Busson & Sikorski, PC New York Law Firm2026-06-17T17:14:26Zhttps://www.bussonsikorski.com/feed/atom/WordPress/wp-content/uploads/sites/1101229/2019/05/cropped-favicon-32x32.pngOn Behalf of Busson & Sikorski, PC<![CDATA[What is title insurance and do you need it?]]>https://www.bussonsikorski.com/?p=508832025-04-22T15:29:56Z2025-04-22T15:29:56ZWhen buying property in New York, you might hear the term "title insurance" and wonder what it means. Simply put, title insurance is protection for buyers and lenders against problems with the property’s title. But do you really need it? Let’s break it down.
What is title insurance?
Title insurance is a type of insurance that protects you if there are problems with the ownership of the property you’re buying. These problems could include issues like mistakes in the public records, hidden liens, or even past owners who didn’t fully own the property. Essentially, title insurance makes sure that no one else can claim ownership of your property after you buy it.In New York, buying a property might involve more than just transferring a deed. Sometimes, the title might have unknown issues like unpaid taxes or past debts that weren’t revealed during the sale. Title insurance can help cover the costs to fix these problems if they pop up later.
Why do you need title insurance?
When you buy property, you want to make sure that no one else can claim it as theirs after the sale. Title insurance helps protect you from any surprise claims on the property. It also protects the lender if you're taking out a mortgage, ensuring that the property’s title is clear before they give you a loan.Without title insurance, you could face costly legal battles if someone challenges your ownership later on. The insurance helps cover those legal fees and any other costs to fix the problem.
When don’t you need title insurance?
While title insurance is usually recommended, there are a few situations where you might not need it:
Buying with cash: If you’re paying for the property in full with cash and you’re sure the title is clear, you might decide not to get title insurance. However, this isn’t recommended unless you know a lot about the property’s history.
Seller already has title insurance: If the seller has recent title insurance that covers the property, you might be able to skip getting your own. But it’s important to check with your attorney to be sure.
It is important to fully understand the pros and cons of not having title insurance before you make a decision.In New York, title insurance is an important part of buying a property. It protects you from unexpected problems with the title that could cause you financial trouble in the future. While there are a few situations where you might not need it, most buyers will benefit from having title insurance to keep their investment safe.]]>On Behalf of Busson & Sikorski, PC<![CDATA[How does a corporation differ from an LLC?]]>https://www.bussonsikorski.com/?p=508802025-04-02T17:06:51Z2025-04-02T17:06:51ZWhen you start a business, you’ll need to choose its legal structure. Two popular options are corporations and limited liability companies (LLCs). Both structures protect business owners from personal liability, but they operate differently in several key areas. Understanding these differences can help you choose the right structure for your business.
Ownership structure
A corporation has shareholders who own shares of stock. These shareholders can be individuals or other entities, and their ownership is represented by the shares they hold. Share ownership determines control and decision-making power within the corporation. In contrast, an LLC has members who own the business. Members can be individuals or other companies. LLCs don’t issue shares like corporations. Instead, members hold membership interests in the business.
Taxation
Corporations typically face taxation as separate entities. This means the corporation itself must pay taxes on its profits, and then shareholders pay taxes on any dividends they receive, leading to potential double taxation. However, if the corporation elects to become an S-corporation, it can avoid double taxation by allowing profits and losses to pass through to shareholders’ personal tax returns. LLCs generally enjoy pass-through taxation. This means that the business doesn’t pay taxes itself; instead, the profits and losses pass through to the members, who report them on their personal tax returns.
Management structure
Corporations follow a formal management structure with a board of directors overseeing the company’s operations and officers managing day-to-day activities. LLCs, on the other hand, have more flexibility. They can be member-managed, where the owners manage the business, or manager-managed, where the owners appoint a manager to handle operations.
Formalities and compliance
Corporations face more regulatory requirements than LLCs. They must hold annual meetings, maintain detailed records, and follow corporate formalities, such as issuing stock certificates and keeping meeting minutes. LLCs are less formal and have fewer compliance requirements. For instance, they don’t need to hold annual meetings or record minutes, which makes them easier to manage.Both a corporation and an LLC offer personal liability protection and support business growth. Your choice depends on your specific needs, such as the level of formality you prefer and your tax situation.]]>On Behalf of Busson & Sikorski, PC<![CDATA[How can you speed up probate in New York? ]]>https://www.bussonsikorski.com/?p=508732025-03-25T13:29:09Z2025-03-25T13:29:09ZWhen a family member dies, dealing with probate often adds stress to an already challenging time. Getting through probate quickly matters in New York County, where property values run high. The good news? You can take explicit steps to move your case faster through the Manhattan Surrogate's Court.
What happens in New York County probate?
When someone dies, their will must go through probate in Surrogate's Court. This court checks if the will is genuine and lets the executor handle the assets. Probate takes about seven months without any problems, but it can stretch longer if issues arise.
Steps that speed up your probate case
Before we dive into the specific steps, know that preparation makes the most significant difference in how fast your case moves. Here's what helps most:
Get your papers ready first: Find the original will and death certificate.
Ask for temporary letters: Start handling urgent tasks while waiting for full approval.
Fill out all forms correctly: Submit a complete package of documents at once.
Get beneficiaries to sign off: Ask them to approve the process in writing.
Fix any fights fast: Talk through problems before they become court battles.
Keep good records: Write down every action you take
These steps work best when you tackle them in order and pay attention to details.
Smart moves save time
Starting probate right away helps prevent delays later. Watch out for common hold-ups like missing signatures or incorrect forms. The court needs exact information to move your case forward. Moving fast matters, but doing things right matters more. One mistake can set you back weeks or months. Many families turn to lawyers who work regularly with the Manhattan Surrogate's Court. They spot problems before they happen and know the fastest path through probate. Talking to a probate lawyer might be your next smart move if you want to speed up your probate case. ]]>On Behalf of Busson & Sikorski, PC<![CDATA[What are the different types of 1031 exchanges?]]>https://www.bussonsikorski.com/?p=508712025-03-11T13:45:30Z2025-03-11T13:45:30ZA 1031 exchange is a strategy that many savvy investors use to defer capital gains taxes, reinvest in new property and build wealth along the way. In simple terms, it allows you to sell a property and reinvest the proceeds in a new property while deferring capital gains taxes. The tax is postponed until you sell the new property without doing another exchange.However, there are several different types of 1031 exchanges, each with its own unique advantages. If you’re considering a 1031 exchange as an investment strategy, learning about these types can help you find the perfect exchange for your goals.
Simultaneous exchange: The simplest one
In a simultaneous exchange, the sale of the relinquished property and the purchase of the replacement property happens on the same day. It is a straightforward swap of one property for another.While it is the most straightforward, it is also the least common due to the difficulty in timing both transactions to occur simultaneously.
Delayed exchange: The most common type
The delayed exchange is the most common type of 1031 exchange. This is how it usually works:
You sell the property
You identify a potential replacement property within 45 days of the sale
You complete the purchase of the new property within 180 days of the sale
A qualified intermediary will hold the funds from the sale during this period. If you accept that money, it will become taxable and therefore undermine the purpose of the 1031 exchange.Delayed exchanges are the most common because they offer more flexibility in finding a suitable replacement property. In 1031 exchanges, you have to find a like-kind property, similar to the original property. This can be easier said than done, which is why the time allowance of a delayed exchange is beneficial.
Reverse exchange: The exchange for great opportunities
A reverse exchange occurs when you buy a replacement property before selling the relinquished property. This can be useful when a great investment opportunity arises, but you have not sold your current property yet.You have 45 days to declare the old property as relinquished. Then, you must complete the exchange within 135 days.However, reverse exchanges can be more complex and expensive than other types. It involves creating a special entity to hold the new property until you sell the new one.1031 exchanges can be great wealth-building tools when done right. Consider talking to a real estate attorney who can guide you through the process and help maximize your tax benefits.]]>On Behalf of Busson & Sikorski, PC<![CDATA[When should you review your estate plan? ]]>https://www.bussonsikorski.com/?p=508672025-02-25T11:04:46Z2025-02-25T11:04:46ZYour estate plan needs to match your current life situation. As your life changes, so should your estate plan. Regular updates keep your wishes clear and your loved ones protected.
What is an estate plan review?
An estate plan review checks your current legal documents. These include your will, trusts, power of attorney and healthcare directives. This keeps your plan fresh and valid under today's laws.
When to update your estate plan
Most people should look at their estate plan every three to five years. But some life events call for quick action. Here are key times to review your plan: Life milestones:
Old estate plans can lead to family fights and extra taxes. Minor updates now prevent big problems later. Consider estate plan reviews like regular car maintenance. They keep everything running smoothly. A local estate planning lawyer can spot issues you might miss. They know the latest laws and can suggest the best ways to protect your wishes. Call one today to ensure your plan still works for you and your family. ]]>On Behalf of Busson & Sikorski, PC<![CDATA[Properties foreigners can and cannot buy in the US]]>https://www.bussonsikorski.com/?p=508642025-02-05T14:44:29Z2025-02-05T14:44:29ZNo federal limitations on foreign individuals owning real estate
In general, foreigners can buy most types of property in the U.S., including:
Residential homes
Condominiums
Apartments
Commercial buildings
Vacant land
Foreign nationals cannot purchase agricultural land, property near military bases or government buildings or certain historical landmarks. Additional limitations may be imposed by state and local laws, and some cooperative boards may be reluctant to approve foreign buyers.
Legal considerations when buying a property
The real estate purchase process for foreigners is similar to what U.S. citizens experience, but with a few extra considerations. If you do not have a Social Security number, you will need to acquire an Individual Taxpayer Identification Number (ITIN). This allows you to pay taxes on your property and comply with U.S. tax laws.
Foreign buyers can get financing, but it might be different from what U.S. residents receive. Lenders typically ask for bigger down payments and extra paperwork from foreign buyers. It is best to look into these requirements early when planning to buy.
Purchasing property in the U.S. is attainable with the right preparation. Arm yourself with information and consult a professional for advice. This way, you can ensure your American dream becomes a secure and fulfilling reality.]]>On Behalf of Busson & Sikorski, PC<![CDATA[What qualities should you look for in an executor?]]>https://www.bussonsikorski.com/?p=508592025-01-22T07:39:33Z2025-01-22T07:39:33ZEstate administration involves managing and distributing a deceased person's assets according to their will or state laws if no will exists. At the center of this process is the executor, an individual appointed to ensure the proper settlement of the estate. Choosing the right executor is crucial for a smooth and efficient administration. Here are five key qualities to consider when selecting an executor.
Trustworthiness
Your executor will manage sensitive and significant tasks, such as managing assets and settling debts. Trust is essential. Choose someone you can rely on to act in your estate's and beneficiaries' best interest. A trustworthy executor will maintain transparency and integrity throughout the process.
Organizational skills
Estate administration involves numerous tasks. This includes filing paperwork and communicating with beneficiaries. An executor with strong organizational skills can efficiently manage these responsibilities. Look for someone who demonstrates diligence and can keep track of important deadlines and documents.
Financial acumen
An executor often deals with financial matters. This includes managing investments, paying taxes and distributing assets. Selecting someone with financial acumen ensures they can make informed decisions about your estate. This does not mean they need to be a financial expert, but they should understand financial principles well.
Impartiality
Family dynamics can complicate estate administration. An executor must remain impartial, especially when conflicts arise among beneficiaries. Choose someone who can navigate these dynamics diplomatically and make fair decisions without personal bias.
Availability
Estate administration can be time-consuming. Your executor should have the time and willingness to dedicate to these duties. Avoid choosing someone with a demanding schedule that may prevent them from giving your estate the required attention.
Making the right choice
Selecting the right executor plays a pivotal role in estate administration. By choosing someone who embodies these qualities, you help ensure the proper management of your estate and assets. Consider these attributes carefully to make the best choice for your estate's future.]]>On Behalf of Busson & Sikorski, PC<![CDATA[Facing executor challenges: what to expect and how to manage]]>https://www.bussonsikorski.com/?p=508562025-01-13T07:11:39Z2025-01-13T07:11:39ZAn executor plays a crucial role in estate administration and manages and distributes a deceased person's assets according to their will. In New York, executors must navigate legal and financial responsibilities while honoring the decedent's wishes. Here are five common challenges executors may face and how to handle them.
1. Understanding legal obligations
Executors must familiarize themselves with New York's probate process and legal requirements. They must file the will with the Surrogate's Court and obtain the legal authority to act. To manage this, executors may consider consulting with a legal professional to ensure compliance with all legal obligations.
2. Managing estate assets
An executor must inventory and appraise the estate's assets, which can include real estate, investments, and personal property. To manage these assets effectively, executors should keep detailed records and consider hiring professionals for appraisals.
3. Settling debts and liabilities
Executors are responsible for paying the deceased's outstanding debts and liabilities. This requires identifying creditors and ensuring they settle before distributing the remaining assets. Executors can manage this by prioritizing debts according to New York law and maintaining clear communication with creditors.
4. Resolving beneficiary disputes
Disputes among beneficiaries can arise, often leading to tension and delays. Executors should address these issues by maintaining open communication and transparency. If necessary, they may seek mediation to resolve conflicts.
5. Handling tax obligations
Executors must file the final tax returns for the deceased and the estate, including federal and New York state taxes. To manage tax obligations efficiently, executors should work with a tax professional to ensure accurate and timely filings.
Seeking legal support
Executors face a range of responsibilities that require careful management and decision-making. With the proper legal guidance, executors can better fulfill their duties and confidently navigate the complexities of estate administration. ]]>by Busson & Sikorski, PC<![CDATA[Estate Planning Mistakes You’re Probably Making in New York]]>https://www.bussonsikorski.com/?p=508532024-12-30T10:43:49Z2024-12-30T10:43:49ZWhy You Need an Estate Planning Lawyer in New York to Avoid These Mistakes
So, why should you work with an estate planning lawyer in New York? It’s more than just writing a will—it’s about getting your assets and healthcare wishes in order in a way that’s legally sound.
At Busson & Sikorski, we’ve helped countless clients with estate planning issues, ensuring their wishes are followed after they’re gone. Many people think they can handle it on their own, but without the right guidance, your estate could be left in disarray.
That leads to stress and costly legal battles for your family. We’re here to help you create a plan that fits your specific needs, making sure everything is taken care of.
Not Updating Your Will Regularly
One mistake that happens more often than you think is not updating your will regularly. Life changes—whether it’s a marriage, divorce, the birth of children, or acquiring new assets—and your will needs to reflect that.
If you haven’t updated your will in years, there’s a good chance it no longer aligns with your current wishes. Even if you think everything is set, don’t forget that your family’s needs may shift. By working with an estate planning lawyer in New York like us, we’ll make sure your will is always up to date and keeps pace with your life’s changes.
Forgetting to Plan for Incapacity
Another mistake we see is forgetting to plan for the possibility that you may become incapacitated. While most people focus on what happens after they pass away, what if you’re unable to make decisions for yourself? Without the right documents in place, your family could find themselves in a lengthy and costly legal battle just to make basic decisions on your behalf.
Powers of attorney and healthcare directives are essential to ensure your wishes are respected if you ever can’t speak for yourself. These documents are just as important as your will, and we make sure to include them in your estate plan to protect you and your family.
Ignoring Taxes
Taxes are another big factor many people forget when it comes to estate planning. If you don’t plan ahead, your family could be hit with a hefty tax bill on the estate you worked hard to build. New York’s estate tax laws can be tricky, and the last thing we want is for your loved ones to face unexpected taxes.
As your estate planning lawyers, we can help you structure your assets in a way that minimizes taxes, so more of your estate goes to the people you care about.
Best Real Estate Law Firms in NYC Can Help with Property Matters
Your real estate assets, whether it's your home or rental properties, are often some of the largest parts of your estate. These need to be handled with care to ensure everything goes smoothly after you're gone.
As one of the best real estate law firms in NYC, we can help you properly manage your real estate holdings in your estate plan. From ensuring your property is correctly included to dealing with any related legal issues, we have the expertise to help safeguard your legacy.
Key Takeaway
Estate planning is not something you can afford to ignore. From updating your will to planning for incapacity and managing taxes, it’s essential to get it right. At Busson & Sikorski, we’re here to help you avoid these common mistakes, providing expert advice and guidance tailored to your needs.
Don’t leave your future—and your family’s future—up to chance. Contact us today to start planning for tomorrow.]]>On Behalf of Busson & Sikorski, PC<![CDATA[Is your trustee violating their fiduciary duty?]]>https://www.bussonsikorski.com/?p=508512024-12-27T07:16:03Z2024-12-27T07:16:03ZLack of communication and transparency
Trustees play a crucial role in estate planning. One of their primary duties is to keep beneficiaries informed about the trust's status and activities. If you find it difficult to get information or your trustee avoids your inquiries, this could be a red flag. A responsible trustee should provide regular updates, financial statements, and prompt responses to your questions.
You might also notice a lack of transparency in financial reporting. Your trustee might be reluctant to share detailed accounts. There might also be unexplained discrepancies in the trust's finances. These instances might be worth investigating further.
Mismanagement of trust assets
Another potential sign of a fiduciary breach is poor management of trust assets. This could manifest in the following ways:
Risky investments: If your trustee makes unusually high-risk investments without proper justification, they might violate their prudent investment duty.
Self-dealing: Watch out for signs that the trustee uses trust assets for personal gain. They might also be engaging in transactions that benefit themselves at the expense of the trust.
Failure to diversify: A trustee should maintain a diversified portfolio to minimize risk. Concentrating all the trust's assets in one area could indicate mismanagement by the trustee.
Unexplained losses: Some fluctuation in trust value might be normal. However, significant unexplained losses might suggest negligence or misconduct.
If you observe any of these signs, consider seeking legal advice. An attorney could help you understand your rights and options. Remember, trustees are legally obligated to act in the best interests of the beneficiaries and the trust.
Staying vigilant and informed could help ensure proper trust management. Transparency is a key aspect of a trustee's fiduciary duty.]]>