Legal Question in Elder Law in New York

Upon my father's death earlier this month, all assets went to my mother. Therey are 3 surviving adult children. They spread their assets around to 3 to 5 different institutions, most in CD, IRA annunities. When Mom dies we sould lilke to avoid probate. To avoid probate is it better to have Mom's beneficiary be the same child or have each child on a different account. If one of the children is the beneficiary and that child predeceases Mom should the other 2 children be listed as contingent beneficiaries? Dad would not want $ going to the son-in-law of the deceased sibling. Most likely Mom will end up in a skilled nursing facility and the money will be spent there. Also what is the difference between beneficiary and right of survivorship?


Asked on 8/21/09, 12:56 pm

1 Answer from Attorneys
Richard Bryan Richard Bryan Attorney PC

You need to be careful here because avoiding probate cannot and should not be your only concern. You need to watch out for estate and income tax consequences, especially when it comes to the IRAs. Planning for IRA inheritances is not difficult, but you need to get all the paperwork done correctly. You should talk to a certified financial planner first. If mom is going to a nursing home, the inheritance issue may be a moot point, since mom will be required to spend down her assets. You may be able to do some planning now before the nursing home becomes an issue.

Good luck.

Rick Bryan

New York, NY

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Answered on 8/26/09, 3:52 pm


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