Why should I create a trust?
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One of the primary services an estate planning attorney provides is assisting clients in creating trusts. While some believe that trusts are only useful for the wealthy, in
Dissolution of a Partnership: Drafting the Agreement
It is not uncommon for one or more of the partners in a partnership to decide that they no longer want to be involved in the business and, thus, seek the consent of the others to withdraw. Hopefully, the partners entered into a well drafted partnership agreement at the outset, setting for the procedure...
Writing a Will: Why it is Necessary
The most important reason to have a will prepared is so that the laws of intestacy do not control the disposition of your assets. Put simply, if one dies without a will, the laws of the state one resides in determines who inherits. For example, in New York, if one dies leaving only a...
Weighing the Benefits and Dangers of the Durable Power of Attorney
A durable power of attorney is a document which gives someone broad powers over your financial affairs. Especially as one gets older, this document becomes a necessary evil. Why is it evil? By its nature, a power of attorney gives control to a person of your choosing to transact business on your behalf. It...
Florida Probate: Something to Avoid
While the probate process is usually quite simple and straightforward in New York, that is not the case in Florida. What is probate and why does probate become necessary? When a person passes away, there needs to be a legal mechanism for transferring assets from the deceased person to the deceased person's heirs. Usually,...
Four Simple Tips on Preparing an Effective Contract
Regardless of the type of business one has, some type of contract is usually required for one's dealings with customers, suppliers, and the like.
First, the exact quantity and quality of goods to be provided must be set forth clearly, along with the price. The quantity and price are essential terms which must...
Will Your New York Will and Other Estate Planning Documents Be Valid in Florida
Clients often ask me, when they are moving to the State of Florida, or considering such a move, whether the wills which they have prepared in New York need to redone. Assuming the wills were properly drafted and executed in accordance with New York law, then the wills are valid in Florida, and in...
Partnership Agreements: The Essentials
As with corporations, when two or more people form a partnership or limited liability company, it is imperative that they enter into a partnership agreement, setting forth some very essential elements of their relationship. Doing so will go a long way toward avoiding confrontations down the road.
One important item to include in a partnership...
Five Reasons Why it Can Be Extremely Dangerous to Put A Child’s Names on Your Assets
Clients often think that putting their children's names on their savings accounts, brokerage accounts, real estate and other assets, will accomplish tax savings and protect the assets in the event they need long-term health care. Nothing could be further from the truth. While putting a child's name as a joint owner on an asset...
Important Changes to the Federal Estate and Gift Tax for 2018
The Tax Cut and Jobs Act passed by Congress and signed into law at the end of 2017 contains some very significant changes to the federal estate and gift tax laws. For one, the unified credit for estate and gift tax–the amount you can give cumulatively during your lifetime or which you can leave...