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Estate and Business Planning Legal Blog

Thursday, August 17, 2017

Expanding & Growing Your Business: How to Avoid the Pitfalls



It is certainly an exhilarating and rewarding experience to witness the expansion of your company!  The growth may involve the hiring of additional personnel, the acquisition of computer and telecommunications equipment, the obtaining of additional customers or suppliers, and/or the addition of new product lines or services.  Being prepared for the possible legal issues which may emerge as a result of your business expansion will ensure that the experience is indeed a rewarding one.

If your company is doing business with customers or suppliers outside of New York State, the terms of the contracts which you utilize in conjunction with your dealings with them become ever so important.  For example, as a general rule, your contracts should not only be clear and unambiguous so that disputes can be avoided, but they should specifically contain provisions which state that New York law governs and the parties consent to the jurisdiction of the New York courts.  Inclusion of such language may deter the commencement of legal action by your customers or suppliers.
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Monday, July 31, 2017

Creative Uses of the QTIP Trust


A Qualified Terminable Interest Property ("QTIP") Trust is a common estate planning tool in second marriages.  Essentially, a QTIP trust ensures that a person's assets will go to their children (or other next of kin) rather than to their new spouse, while providing an income stream to the new spouse.  The Trustee of the QTIP can also have some discretion to distribute principal to the new spouse, if necessary.  One of the problems the QTIP seeks to remedy is in the case of where one person dies, leaving all or most of their assets to their spouse, assuming that spouse will then leave the assets to the first person's children. Not too infrequently, the new spouse may not have a close relationship with his or her stepchildren and, so, changes his/her will to eliminate them.
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Thursday, July 13, 2017

The Necessity of Reviewing Your Estate Plan


It is important to review all of one’s estate planning documents, from time to time, to see if the contents of the documents still adequately reflect one’s wishes.  At a minimum, your will, health care proxy, living will and durable of power of attorney should be looked at by an experienced attorney, to make sure the documents have been properly prepared and that no revisions are needed due to changes in the law.

In addition to reviewing and updating your will and other estate planning documents, it is essential that you periodically check your beneficiary designations on annuities, life insurance policies, IRAs and other types of retirement accounts, to ensure they properly reflect your desires and estate planning goals.  Clients often overlook these beneficiary designations, and assume that the terms of their will or trust will determine where these assets pass.  The fact is that beneficiary designations essentially supersede the terms of any estate planning documents which have been prepared.

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Friday, June 30, 2017

Five Simple Ways to Reduce Your Estate Tax Liability


While there are very sophisticated estate planning techniques used to reduce one's taxable estate, while the client is living, there are also some simple, inexpensive ways to do so.  Yes, attorneys can establish all types of trusts for clients, in order to shelter assets from estate taxes, and those trusts are certainly useful, but things don't have to be that complicated.  Here are just a few easy ways to accomplish your goals.

1.  Annual Gifting:  Each person can give the sum of $14,000 per individual each year, without having to report the gift on a gift tax return, and without it reducing the donor's unified credit for estate taxes.


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Wednesday, June 14, 2017

Partnership and Shareholder Agreements: An Absolute Necessity



Successful business owners often work long and hard, focusing all of their efforts on building and expanding their businesses.  Often, owners have partners who work together amicably toward the common goal of achieving success. As a result, having a partnership or shareholder agreement in place is usually not a priority. 

The best opportunity for people to negotiate an agreement to provide for business succession is when they are working together in a cooperative fashion.  We have all heard about and seen too many situations where business owners worked together for many years successfully and then an owner becomes disabled, dies, or decides he or she doesn’t wish to work in the business any more.
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Wednesday, May 24, 2017

Probating Wills and Administering Estates in Florida and New York


 

It sometimes seems confusing to clients to find out that the probate process (the court process one needs to go through when a person passes away and leaves a will) and the administration process (when one dies without a will) is different in every state. While there are many similarities in the process, some states have more streamlined processes than others.

Surprisingly, New York is one of the easiest states to probate a will and administer an estate, while Florida is one of the most difficult.  If one is a snowbird, spending time in each state, the question becomes, in what state is the will probated or the estate administered?  This is determined by the residency one declares while one is alive.  Having said that, however, caution must be taken when giving information for the death certificate, because the state you put down for residency there will often control where the procedure must occur.
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Saturday, May 13, 2017

Five Things You Should Consider Before Choosing a Law Firm for Your Business


 

Of course, the best way to find a law firm for your business is by referral.  Therefore, one should ask family, friends and business acquaintances for a recommendation.  In the absence of that, business and networking organizations are a good source, along with the internet.  No matter how you get the information you are looking for, before choosing a firm, there are a few important factors to consider.

 1.
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Monday, April 24, 2017

Moving From New York to Florida


Clients frequently decide that they would like to move to the State of Florida and become Florida residents.  The reason for this is usually financial, as Florida does not have an income tax, nor do they have an estate tax.  Unfortunately, the move is often made without careful thought of the consequences of such a move.  If one simply wants to spend a good deal of time in Florida, there is certainly nothing wrong with that.  Becoming a Florida resident, however, is more involved.
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Tuesday, April 4, 2017

Medicaid Trusts: The Pros and Cons



Clients are often confused about the differences between irrevocable trusts and revocable living trusts, and the consequences they each have for medicaid planning.  Those who advocate living trusts commonly lead people to believe that these trusts will protect one’s assets in the event long-term health care is needed. While living trusts serve the purpose of avoiding probate, they do not protect your assets.  Quite simply, if your assets are readily available for your own use, which is the primary benefit of a revocable trust, then those assets are also considered available to pay for your health care needs.  The only way to protect assets from long-term health care costs and creditors is to transfer assets to family members or to an irrevocable medicaid trust.
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Sunday, March 26, 2017

How Life Insurance Fits Into One's Estate Plan


 

There are many reasons why one might obtain life insurance and the purchase of such insurance should seriously be considered when doing estate planning. The most common situation where life insurance is necessary is in the case of a couple who has young children.  In that situation, it is common for one or both spouses to obtain term insurance, which is generally not terribly expensive but lasts only for a term of years, to provide the funds necessary to raise the children if something were to happen to one or both parents. While there is no cash value to such policies, the cost is considerably less than whole life  and variable insurance and it covers a temporary need.

Life insurance is also an important component of the estate plan of someone who may have substantial assets but whose assets are not liquid.
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Sunday, March 12, 2017

Elder Law Planning Basics


The terms "elder law" and "elder care" have become popular, catchy phrases people now use, to describe an array of planning techniques that are available to people as they age.  Very basically, elder law planning involves having the proper legal documents, such as a will, health care proxy, living will and durable power of attorney. The purpose of these documents is to protect oneself in the event of disability and death.

In fact, the health care proxy, living will and power of attorney are probably more important to have than a will.  Why is that so?  Because if you become disabled and you do not have the proper documents in place, your family will likely wind up in court, commencing a guardianship proceeding to have you declared incapacitated, and to give them power to make decisions on your behalf.
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At the Law Office of Angela Siegel, we are pleased to offer legal assistance to clients located in Nassau, Suffolk, Queens, Kings and New York Counties specifically but not limited to Garden City, Jericho, East Meadow, Mineola, Syosset, Roslyn, Cedarhurst, Woodmere, Hicksville, Plainview, Merrick, Wantagh, Bellmore, Rockville Center, West Hempstead, Little Neck, Douglaston, Bayside, Flushing, Forest Hills, Astoria, etc., as well as clients located within the state of Florida.



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