countries throughout the world may allow you to use a reentry permit much like you would use a passport. Specific requirements before you travel need to be made sure of to check with any country you plan to visit.

In case you return to US within a year’s time of travel abroad, on your Form I-551 permanent resident card you can reenter US. For naturalization purposes you can file Form N-470 to preserve residence if you intend to stay outside US for a year or more without break to the continuous residence requirement.

Advance parole

After unlawful presence for 180 days or more but less than a year in the US if you leave prior to start of removal proceedings for next three years from date of departure you cannot enter US. If unlawful presence is for more than 1 year the ban is for 10 years from reentry. Using advance parole, although you can return to US. In case of Temporary protected status (TPS) Form I-821, if correctly filed Form I-485 is pending, deferred enforced departure (DED) or asylum status removal is withheld and stay is considered authorized and also allows brief absence from US using advance parole application. If while Form I-485 is pending and still for emergency you travel abroad, using advance parole you can reenter US before it’s approved or continue your earlier status after return. But it cannot be used for 2 year foreign residency requirement as a result of J-1 status or while you are in removal proceedings.

Therefore to authorize the temporary parole of a person into the United States an advance parole document is issued using Form I-131. As an authorization for the applicant to travel to the US the travel document is accepted by a travel company in lieu of a visa. This document is not issued in place of any required passport.

As an extraordinary measure advance parole is used for any compelling emergency and to economically allow an inadmissible alien to US for a temporary period. This cannot be used to bypass any delays of visa issuance or to sidestep the normal visa issuing procedures.

For the following reasons advance parole is not required:

Hence valid H, L, K, or V nonimmigrant visa must be presented upon returning to US by such visa holders.

Refugee document of travel

To a person classified as refugee or asylee or who has obtained permanent resident status as a refugee or asylee in the US a refugee travel document is issued after filing Form I-131. Refugee travel document is a must for persons holding refugee or asylee status even if not permanent residents to return after temporary travel abroad to US.

Points to remember about Form I-131

Biometrics must be completed by all applicants for a Refugee Travel Document or a Reentry Permit at an Application Support Center or if applying for a Refugee Travel Document while outside of the U.S. at an overseas USCIS facility. You must also be fingerprinted as part of USCIS biometric services requirements if you are between age 14 through 79 and you are applying for a Refugee Travel Document or Re-entry Permit.

USCIS will notify you in writing of the time and location of your biometrics appointment after you have filed the application Form I-131. Your application maybe denied in case of failure to appear to be fingerprinted or for other biometric services. While filing you can request for the reentry permit to be sent to a US embassy or consulate abroad from where you can pick it up instead of waiting in US to receive it according to your convenience. In extreme emergencies advance parole is allowed on humanitarian basis to assure family unity enabling person to enter US for temporary stay. Advance parole application is denied is applicant leaves or enters US before decision is made on the Form I-131.

The fee for reentry permit or advance parole is $360. For a refugee travel document applicant above 16 years of age fee is $135 and if less than 16 years of age its $105 apart from biometrics fee. Applicants are required to pay the additional $85 biometric fee apart from the filing fee. Else Form I-912 can be used for waiver from paying biometric fee. Advance parole applicants need not pay for biometrics. A single check payable to Department of Homeland security must be made.

Choosing the Right Law Firm

Many of us hope that there isn’t a day when we have to find the perfect attorney to plead our case. Unfortunately, life’s circumstances can create situations beyond our immediate control. When many people find themselves in a situation where they could need legal representation, they didn’t plan to end up there. Rarely do we consider our legal options without dire need or reason. It’s a shame that a hasty decision when choosing a law firm can lead to less than optimal results when it comes to true legal representation. By setting a standard of checking credentials and past cases & results, you can find out if this attorney is the man for the job.

Many attorneys have a public record. Many great attorneys will advertise their successes. A simple Google search might be able to merit some past cases which that attorney has granted legal representation. These valuable sources of information can help you find out if this attorney is experienced in an instance like your particular situation and if they have had past successes. These past successes represent more than a simple verdict; it can represent the wit and aptitude of that attorney to perform in difficult situations, and it gives you a confident track record to base the decision off of.

Law firms often have a particular forte. Some law firms would specialize in things like criminal law, helping defendants to ensure that they have the best possible defense and representation in the court room. Other law firms might specialize more in family law matters such as divorce or possibly bankruptcy. These cases often have very different proceedings. Due to that, it would always be the right decision to opt for the lawyer with experience in the field that you need most. In a more simple sense, you would never call your plumber to rewire the electrical panels in your home. Beyond the suits and ties, law firms are often not too different in terms of their strengths and weaknesses.

Finding that premier attorney is of the utmost importance when it comes to your legal representation. It is always imperative to find someone with the legal knowledge and understanding to represent you best. It’s also important to find a law firm which has attorneys who fully listen and understand your case. An attorney who is invested in their work will be able to find details in your case solely by understanding more about the situation and more about you. There is a bright side to this; if you do your homework and pick carefully, you certainly will find the right law firm for the job.