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Estate and Business Planning Legal Blog

Saturday, January 9, 2021

The Necessity of Having a Power of Attorney--Recent Changes in the Law


Clients often ask why they need to have power of attorney forms drafted for them.  The simple answer is that in the event one becomes disabled and is unable, physically or mentally, to manage their own finances, pay bills, etc., the power of attorney is the easiest way to enable someone you have chosen to act on your behalf.  If someone becomes disabled and has not executed a power of attorney, then that persons family or friends must petition the court to have the person declared incompetent.  It is a rather lengthy and expensive process, for one.
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Wednesday, December 23, 2020

LLC Pros and Cons


A limited liability company, also called an LLC, is a business structure that combines the advantages of a partnership with the liability protection of a corporation. An LLC can have one or more owners, who are called members. Members of an LLC can be individuals or businesses, and there isn’t a limit to the number of members an LLC can have. Like all business types, LLCs offer both advantages and disadvantages. Below is an overview of the pros and cons of LLCs.


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Friday, December 11, 2020

Consolidating Your Assets to Simplify LIfe


          It is extremely important, especially as one gets older, to consolidate assets, rather than having them scattered at different institutions, in different accounts.  It is quite common for clients to have several bank accounts and/or certificate of deposits, sometimes to earn better interest, and sometimes to also get the $250,000 protection which is available from the government for bank accounts.  The reality is that banks are not going go out of business, so the $250,000 limit should not be a major concern.  Yes, it is important to diversify; however, there are a number of drawbacks.  For one, clients often get overwhelmed with keeping track of the due dates for CDs, who the listed beneficiaries are, etc.


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Friday, November 27, 2020

Common New York Business Agreement Mistakes


When drafting a New York business agreement, it’s imperative that you do so with the assistance of an experienced New York business law attorney. Otherwise, you run the risk of making mistakes that can cause headaches for years to come. Luckily, most New York business agreement mistakes are easily avoidable—you just need to know what to look out for.


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Tuesday, November 17, 2020

Using Your Spare Time to Get Organized


 

Since so many of us have more free time these days, with the pandemic affecting us, it is a good time to get your finances and legal affairs in order.  While it can be a daunting task, the way to handle it in a less stressful manner is to choose one area at a time.

One can start by simply compiling a list of one's assets.  When monthly or quarterly bank and investment account statements come presents an opportunity to start this list.  You should include account numbers, phone numbers and the approximate value of the assets.


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Sunday, October 25, 2020

Mistakes to Avoid When Selling a Business


Selling a business requires careful preparation and specific knowledge. Sellers who approach the sales process haphazardly often pay dearly for their carelessness. Prepared sellers, on the other hand, are often handsomely rewarded for their diligence. If you want to successfully sell your business in New York, it’s imperative that you avoid the following common mistakes.

Setting a price too early.


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Sunday, October 11, 2020

Contesting a Will: Does it Make Sense?

 

Clients will often approach an attorney when they discover


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Monday, September 21, 2020

Choosing a New York Business Entity


Before starting a business in New York, it’s important to have a basic understanding of the most common New York business entities. New York offers several options in this area. However, deciding which one to choose can be complicated. Therefore, if you own a business or plan on starting a business in New York, please review the information below. For additional information on New York business entities, please contact a


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Wednesday, September 9, 2020

Beware the Drastic Changes to the Medicaid Transfer Rules



Effective October 1, 2020, New Yorkers who apply for Medicaid home care services will be subject to the same type of transfer penalty which up until now has been imposed only on applicants who require nursing home care.  If you transfer assets in order to qualify for Medicaid assistance, then you will not only be subject to a 
five-year look back/penalty period if you need to be in a nursing home but you will also be subject to a thirty-month look back/penalty period if you require assistance at home.
 
Most people are aware that if you want to qualify for Medicaid, a federal program administered by the states, you must spend down your assets.  Fortunately, the Medicaid rules permit one to give away his/her assets, either by making outright gifts or by transferring them to a trust, in order to qualify for the program. With the exception of the wealthy or those who have good long-term health care insurance policies, most people can not afford to pay for this care, Medicaid has become an important aspect of planning for many Americans.
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Monday, August 17, 2020

Common Estate Planning Mistakes


Estate planning is for everyone. Whether you have a large estate or just a few assets you’d like to pass along to your loved ones, you absolutely must have an estate plan. An estate plan can do many things, including maximizing the value of the estate you'll pass along to your loved ones and allowing you to make informed decisions about how your assets are to be held during your lifetime. And although it is imperative that you have an estate plan in place, a poorly drafted estate plan can actually do more harm than good. Therefore, in order to ensure that you get the maximum value out of your Florida or New York estate plan, it’s essential that you avoid the following common Florida and New York estate planning mistakes.
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Sunday, August 2, 2020

How Does Becoming a Florida Resident Affect My Estate Plan


There are a fair number of New Yorkers who decide to move to Florida, especially as they get older.  Sometimes it is because of the warmer weather there, sometimes it is to avoid income tax and/or state estate tax.  Regardless of the reason, such a move to Florida, or to any other state for that matter, one needs to think about how such a move affects one's estate plan.

Since Florida does not have its own estate tax, unlike New York, if a person who has done estate planning premised on the belief that she/he/they will have an estate tax issue, a move to Florida is likely to change one's plan.  For instance, if one has created trusts to avoid estate tax, or if there are trust provisions in one's will designed to shelter the estate from tax, then those documents need to be reviewed.


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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.



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