When choosing an executor, most people focus on one question:rnrnWho do I trust?rnrnTrust is certainly important. However, there is another consideration that many families overlook: Where does your executor live?
Reena Gulati Blog
One of the most common misconceptions in estate planning is that creating a trust automatically avoids probate.rnrnIt doesn't.rnrnIn fact, I regularly meet families who are surprised to learn that a loved one had a trust, paid for a trust, signed a trust—and yet their estate still requires probate proceedings in Surrogate's Court.rnrnHow does that happen?
In Parts 1 and 2, we reframed succession planning as a business survival strategy and not a “someday” project. We walked through the most common mistakes that quietly derail otherwise strong businesses. Now let’s talk about what a good plan actually looks like.
For families trying to protect real estate while planning for long-term care or Medicaid eligibility, the internet is full of quick-fix advice:rnrn“Just put the house in your kids’ names.”rn“Do a life estate, it avoids probate.”rn“Use a Lady Bird Deed, it’s the best of both worlds.”rnrnBut in New York, these strategies are not always available or advisable. And more importantly, what sounds simple online can create complications that are hard to undo.rnrnLet’s take a closer look at the real risks of using deeds and life estates for Medicaid planning and what better alternatives may exist.
Why Clearing Title Isn’t Always as Simple as It LooksrnrnWhen a loved one passes away, most people think the hardest part is the emotional loss, and that legally transferring property is just a matter of paperwork.rnrnBut often, that “paperwork” reveals something much more complicated:rnA deed that was never updated.rnA co-owner who passed away years ago without probate.rnA missing heir no one has heard from in decades.rnrnWe call this the “ghost owner” problem, and it’s one of the most common issues we see when real estate is inherited or being prepared for sale.
