Estate Planning
The limited liability corporation, or LLC, is designed to combine the flexibility and simplicity of a basic partnership with the protection of a corporation. “LLC” stands for “Limited Liability Company” and owes its name to the fact that the members (owners) of the LLC are not personally liable for the debts and liabilities of the […]
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Question: My spouse and I completed our estate planning with an attorney. In our planning, we left our legacy to our adult children. Should they have their own estate planning? Answer: Yes, they should have their own estate planning documents for several reasons. Each adult child should have their estate planning documents to dictate the […]
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Whenever a loved one passes, especially one that was depended on, it is often difficult for one to even consider the next steps, yet alone know what those steps are. To start, there will be two professionals you’ll want to seek professional advice from. One is a Trust and Estates Attorney who can help review […]
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You should be checking on your accounts as often as you review your estate plan. In general, we recommend an estate plan review every three to five years. Any change in life circumstances or family, or changes in the law, will warrant a review of your plan as well. The proper titling of your accounts […]
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Spring is here and so is tax season. The income tax filing deadline this year is April 18, 2022. You have likely been gathering your documents or filing an extension. Since you are already working on putting your affairs in order, this is the perfect time to finally check estate planning off your to-do list. […]
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An estate planning consultation is not everyone’s idea of a good time. In some cases, people have put off estate planning for years – if not decades. Discussing the taboo triad of aging, death and money makes people uncomfortable. Yet, there is nothing morbid about planning for the future. Clients tell us that checking estate […]
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Although cryptocurrencies like bitcoin have gone mainstream, non-fungible tokens (NFTs) were relatively unknown until 2021. You may have heard about “Bored Apes” worth tens of thousands of dollars, “CryptoKitties” breeding, or artist Beeple selling an NFT for $69 million through Christies auction house. And what about the billionaire Twitter founder selling his tweet? If you […]
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On January 1, 2020, as we entered another year without any idea of what was on the horizon, a new federal law took effect regarding retirement accounts. The SECURE Act, “Setting Every Community Up for Retirement Enhancement”, affects millions of Americans who have been saving through tax-deferred retirement plans. The biggest impact falling those set […]
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A Last Will and Testament allows you to direct where your assets go at your death and who will be legally in charge of the estate. New York law sets forth specific requirements for a legally valid will. Failure to follow such requirements will result in the Surrogate’s Court rejecting the Will as invalid. In […]
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An ownership interest in real property is a combination of a bundle of different rights, the rights to possession, use, transfer, encumber and exclude. A life estate is a type of joint ownership of real property with ownership “split” between a present interest and a remainder interest. The individual holding the life estate – the […]
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