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…
When residential property is owned by a trust, the trustee may sell the property if the terms of the trust permit it. The trust would be the seller of the property and the trustee must sign the listing agreement, contract of sale and closing documents. Upon closing, the net proceeds from the sale are payable…
Whether a Trustee can sell property in a trust depends on the terms of the trust. “Maybe” may seem like a common attorney refrain to frustrate clients, but the powers of a Trustee depend either on the terms of the trust, the purpose of the trust and New York’s Estates, Powers and Trusts Law (“EPTL”)….
Ever since the concept of individual land ownership emerged, passing real estate at death has existed in one form or another. Different states have different property laws that directly affect how real property passes at death. Although named after “Lady Bird” Johnson, Lyndon B. Johnson never actually used such a deed to transfer property to…
The word is defined as the ability to be easily moved, but in the context of Trusts & Estates, it means so much more. In this regard, portability is one of the strongest tools in the planner’s toolbox to reduce or eliminate Federal Estate Taxes after the deaths of a married couple. According to Federal…
Congratulations are in order for Nancy Burner, Esq. and Britt Burner, Esq. Nancy, for the ninth consecutive year, has been recognized by Best Lawyers and her peers in the practice areas of Elder Law and Trusts and Estates. Nancy was also recognized as the Best Lawyers® 2023 “Lawyer of the Year” for Elder Law on…
Surrogate’s Court hears cases involving the affairs of decedents, the probate of wills, and the administration of estates. The Surrogate’s Court also handles certain types of guardianship petitions and adoptions. Every county in the State of New York has a Surrogate’s Court. When a person dies with a Will (testate), the nominated executor must file…
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…
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…
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…
