When a loved one passes away in Florida, many families wonder if they must go through probate court to settle the estate. Probate is the legal process that validates a will and oversees the distribution of the decedent’s assets. While necessary in many cases, probate can sometimes be time-consuming and costly. However,...
The Need to Name Beneficiaries on Retirement Accounts
Retirement accounts are treated differently than other types of investments, for income tax purposes. In short, if you fail to name a beneficiary on a retirement account, the monies are then taxed all at once, at an estate income tax rate which is higher than the individual rates. Moreover, in order to...
Probate Process Without a Will in Florida
Executing a last will and testament is the best way to protect your family after your passing and ensure that your estate is distributed as you would want. Of course, for one reason or another, not everyone takes this step. The decedent’s estate will still need to undergo a process known as...
How to Avoid a Will Contest
There are some relatively simple steps one can take in order to avoid a litigation with a family member contesting one's will. First, care must be taken to make sure that the will is prepared correctly, and that the execution is proper and in the presence of an attorney. When...
Pros & Cons of Forming an LLC in New York and Florida
Choosing the proper business structure is one of the most critical decisions an entrepreneur can make when forming a business. It impacts everything from personal liability to tax obligations and long-term growth potential. For business owners in New York and Florida, creating a Limited Liability Company (LLC) is a popular choice,...
Some Tips on Choosing Your Trustee, Executor, Health Care Agent and Power of Attorney
When engaging in estate planning, one of the most difficult things to do is designating a person or persons to act in various roles in the event of your disability or death. The various roles require people you trust, but with certain important attributes. Generally speaking you choose a family...
Essential Contracts Every Business Owner Should Understand
Contracts are a key part of business operations and can concern a company’s relationships with its employees, contractors, service providers, and business partners. A business owner should familiarize themselves with the most critical types of contracts their company will likely need.
Employment ContractsBusinesses...
How To Best Provide For Minor Children And Grandchildren
It is quite common for parents and grandparents to want to leave money to a person under the age of eighteen (18) years old (a “minor”). Since a person younger than 18 can not legally inherit money, having a minor as a...
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The Impact of Probate on Family Businesses in NY and FL
You hear the term probate all the time, but what does it mean? It describes the state court process of dealing with someone’s estate after their death. The process includes validating their will and distributing any assets. Probate can have significant consequences for family businesses, particularly in New York and Florida. Without...
The Role of an Executor During Probate
When a loved one passes, their assets, wishes, and legacy are managed through a process called probate. The executor stands at the center of this process, taking on a role of significant responsibility and purpose. Acting as an executor can feel challenging at times, yet it’s a position of trust—one that involves...