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.
Understanding Estate and Gift Taxes
Under federal law, each person can make tax-free gifts of up to $19,000 per person, per year. So as a married couple, you can give $ 38,000 per year to as many people as you want, usually without the necessity of filing a gift tax return. More importantly, these gifts...
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,...