Choose to view the in another tab or to download the PDF. Most non profits and religious corporations can apply for an exemption from the New York State Corporation Franchise Tax. There is no filing fee and processing time is two to three months. Harriman Campus Albany, NY Attach your IRS determination letter if you have one, a statement of activities, a statement of expenses and a statement of assets and liabilities. Once approved, you will receive a Sales Tax Exempt Certificate that you present when your non profit makes purchases.
You will still be responsible to collect sales tax from any fundraising sales you have. There is no application fee and it takes approximately two months to receive your certificate. Nonprofit organizations located in New York City can apply for an exemption from NYC General Corporation Tax by preparing an affidavit that explains the purpose of the nonprofit, its actual activities, the source of its income, and that any extra revenue does not profit a private individual. Here's a link to your state's probate courts.
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Even though the law requires that a will be submitted to the local probate court, there are really no actual penalties for not doing so, especially if the estate is too small for probate to be required. If an estate does have to go through probate, though, filing the will is the first step in getting that process started. It's not like the movies. Hardly any families have a meeting with a lawyer to read the will aloud. Instead, reading a will is like reading any legal document--take it slow, look up words that you do not know, and focus on what the document actually says, as opposed to what you wish it would say.
When you are reading a will, here's what you need to find out:. If the value of a person's estate is above a certain limit, called a "small estates limit," their estate must go through a probate proceeding before assets can be distributed to the people who inherit the assets. This is true whether or not there is a will. Probate is a process that takes place in court. The purpose of probate is to make sure that a deceased person's wishes are respected and that their property is distibuted as directed by their will.
The person named in the will as the executor, or personal representative, is appointed by the court. After that, the executor is in charge of protecting the estate's assets, identifying and valuing them, paying the debts and expenses of the deceased person, and, in the end, distributing the assets as directed by the will.
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Instead, the executor or personal representative can file some simple paperwork and then pay the last bills and expenses, identify the property, and distribute it to the beneficiaires. Each state's process is a little different. When a person dies without a will, or if the will cannot be found, then the estate will be distributed to their heirs, as determined by state law. These laws are called intestacy statutes. For example, in most states, if a person dies and leaves behind no spouse but two living children, those children would inherit the estate, in equal shares.
The Grantor, beneficiary, and Trustee of a typical living trust are all the same people because the primary purpose of a living trust is to manage a person's assets for them during their lifetime, and allow them to pass that property to their surviving spouse, or children, without having to go through a court-supervised process, called probate. During the Grantor's lifetime, the assets held in the living trust, often their house, their investment accounts and their larger bank accounts, can be used for that person's benefit in exactly the same way that the person was able to use those assets before they were placed in the trust.
But, at their death, the trust agreement will dictate what happens next, distributing the trust's property as directed by the document. Because the assets that have been transferred into the trust are legally owned by the trust and not by the person who contributed those assets , the Grantor's estate will not have to go through probate because it will fall under a state's small estates limit , if their biggest assets are held in the trust and only a few, small assets are held in their individual names.
Just having a living trust, though, isn't going to prevent a probate if the Grantor forgot to actually put their biggest assets house, brokerage accounts, and so on into the trust. It's entirely possible for someone to create a trust, ignore it for the next thirty years, and die with all of the major assets held in their own names, and not in the name of the trust. In that case, a probate will be required before any of that person's assets can be distributed to their beneficiaries.
For example, if a person whose home, brokerage account, and savings account had been transferred into their living trust, dies, only those assets that they held in their own, individual name would count towards their state's small estates limit for probate. However, if that same person never transferred their home, their brokerage account or that savings account into the trust, all of those assets would have to go through probate before they could be transferred to the trust's beneficiaries.
After someone dies, the family needs to locate that person's estate planning documents.
Much to many peoples' surprise, there's no official state registry for this kind of thing where people send in their important documents before they die. Instead, people keep their Wills and trusts in safe places -- sometimes in a safe deposit box at the bank, sometimes in a fireproof safe or cabinet at home, and sometimes just in a special box or drawer at home. If you are not certain where such documents are located, you just have to keep looking until you find them. If you can't find them, you may finally conclude that they just don't exist.
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If that's the case, then the person will have died intestate , which means that state law determines who inherits their property. If you're not certain whether or not such documents exist, then you've got more of a detective project on your hands. There's no external thing you can find that will tell you for certain that a Will exists--you either find one or you don't.
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But in the case of a living trust, your clue to the existence of a trust will be account statements or property deeds that show the ownership of the account to be something like this, "Nila Smatherton, as Trustee of the Nila Smatherton Trust. If you do find the trust document, your next step is to read it.
If you ultimately cannot find the trust document, you'll need to work with a local estate planning attorney to transfer the assets via a court order. To settle an estate that's held in a living trust, there are a series of steps that the Trustee will need to take. The beneficiaries and heirs will need to be notified of the death of the Grantor; the trust's assets will need to be identified and valued, the decedent's debts and expenses will have to be paid, the trust will need a tax identification number, a trust tax return may need to be filed, and, in the end, the trust's assets will need to be distributed to the beneficiaires.
As "estate," simply put is the property that a person leaves behind at death. When a person dies, their real property, their bank accounts, their brokerage accounts, their retirement accounts, and their tangible personal property, such as their furniture, clothes, jewelry, and automobiles, are in their estate. It is the Executor's job to collect, preserve, and ultimately distribute the assets that are in someone's estate. If an estate goes through probate, the Executor cannot distribute those assets to anyone without a court order, which is how a probate proceeding ends: the court issues an order that distribute's the estate's assets to the beneficiaries or heirs of the decedent.
But not all estates have to go through probate. If an estate is small enough, no probate is required, and an estate can be settled without court supervision. An estate that's small enough to be distributed without court supervision is called a "small estate. If a person's estate falls below a certain threshold, called a "small estates limit," then that estate does not have to go through probate before the assets can be distributed. Instead, after the executor identifies and collects a decedent's property, pays all the decedent's debts and taxes, the estate can be distributed to the beneficiaries or heirs without a court order.
The small estates limit, and which assets count towards it, vary by state.
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Click here to find out what the small estate's limit is for New York. If a person dies and leaves behind a Will that states who will inherit their property, then whether or not their estate must go through probate depends upon their state's small estate limit: if the estate falls below the limit, no probate is required. The Executor can distribute the property without getting a court order first. Each state's procedures for settling a small estate varies. Click here to find out how small estates are distributed in New York.
If a person dies and leaves behind a living trust that states who will inherit their property, then whether or not their estate must go through probate depends upon whether or not they funded that trust properly. Assets held in a living trust do not count towards the small estate limit, only assets that are held in an individual's name. If a person dies without a Will or a living trust , who inherits the estate depends upon state law.
Each state has a set of laws, called intestacy statutes, that state who inherits when there is no Will. If a person's estate falls below that state's small estates limit, then the estate won't need to go through probate. But if the estate exceeds the threshold, then it will have to go through probate. Not all assets count towards the small estates limit. Assets held in joint tenancy, payable-on-death accounts, or transfer-on-death accounts will pass to the surviving joint tenant or the named beneficiary automatically.
These assets don't count towards the small estates limit. Retirement assets and life insurance proceeds also don't count towards the small estates limit, as long as there is a beneficiary named for these accounts. If no person is named as a beneficiary, then these assets will be distributed, usually, to the person's estate, which means that they will count towards the limit.
If a person dies and leaves behind a spouse, the estate will not be subject to a formal probate proceeding, even if the estate otherwise exceeds the small estates limit for that state. Assets passing to a surviving spouse can usually be distributed to that spouse by the use of simpler probate procedure.
An executor is the person either appointed by the court, or nominated in someone's Will, to take care of the deceased person's financial affairs. In some states, this person is called the personal representative. If there's a probate court proceeding, the court officially appoint someone--usually, the personnamed in the deceased person's sill--as executor.
If there's no probate proceeding because the estate is too small to require one , then the person named as executor still takes care of things, but doesn't have official authority from the court. If required, the executor can provide a copy of the deceased person's will and a document stating that there is no probate pending in the state.
A trustee is the manager of the property held in a trust. The successor trustee is the person named in the trust document to take over the job of managing the trust after the person who established it, the grantor , dies or is unable to continue as trustee. Often, the trustee and the executor are the same person.
But that doesn't mean there's no difference in their jobs.