Being named executor does not mean you know where every account or piece of property is. To locate estate assets, you’ll need to review financial records, contact institutions, and confirm how property was owned. You then prepare an inventory that documents the assets and their values, distinguishing probate property from assets that...
Guardianship for Minor Children
When parents have children under the age of eighteen (18) it is essential that they make provision in their wills for the appointment of a guardian for their children. Such an appointment can not be made under the terms of a revocable trust. It must be...
Estate Planning After the Loss of a Spouse: Steps to Take
The weeks after losing a spouse can bring difficult financial and legal responsibilities at a time when your attention is understandably elsewhere. Start by locating your spouse’s estate documents, identifying assets that may require probate or trust administration, and checking for legal or tax deadlines. Once the immediate matters are underway, you...
Estate Planning With Cooperative Apartments
A cooperative apartment is not considered real property, it is personal property. When you own a cooperative apartment, you own a stock and lease. These apartments can cause complexity with your estate plan, which one should be aware of.
If you wish to avoid probate, you would...
Asset Protection Strategies for New York Professionals and Business Owners
Professionals and business owners in New York can reduce the risk of losing personal assets by combining sound business practices with thoughtful legal and estate planning. The most effective asset protection strategies are put in place before a lawsuit, creditor claim, or financial dispute arises, giving you more options and stronger...
New York LLC Taxes: What Business Owners Need to Know
Starting a New York LLC offers flexibility, but it also comes with tax responsibilities. While most LLCs do not pay federal income tax as a separate business entity, New York imposes its own filing requirements and annual fees that business owners should understand from the beginning.
Knowing how your...
What to Do Upon the Death of a Loved One
Knowing in advance what to do when a loved one dies can help alleviate uncertainty and anxiety. Of course, funeral arrangements must be made quickly. One should order a sufficient number of death certificates, as there may be a delay...
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Mirror Wills for Married Couples in Florida: What You Need to Know
Mirror wills allow married couples to create separate wills with matching or nearly matching terms. In Florida, they are often used when spouses want to leave assets to each other first, then pass remaining property to children or other beneficiaries after both spouses have died.
What Is a...Benefits of Revocable Living Trusts for Snowbirds
A revocable living trust helps snowbirds manage their assets across New York and Florida without relying on multiple probate proceedings. It allows your plan to stay consistent even when your life is split between two states.
When you spend part of the year in each state, your estate plan...
Navigating the Snowbird’s Estate: Key Considerations for New York & Florida
Owning property or dividing your time between New York and Florida can affect how your estate plan works when it is needed. Each state has its own rules for wills, trusts, probate, and incapacity planning, and those differences can create delays or complications if your documents are not aligned.