Having a comprehensive estate plan is crucial. Wills and other estate planning tools ensure your heirs receive your assets after you are gone. They can also help you minimize taxes when developed strategically. While it is crucial that you have an estate plan in...
PROVEN LEGAL COUNSEL
For Estate Planning, Estate Administration And Disputes
Year: 2021
Understanding the role of undue influence in will contests
When you anticipate inheriting a certain amount or certain assets when a New York loved one dies, you may be in for an unpleasant surprise if things do not play out as you expected. You may not challenge a will simply because you disagree with how its author chose to...
What are the two different types of a living trust?
Even if you do not currently have a last will and testament, it is likely that you are familiar with the purpose of the document. Many people, however, are less aware of living trusts and the role that they can play in a robust estate plan. Living trusts have a number...
How can I avoid estate planning mistakes?
You probably already know how crucial an estate plan is for your assets and family. Develop a solid and legally binding plan is equally important, as this will prevent family members from contesting it. According to Kiplinger, certain estate planning mistakes are...
Are there different types of business partnerships?
Choosing the right business structure is a must for continued success and growth. According to Business News Daily, partnerships are commercial enterprises created by two or more distinct parties. They offer benefits like increased manpower and reduced tax burden....
Should foreign investors prepare for a New York City real estate boom?
International investors have been justifiably wary as they observe current high-end real estate trends in New York City. However, recent signs may indicate a rapid and unusual rebound in the near future. Will there be an uptick in sales of distressed assets? Veteran...
What is a 1099-S?
If you sell a property you own, then you will need to file a 1099-S form for tax purposes. According to REtipster, this form is part of the closing process and reports your profits from the sale. The IRS requires you to file a 1099-S form to ensure you pay all...
What conversations should you have with a health care proxy?
You understand the importance of having a health care proxy make medical decisions for you if you become incapacitated, but do you know how to talk about the matter with candidates? You do not want your chosen proxy to learn of your decision after you become medically...
What are the benefits of an LLC?
When you create your business, one of the first things you need to do is decide what structure you will use. Each business structure has its own benefits and drawbacks. This includes LLCs, or Limited Liability Companies. What are the benefits of an LLC? And what are...
How does a 1031 exchange work in New York?
Any foreign holder of real estate in New York likely knows just how tricky tax laws surrounding purchases and sales can be. Many owners want to avoid a sizable payment to the U.S. government come April 15th and choose to participate in a 1031 exchange instead. In New...