Although prenups used to be caricatured as documents only used by extremely wealthy men or women who, in their later years, married much younger spouses presumed to be “gold diggers.” There was humor associated with the prospect of signing away future wealth when that wealth seemed to be the motivating factor behind the marriage.
These...
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The Inheritance Rights of A Spouse–Important Facts
New York, like all states, provides legal protection for spouses, in terms of inheritance rights. The provisions largely originated from the problems which occurred when a husband would die, providing the bulk or all of his assets to a female companion, thus leaving his wife and children without support. Of course, things have changed,...
The Basics of Staring Your Own Business
Embarking on a new business enterprise is indeed exciting. While it is tempting to move quickly to build the business, it is imperative that the owner/operator take care of certain details early on. Doing so will help to ensure eventual success.
After initially setting up the corporation or limited liability company, it is important...
Should I Start a Business in Florida?
As a great many New Yorkers have noticed, Florida is not just a lovely location for retirement, but provides pleasant, easy living for young people seeking a place to settle and...
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Do Snowbirds Pay Taxes Here or There?
For many people it seems that snowbirds lead a great life, migrating south to avoid cold New York winters and returning to escape uncomfortable Florida summers so they are always living in a pleasant climate. Even better, by having nests in both states, they always inhabit a cozy home. There are, however, a few...
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Avoiding Gift Tax Problems
Parents often wish to put their children on their bank accounts and investment accounts for estate and disability planning purposes. Doing so is fraught with problems, as the child now becomes the legal owner of the account(s). Often overlooked is that by adding a child or children as joint owners on...
In Focus: Irrevocable Trusts
Many individuals are aware of the importance of creating a will to ensure that their property is properly managed and distributed after they die. However, a well-conceived estate plan will also consider other important goals such as asset protection, avoiding probate, and minimizing estate tax consequences. With the advice and guidance an experienced
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How Secrets Can Affect Estate Planning
Estate planning is, especially for those with substantial assets, a complicated process. For this reason, it’s important to have a well-schooled, highly capable estate planning attorney to guide you through. Some of the journeys are exciting -- preparing for a joyful retirement, looking forward to grandchildren or great-grandchildren, imagining the good that can...
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The Truth About Probate
The mere mention of the word “probate” usually conjures up visions of extensive delays and enormous expense in settling the estate of a deceased person. Seminars promoting living trusts and articles and books written about them are persuasive, and they promote the misconception that probate is an evil to be avoided.
The truth is that...
Using the Limited Liability Company for Real Estate Ownership
When a client owns real estate, whether it be commercial or residential, held for investment and/or for income producing purposes, it is critical that the owner be cognizant of the liability issues involved. Clearly, if a tenant or the tenant's employees, customers or guests are injured on the premises, the injured party will not...