If you co-own a business, you probably have an agreement with the other owners that addresses what happens to your respective interests if any of you die. However, you may also have a will that indicates who gets your property upon death. Ideally, the two documents should be consistent, but what if they aren’t? Does … Read more
When creating a trust, one of the most important decisions is selecting the right trustee. A trustee is responsible for managing trust assets, carrying out the terms of the trust, making distributions to beneficiaries, maintaining records and acting in the best interests of the trust and its beneficiaries. You can choose an individual or an … Read more
An initial estate plan often consists of a will, power of attorney, health care proxy and perhaps a revocable trust. However, as a person’s financial situation becomes more complicated, or their accumulated assets increase, one of the first steps in developing a more advanced plan is to establish a trust to own a life insurance … Read more
When suing a municipality, you are generally required to file a Notice of Claim, the purpose of which is to give the municipality prelitigation notice of the claim and afford it an opportunity to investigate and, if warranted, settle such claim without the risk and expense of litigation. Such a filing is considered a jurisdictional … Read more
The role of an executor or administrator at its most basic level is to read the will and do what it says. However, not every appointed fiduciary does so. What happens if a fiduciary “goes rogue” and transfers a decedent’s real property in a way not provided for under the will? This was addressed by … Read more
Last year, we wrote about a bill awaiting Governor Hochul’s signature that would legalize “E-Wills” in New York. The bill, dubbed the Electronic Wills Act (the “EWA” or “Act” herein), was primarily based on the Uniform Electronic Wills Act, which has been adopted by several states and territories. Since our last post, the Governor has … Read more
Trusts are often used in an estate plan to protect assets and avoid probate. Creating the trust with the help of an attorney is the first step, but not the only one needed. Many people make a critical mistake after signing their trust documents: They never fund the trust, making it virtually useless. Think of … Read more
What happens if a person cannot make their own health care decisions, and they don’t have a health care proxy? In New York, the Family Health Care Decisions Act (the “Act”) was enacted in 2010 to address this problem. The law sets forth rules regarding who can decide on medical treatment for an incapacitated patient … Read more
Most people rush to file their tax return if they are owed a refund. But what happens if you cannot file on time for health reasons? You may think the IRS will forgive the delay. Unfortunately, missing a tax deadline can have permanent consequences, even when caused by serious illness. The Internal Revenue Code does … Read more
In a lawsuit, it isn’t unusual for a party to deploy certain tactics to delay the case for strategic reasons. Unfortunately, this can be abused, creating problems for the court system and the other side, as cases become more time-consuming and expensive to resolve. One solution to this problem was recently enacted in New York. … Read more
If you co-own a business, you probably have an agreement with the other owners that addresses what happens to your respective interests if any of you die. However, you may also have a will that indicates who gets your property upon death. Ideally, the two documents should be consistent, but what if they aren’t? Does … Read more
When creating a trust, one of the most important decisions is selecting the right trustee. A trustee is responsible for managing trust assets, carrying out the terms of the trust, making distributions to beneficiaries, maintaining records and acting in the best interests of the trust and its beneficiaries. You can choose an individual or an … Read more
An initial estate plan often consists of a will, power of attorney, health care proxy and perhaps a revocable trust. However, as a person’s financial situation becomes more complicated, or their accumulated assets increase, one of the first steps in developing a more advanced plan is to establish a trust to own a life insurance … Read more
When suing a municipality, you are generally required to file a Notice of Claim, the purpose of which is to give the municipality prelitigation notice of the claim and afford it an opportunity to investigate and, if warranted, settle such claim without the risk and expense of litigation. Such a filing is considered a jurisdictional … Read more
The role of an executor or administrator at its most basic level is to read the will and do what it says. However, not every appointed fiduciary does so. What happens if a fiduciary “goes rogue” and transfers a decedent’s real property in a way not provided for under the will? This was addressed by … Read more
Last year, we wrote about a bill awaiting Governor Hochul’s signature that would legalize “E-Wills” in New York. The bill, dubbed the Electronic Wills Act (the “EWA” or “Act” herein), was primarily based on the Uniform Electronic Wills Act, which has been adopted by several states and territories. Since our last post, the Governor has … Read more
Trusts are often used in an estate plan to protect assets and avoid probate. Creating the trust with the help of an attorney is the first step, but not the only one needed. Many people make a critical mistake after signing their trust documents: They never fund the trust, making it virtually useless. Think of … Read more
What happens if a person cannot make their own health care decisions, and they don’t have a health care proxy? In New York, the Family Health Care Decisions Act (the “Act”) was enacted in 2010 to address this problem. The law sets forth rules regarding who can decide on medical treatment for an incapacitated patient … Read more
Most people rush to file their tax return if they are owed a refund. But what happens if you cannot file on time for health reasons? You may think the IRS will forgive the delay. Unfortunately, missing a tax deadline can have permanent consequences, even when caused by serious illness. The Internal Revenue Code does … Read more
In a lawsuit, it isn’t unusual for a party to deploy certain tactics to delay the case for strategic reasons. Unfortunately, this can be abused, creating problems for the court system and the other side, as cases become more time-consuming and expensive to resolve. One solution to this problem was recently enacted in New York. … Read more