Estate and Business Planning Legal Blog

Thursday, December 5, 2019

What Is Estate Planning?

Estate planning is the process by which a person plans for the management and transfer of his or her assets during life and after death. Everyone has an estate, and it's important to make arrangements to pass along one's estate in a manner that minimizes legal fees, taxes, and court interference. Thus, anyone with any property at all should contact an estate planning attorney to begin arranging for the transfer of estate assets. If you would like to learn more about the estate planning process, please review the information below, and contact an
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Saturday, November 23, 2019

Why You Should Have an Attorney Review Your Lease

Business owners, especially those first starting out, are certainly capable of reviewing leases provided by a prospective landlord.  They usually feel that there is no point in having an attorney review the lease and attempt to negotiate the terms, believing that the landlord will not be amenable to changes.  That is definitely not true.  Most landlords are willing to be flexible in their lease terms, especially with respect to legal issues.  Hiring an attorney for this purpose will, of course, incur an expense but quite often the financial savings obtained from a negotiated lease exceed the legal fee paid.
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Friday, November 8, 2019

Snowbirds: Some Tips on Making the Move from New York to Florida

A unique feature of Florida's winter months is the arrival of visitors from New York and other northern states. These travelers, commonly referred to as "snowbirds," make the journey south each winter to escape the frigid northern temperatures. If you are a New Yorker who is considering spending your next winter in Florida, below are some helpful tips to ensure that your move is a success. 

Inform your financial institutions 

Before taking off for Florida, be sure to inform your financial institutions of your move. Specifically, tell your bank and credit card companies that you’ll be traveling and making purchases in other states.
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Wednesday, October 30, 2019

Ancillary Probate: What is it?

When someone passes away, as a resident of one state owning real property in another, it is necessary to do an ancillary proceeding.  If the decedent died leaving a will, then it is referred to as an ancillary probate, while if there was not will, it is usually referred to an ancillary administration.

Quite simply, the law, applicable to all fifty states, is that when one dies owning real property in a state other than where one resided, you not only need to probate the person's will (or administer his/her estate) in the state of residency, but in other states where the person owned property.  Of course, this can become an expensive and tedious process, especially if the person resided in or w


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Wednesday, October 2, 2019

Do I Need to Update My Will When Moving From New York to Florida?

Every year, scores of New York residents move to Florida. For so-called “snowbirds,” this move is temporary, typically lasting until the weather up north warms up. For others, however, the move from New York to Florida is permanent. Whether you are moving from New York to Florida temporarily or permanently, there are several possible estate planning consequences you should be aware of. Below are some common estate planning issues that New York residents should consider before moving to Florida.
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Monday, September 16, 2019

In Focus: Post-Divorce Estate Planning

A well-conceived estate plan will help you prepare for the expected and the unexpected. A will, for example, declares how your property will be distributed after your inevitable death, while a power of attorney designates a trusted person to manage your personal and business affairs in the event that you become incapacitated without warning. But how does a divorce impact an estate plan? The best way to protect your interests in this situation is to consult an experienced estate planning attorney.
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Sunday, September 8, 2019

Organizing One's Finances and Updating Asset Lists

It is not usually necessary for clients to have their wills and/or trusts updated, if they have been prepared properly in the first place, unless there have been changes in one's family and/or circle of friends.  It is imperative, however, that one update their asset list on a regular basis.  What is meant by this?

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Tuesday, August 6, 2019

Snowbirds Wonder: Does Having Two Homes Mean Filing Two Probates?

So many individuals and couples delight in the pleasures of spending both halves of the year in lovely climates and having alternating access to cosmopolitan New York, with its theatres and museums, and the Sunshine State, with its winter warmth, relaxing pace and gentle beaches. Being a snowbird, with homes in both Florida and New York, has become incredibly popular with those who have reached middle-age or retired since they can enjoy the benefits of both locations yet travel to friends and family within only a few hours. 

As with so many idyllic plans, this one may seem to have a catch. Since most people recoil from the word “probate” almost as much as they do from the word “taxes,” the thought of having to go through the probate process twice may seem a horrible prospect. The wise among those who already have homes in both New York and Florida, and those contemplating taking the plunge, already know how important it is to have legal advice and representation from an accomplished attorney with knowledge and experience in probate and estate administration in both states.
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Wednesday, July 17, 2019

Why Should You Have a Power of Attorney?

With a power of attorney, you are essentially empowering another to act on your behalf in a legal capacity. You, the principal or grantor, authorize your attorney to carry out legal and business actions on your behalf. The power of attorney is an important aspect of the estate planning process. It can prove invaluable in a variety of critical circumstances.

Why Should You Have a Power of Attorney?

Establishing a power of attorney allows you to grant legal authority to someone you trust and enable them to act on your behalf in a variety of circumstances.
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Friday, July 5, 2019

Important Changes Affecting Health Care Planning

    For many years, purchasing long-term health care insurance was seen as the perfect way to pay for health care needs in one’s later years.  There were many great policies, which offered home care, nursing home care and care in assisted living facilities.  While many complained that the premiums were high, when weighted against the benefits, it seemed like obtaining the insurance made incredibly good sense.  

     Unfortunately, over the last few years, many companies are no longer offering long-term care insurance, and the premiums on the ones which are being sold are exhorbitant.  One option which is now being touted as an alternative is the purchase of a type of life insurance policy which has a long-term care rider.
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Monday, June 24, 2019

Medicaid Trusts

Medicaid is a need based government assistance program. To qualify for Medicaid, your income and other financial resources must fall below a certain threshold. Unfortunately, if you do not qualify for Medicaid, you can quickly see your assets dwindle as the cost of long term medical care is very expensive. The costs will eat up your financial resources and assets you wished to leave to your family and loved ones. Additionally, Medicaid only provides for certain basic care needs.
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