January 09, 2023

Can Estate Property Be Sold to Pay Estate Expenses

real estate agent handing over the house keys in front of a beautiful new homeHave you recently lost a loved one in New York and are uncertain about the legal process for selling assets? Understanding what can and cannot be done during this is essential to save yourself time and money. Our estate attorney in Brooklyn at Strazzullo Law Firm can act as your resource during this confusing and challenging time.

What Is Considered Estate Property?

New York law defines estate property as any real estate, personal property, business assets, and bank accounts owned by a deceased individual. This could include houses, cars, jewelry, artwork, family heirlooms, and other valuable items the deceased owns.

Sold Estate Property for Estate Expenses

In New York State, estate funds can be used for various expenses related to the decedent’s passing. These include cleaning and moving costs, funeral costs, as well as upkeep of both physical and virtual property belonging to the decedent.

These expenses can be an effective way to pay off debts and distribute estate assets more rapidly. However, they could lead to legal problems if creditors believe the executor is not adhering fully to New York State probate law requirements. To be safe, you should consult an estate attorney in Brooklyn at the Strazzullo Law Firm.

What Are Appropriate Estate Expenses?

Estate expenses can be a significant burden for anyone who inherits property in New York. From property taxes and maintenance costs to legal fees and estate taxes, there are many expenses to consider when managing an estate. The following are some of the estate expenses:

Maintenance and Repair of Property Belonging to the Decedent

If the decedent left a home behind, these costs should be covered through their estate. This could include upkeep and repairs on the house, taxes, insurance, mortgage payments, reasonable property upkeep (lawn mowing, landscaping), etc.

Professional Fees for Estate-Related Services

This includes legal and other professional fees paid to an attorney, accountant, and other professionals hired to assist the executor, personal representative, or administrator in managing the estate. They may also include expenses associated with preparing estate or inheritance tax returns and income tax returns.

Funeral and Memorial Expenses

Depending on their nature, these costs are generally allowed as deductions on an estate’s income tax return or estate tax return. However, travel expenses for family members and friends attending a funeral cannot be deducted as estate expenses since they fall under personal expenses. An estate attorney in NYC can help you to classify estate expenses correctly.

Junk Removal

When a loved one passes away, many families face the difficult task of disposing of unwanted items. This can be an emotionally charged and challenging undertaking that necessitates professional assistance to safely remove things that no longer serve any purpose or value.

Estate Administration Fees

In New York, when someone passes away, they often leave behind a will designating an executor or administrator to manage their affairs. This individual is accountable for tracking down assets, valuing them, filing final income and estate tax returns, selling real estate and other estate assets, and distributing those proceeds to the decedent’s beneficiaries.

The executor or administrator is entitled to receive a fee for their services. This fee is determined by the value of estate assets plus any income generated during administration. Commissions may vary based on how an executor performed their duties. They are usually paid after estate proceedings unless beneficiaries waive them in writing.

An experienced estate attorney in NYC at the Strazzullo Law Firm can help you assess how much compensation is owed to you. Your estate attorney in Brooklyn might advise executors to obtain a waiver and consent from beneficiaries before collecting their commissions.

Benefits of Having an Estate Attorney in Brooklyn

Estate planning in New York can often be done independently, but it is wise to consult an estate attorney in Brooklyn at Strazzullo Law Firm for comprehensive coverage. We know the laws, strategies, and tax benefits available to you so that you can plan effectively for the future.

An estate attorney in NYC is essential for planning for the future and safeguarding your assets. Our attorneys assist with everything from writing wills to setting up trusts. Furthermore, we can help reduce taxes on estate or inheritance proceeds and also help avoid probate in case of death.

Our NYC estate lawyers can support you during various stages, such as handling probate proceedings and resolving difficulties while administrating your loved one’s estate. Call the estate lawyers at Strazzullo Law Firm at 800-476-9993 or click here to message us.