Wednesday, March 16, 2016

Estate Planning Basics

Estate planning can be overwhelming for anyone not familiar with this particular area of law. All that one actually needs to be fairly familiar with the entire legal niche are a few basic concepts. Once familiar with these concepts, you will have a better understanding as to what your estate plan should consist of.

Estate planning covers crucial elements that can be applied to the many stages in an individuals life. Some key decisions that estate planning covers are retirement, social security, property distribution after death, long-term care, Medicaid,  and asset protection among many other things. What items should one be familiar with before they begin preparing their estate plan? Here is a short list to better understand how to prepare properly:

Last Will and Testament: Everyone is familiar with a will. It is a document you prepare that states how your property should be distributed after you pass away. You choose an executor in the will which is a person who will manage your property after your passing. You also appoint a guardian in your will in the event you have a minor child or an individual who is mentally changed that was under your care.

Trust: Trusts come in many forms. You have revocable and irrevocable trusts which are the two main categories. Think of a trust as a company that holds onto your assets. This bank has what is called a trustee which is the individual who manages the assets. Based on how the trust is stipulated, the trustee acts accordingly and distributes the funds of the trust as directed. With a irrevocable trust you no longer own the property which helps you save on estate tax. A trust is also a great way to avoid probate. Probate is unavoidable when you have a will in place.

Durable Power of Attorney: People can sometimes be unavailable to handle their financial affairs either because of logistics in traveling or sickness. We take for granted the day to day things we are able to do like pay our bills, go to the bank, close on real estate transactions, and many other things. If you are unable to do any of these actions because of a disability but need them to be done, consider preparing a Durable Power of Attorney. This document appoints an individual to do said actions for you. We outline the exact limitations to what they can and cannot do.

Living Will: Although you see the keyword will, this document is completely different from a a last will and testament. This document stipulates what should take place during a situation where you fall into a coma. You decide ahead of time in a living will on whether or not you should be kept on life support.

Guardianship: You can appoint a guardian to watch over a minor child or an individual who is mentally impaired. As the guardian, you would be paying their bills, admitting them to an institution, and taking care of their day to day needs.

This is just a short list of what is available to you. We do recommend you get in touch with an estate lawyer to better direct you on what exact tool would best suit your personal situation.

Saturday, March 5, 2016

Our Legal Listings

It is our honor to be able to be a part of many local legal and business communities in New York. Since the inception of our firm, our priority has been to gain a strong presence within our local community. We want the individuals and families living in New York to know our firm is ready to assist them with their estate planning, elder law, probate, and estate administration needs. With that being said, we have been honored to be a part of several online New York and Legal communities.

Nolo: This is a reputable company that has been around for several years. They provide wonderful legal guides and provide a full database of attorneys in your state and city. View our profile on Nolo. Be sure to visit the site regularly for we will be posting articles shortly.

Manhattan Chamber of Commerce: Being part of local chambers of commerce are crucial for any business to succeed. Our estate planning listing has recently been accepted and we looked forward to continuously service our Manhattan clients.

Better Business Bureau: It is truly an honor to be recognized by BBB. We are currently on our way for full accreditation and hope to be a part of their directory. Visit our current listing today.

Legal Advice: This legal data base has a vast amount of attorneys available to assist you with your needs whether it is a criminal or traffic matter. If you are in need of an estate lawyer, be sure to visit our estate page to get more information about our firm.

Legal Reach: This directory has been around for over 10 years. By giving you the opportunity to find the attorney that you need to assist you with your particular personal situation, this website is fundamental in your search process of finding a lawyer. See our profile for more information.

Lawyer: This website provides full profiles detailing every publication and accomplishment that an attorney has achieved. This website also provides free legal guides for the public to visit. Visit our probate and elder law listing today.

Avvo: With popular demand, we bring to you our avvo estate listing. Avvo has been dominating the social media circles as of lately and is truly a great resource for individuals seeking a lawyer.

Also, always be sure to visit our social media accounts to see our latest updates:


As always, you can reach us at (646) 535-1667. We are located on 85 Broad Street 18th Floor, New York, NY 10004 and our website is

Friday, March 4, 2016

NY, Brooklyn, Queens, Manhattan Probate, Elder Law, Estate Lawyer - Mish...

Episode 3 of the Mishiyeva Law Podcast

NY, Brooklyn, Queens, Manhattan Probate, Elder Law, Estate Lawyer - Mish...

Episode 2 of the Mishiyeva Law Podcast

NY, Brooklyn, Queens, Manhattan Probate, Elder Law, Estate Lawyer - Mish...

Episode 1 of the Mishiyeva Law Podcast.

Brooklyn, Manhattan, Queens Estate Planning, Probate, Elder Law Attorney...

How The NYC Probate Process Works

What happens when someone passes?

Before we begin, it is highly advisable to contact an New York Estate Planning Lawyer as soon as someone passes away for estate purposes. When an individual passes away, two types of proceedings happen. If a will was set in place, probate proceedings occur. If no will was set in place, you enter into a process called estate administration. Either or, some common events transpire: creditors must put in a claim and be compensated for the debt owed, the property of the estate must be distributed to the heirs, and estate taxes must be paid if applicable. This entire process takes place in a specific court called Surrogate's Court.
When the individual passes away, he or she will have a representative representing their estate. If a will was in place, this representative will be called a executor. If no will was set in place the court will appoint what is called an estate administrator. They will typically go to Surrogate's Court and be requested to handle all debts of the estate including any tax liability from the federal and state level. Also, they will be asked to manage the property under the estate and distribute the said property either as stated within the will or through a court order. The court's only duty during this process is to supervise and provide approval of how the property within the estate is handled.
Be mindful that a NYC Estate Lawyer understands probate and estate administration very well. It would be wise to not handle this alone and instead contact them for their assistance.

The Probate Process

This is the time to call the CPA. Why? It's time for some accounting. The executor or the administrator has to make a listing of all property within the estate. They have to calculate what the value of the estate is. An inventory is made and as times a specialist may have to be appointed to provide an appraisal in order to estimate the value of some of the items or real property in the estate.  A NY  Estate Lawyer can make this process much easier. Once everything is accounted for, this information must the be filed with Surrogate's Court.
Once a proper accounting is done, it's time to pay some bills. The debt and taxes which were accrued by the decedent will have to be addressed. Afterwards, whatever is left over, the beneficiaries get their piece of the property. Keep in mind if no will is in place or it is ambiguous, be ready for long lost relatives to show up and contest the distributions. Make sure to hire yourself an estate litigation lawyer.