Having an estate plan is crucial for ensuring that your financial estate passes on to the people you want it to. Having a great estate plan will take into account taxes, health care, and whether you should form a trust. Even if you take all of these steps, and create good estate planning documents, …Read More
If you are concerned about your personal exposure through business activities, it may be time to start thinking about forming an LLC (Limited Liability Corporation). Deciding on the right business formation from the start can make your business dealings much easier, and provide you with the peace of…Read More
Everyone has heard of a will, the famed document in many a movie drama that determines a huge plot change. You may have heard of trusts, or living trusts, as well, but do you know the difference between these two documents? There are critical differences that are important to know as you go about yo…Read More
Estate planning is essential for any individual to make sure that their property, health care, and care of loved ones are set up properly in their absence. A comprehensive estate plan can eliminate legal issues and paperwork that can be overwhelming and confusing. Whenever someone dies there are que…Read More
If revocable trusts are not irrevocable, could irrevocable trusts be revocable? Under the decanting statute in New York Estates, Powers & Trusts Law ("EPTL") ยง10-6.6(n), trustees and beneficiaries of an irrevocable trust can decide to modify the trust without the need for court intervention. Re…Read More
Property owners typically depreciate commercial, investment, or residential properties over a long period of time without realizing that there is an alternative to maximize annual deprecation. Generally, commercial property is depreciated over 39 years and residential property is depreciated over 27…Read More
There are several variables which the estate planner must take into consideration in designing a plan which meets the client's objectives. Obtaining accurate and current financial information from the client, prioritizing the various goals of a client and providing access to liquidity and the approp…Read More