Share

Estate and Business Planning Legal Blog

Thursday, March 21, 2019

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 to turn one’s attention to the contract issues which typically confront businesses.  Perhaps the first one which needs to be tackled is the commercial/office lease.
Read more . . .


Monday, March 11, 2019

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 middle-aged individuals looking to relocate. With its well-deserved reputation as “The Sunshine State,” Florida not only has a warm climate, but is much less crowded than New York and moves at a slower, more relaxed pace. What not everyone knows is that Florida is also a wonderful place to start a small business. If you are a New Yorker considering opening a business in Florida, it is essential to consult with a
Read more . . .


Monday, February 25, 2019

Do Snowbirds Pay Taxes Here or There?


For many people it seems that snowbirds lead a charmed 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 possible snags. A major one may be failing to handle taxes properly. If you don’t work with an
Read more . . .


Thursday, February 7, 2019

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 assets, one is making a taxable gift, which must be reported to the government.  While not likely to trigger an immediate gift tax, unless the amount of the gift exceeds the unified credit for estate and gift taxes, if the amount is over $15,000 (the gift tax exclusion for 2019), a gift tax return is required to be filed and one's lifetime credit for estate/gift taxes is reduced by the amount of the gift. Even changing the ownership of one's life insurance policy, to make one's children the owner, is a gift to the extent of the cash value of the policy.


Read more . . .


Tuesday, January 29, 2019

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 will and trusts attorney, you can achieve these objectives by establishing an irrevocable trust.
Read more . . .


Thursday, December 13, 2018

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 be accomplished when you donate to favorite charities and the pleasures your wealth will bring to future generations of your family.
Read more . . .


Saturday, December 8, 2018

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 the process of probating a will is quite simple, at least if the decedent is a resident of New York and his or her next of kin are closer than cousins.  It involves the preparation and filing with the Surrogates Court of a probate petition and other documents which are typically prepared by an attorney. While in the past attorneys would charge fees for their services based on a percentage of the value of the estate, most attorneys today properly charge by the hour, based on the amount of work involved.
Read more . . .


Saturday, November 24, 2018

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 only sue the tenant but chances are good that he/she will also sue the owner of the property. While it is imperative that both tenants and landlords have sufficient liability insurance policies in place, it all also makes a great deal of sense to further protect oneself.

If an individual owner of real property is sued, the owner's personal assets are at risk.  The relatively simple way to avoid this is to have the property owned by a corporate entity.
Read more . . .


Saturday, November 10, 2018

Protecting Your Assets From Scams


We are all interested in protecting our assets, doing our best, hopefully with the help of an asset protection attorney, to avoid excessive taxation and predatory lenders. During these days of malevolent use of elaborate schemes and sophisticated technology, we should all also be aware of protecting our accumulated worth from scam artists. Those who try to fleece us are happy to use our fear of being defrauded against us. In the guise of helping us protect our assets, they manage to separate us from them. Many such scams not only leave victims with fewer assets, but with serious problems with the IRS that may lead to penalties, fines, and even jail time.
Read more . . .


Tuesday, October 30, 2018

When Estate Planning Is the Last Thing on Your Mind


When you are going through a major life event in your family -- the birth or adoption of a child, marriage, divorce, remarriage, moving, buying or selling property, inheriting or losing a large amount of money, serious illness or injury, the death of a loved one -- you are not likely to be thinking about your estate plan. During such times, emotions run high and priorities are in the immediate present, not the future. Nonetheless, the life-altering events mentioned all necessitate reviewing your relevant documents with an accomplished estate planning attorney.
Read more . . .


Friday, October 19, 2018

Tax Considerations in Planning A Move From New York to Florida or to Any Other State


 

Clients often move, especially as they age and desire to be in warm client.  Moving can be an extremely pleasant experience, but there are certain legal and tax considerations that must be attended to.

Perhaps the most important item to consider, when moving out of New York, is the capital gains tax consequences of selling your home here or keeping it.  The tax laws provide that everyone has a $250,000 capital gains tax exclusion for the sale of their primary residence.  For a couple, the exclusion if $500,000.


Read more . . .


← Newer12 3 4 5 6 7 8 9 10 11 Older →

Archived Posts

2019
2018
2017
2016
2015
2014
2013
2012


At the Law Office of Angela Siegel, we are pleased to offer legal assistance to clients located in Nassau, Suffolk, Queens, Kings and New York Counties specifically but not limited to Garden City, Jericho, East Meadow, Mineola, Syosset, Roslyn, Cedarhurst, Woodmere, Hicksville, Plainview, Merrick, Wantagh, Bellmore, Rockville Center, West Hempstead, Little Neck, Douglaston, Bayside, Flushing, Forest Hills, Astoria, etc., as well as clients located within the state of Florida.



© 2019 Law Office of Angela Siegel | Attorney Advertising
1205 Franklin Avenue, Suite 330, Garden City, NY 11530
| Phone: 516-741-6100

Overview of Services | Asset Protection | Business Law | Estate & Disability Planning | Wills and Trusts | Probate/Estate Administration | Florida Estate Planning | Newsletters | Firm Overview | Attorney Profile | Resources

Law Firm Website Design by
Zola Creative