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...
Snowbirds—those who split time between New York and Florida—often enjoy the best of both worlds. But when it comes to estate planning, owning property or accounts in multiple states can create serious probate complications. Without the right planning, your family could face duplicate court proceedings, delays, and unexpected expenses. Understanding how
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 beneficiary on one’s accounts, regardless of how small in value...
It has become quite common for clients to list beneficiaries on their brokerage and investments accounts, regardless of whether or not they are retirement accounts. The designation is commonly referred to as a TOD, or transfer on death. With savings,checking and money market accounts held with banks and credit unions, one is...
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,...
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...
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...
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...