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New York Legal Issues Blog

Carefully examine your estate plan during divorce

Major life events, such as the passing of a loved one or the addition of a child to your family, often impact every area of your life. Not only does the dynamic of your family change, but the simplest things, such as morning routines and holiday traditions, may take on new meaning after someone comes into your life or leaves. Many people do not realize that their estate plans also face impacts after major life changes.

Divorce is one of those events that brings monumental change, including to an established estate plan. As painful as your divorce may be, you run the risk of causing even more pain if you fail to amend your estate plan in the face of this major life event. While a divorce may automatically invalidate some elements of your estate plan, it is always a good idea to review your documents after any major life change.

Will contests could stem from concerns over document validity

Simply because a person is slightly disgruntled with the outcomes of property distribution after a loved one's death, it does not necessarily mean that he or she needs to take legal action. However, if there is real reason to believe that certain documents should not be considered valid, individuals may choose to carry out will contests. Before doing so, New York residents may want to closely consider their reasons.

In some cases, loved ones may believe that a will was created after the decedent had lost the ability to think clearly for him or herself. This ability is known as testamentary capacity. When individuals develop issues pertaining to their mental clarity, such as developing Alzheimer's disease or dementia, this capacity to make sound decisions may no longer exist. As a result, any documents created after this decline may not be considered valid.

Estranged families may face probate litigation

Families can bring about a lot of love and animosity. Some people may truly love everyone in their families while others have become estranged over the years. While the latter arrangement may keep arguments at bay as long as family members stay away from each other, issues could arise in the event of a death in the family. Even estranged individuals in New York may feel that they are entitled to some inheritance, and probate litigation could ensue if documents do not reflect that idea.

Though a parent may no longer be around to field a conflict between a distant child, this does not mean that a dispute will not occur. Surviving siblings could easily wind up in litigation if inheritances do not seem fair or even if a child is left out entirely. Conflicting beneficiaries can easily cause an estate to wind up in court for years.

If a parent died without a will…

Unfortunately, too many people don’t take estate planning seriously. They assume they’ll “get to it tomorrow,” and then tomorrow never comes. These same people, if they have children or surviving family members, will leave those heirs dealing with the possibility of a lengthy probate proceeding or litigation.

So, what should you do if your parent died and you don’t think they had a will? There are some steps you can take that might make the process easier, even if you do end up going through probate in the end.

The future of smart technology in commercial real estate

We have written a number of posts on the fundamentals of real estate investment in New York City. Essentially, the means of creating new out of old can take many different forms and technology continues to play a major role in current and future developments. Smart technology continues to be an important amenity given how residential and commercial real estate tenants appreciate keyless entry, updated security features and voice controlled features that personify 21st century living.

In addition to informing residents of what may be happening in their buildings, smart technology is expanding into collecting data to help residents, building owners and developers make decisions about how their buildings are being used. For example, if energy use can be accurately measured, these parties can make informed decisions about how to spend money.

Buying a home under the new tax reforms

Undoubtedly, you have considered the many advantages of owning your own home. Being out from under a landlord's regulations is an attractive motivation to hunt for real estate, and so is the chance to really show your style in furnishing and decorating your home. You may long to have family gatherings and parties with friends that your rental unit does not allow.

You may also see the purchase of a new home as an investment. Depending on the market, the value of your home may provide you with financial security for years to come. Homeownership also carries some tax advantages. However, you may want to understand the new tax reform and how its rules will affect you if you purchase a home in 2018.

How to tell if your loved ones will fight over your estate

Most people who create their estate plans do so with the thought that siblings or other loved ones will come together and share in the gifts and assets that were left behind. Such optimism is noble, but it does not always work out this way. While siblings and competing loved ones may appear to have love and compassion for one another, things may change quickly after a matriarch or patriarch passes away.

If you wonder if your children are likely to fight with each other over your estate, this post will highlight a few indicators.

Will more investors turn to REITs as the economy grows?

Part of the draw to real estate in New York City is the investment potential. Real estate is one of the few commodities that is not exactly growing in nature; this is because more land is not being produced, and in some areas of our region, land is becoming scarce.

Because of this, what is old is being renovated and being made new again. With that, there are additional investment opportunities. Indeed, industrial investors understand that these opportunities are out there; but for individual investors, real estate (especially commercial real estate) the opportunity may not be financially feasible.

Long term tenant signs lease renewal

Generally speaking, the sign of a successful business is continuity. Having a longstanding physical location means that a business has established a following that is committed the success of the people supporting it. It also allows the business to rely on a brand based on generations of customer service to distinguish itself in the marketplace.

This exemplifies the relationship between ABS Partners Real Estate and the law firm of Wolf Haldenstein Adler Freeman & Herz. The long time civil rights law firm recently signed a lease renewal at 270 Madison Avenue in Manhattan. Usually a lease renewal would not garner headlines or adulation, but the fact that the Wolf Haldenstein firm has been at the same address since its inception in 1924 is remarkable.

Margaritaville coming to Times Square

New York City is known as the city that never sleeps. But where can someone go when they just want to slow down and take it easy and not necessarily sleep? For the developers behind the newest Margaritaville development, they hope most people choose Times Square.

According to a recent globest.com report, Orlando, Florida based Margaritaville holdings announced its plans to move forward with a 29 story development in New York City. The new building will be located at 560 Seventh Avenue in the heart of Times Square.

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