Estate Help

[yankees98a]

What is the name of your state? NYC

NY(NYC) Advice Needed


We settle a malpractice case for 700k. Here's where the issue gets tricky. My mother left will a will leaving everything to my father and if not him then her two sons. For it to go to us tax free I assume he simply renounces 2/3 of the lawsuitand we each get a third

However our lawyer in the malpractice case never remembered my mother having a will. Despite her being alive at the start of the case(and being terminal he could of asked her). My father also told him after she died. Anyway he went through this whole process of my fatherbeing apointed an administrator and stuff. After the case settled he said you had a will we could of avoided that. We settled in Dec. It's now pending through NYC Surgogate court for approval apparently. Just in case for my father protection I had him notarize a letter saying he renouncing 2/3 of the lawsuit per the will

Two questions
How long does approval and the completion of the process to be paid take?
Is this endround through making my father adminsitator instead of a will costly.. And can it cost us tax wise instead of going through the will in first place?

 

[Dandy Don]

No one here can tell you exactly how long it will take. Probably a few months because New York has such a large population that many probate cases are heard in their courts.

Making your father administrator should not be costly.

And whenever you get your share, IF you get your share, you will need to consult with a local CPA or tax accountant about the tax consequences.

Has father actually indicated by his demeanor and language that he is going to agree to let you all have some of this money? You say "we" settled in December--have you seen any court documents that have the sons's names on them as sharing in this estate? Have you been able to attend any of the probate court hearings about this matter to hear what is being discussed?

Your getting father to sign a notarized letter has no legal weight as far as probate is concerned. If he chose to he could ignore it completely and not share anything and claim that that is what the will instructs. If you could afford your own attorney to get an official renunciation document signed, that would strengthen your position.

DANDY DON IN OKLAHOMA (tiekh@yahoo.com)