Increasingly, individuals are accumulating digital assets that they may want to pass on after their death. Social media accounts, websites, online libraries of content and the like can often be inherited like any other asset. Accordingly, individuals working on their estate planning should address how they want the executor of their estate to handle such assets in order to avoid complications after their death.
When It’s Just Too Much: Limits on Fees Charged by a Zoning Board of Appeals
As many property owners may know, zoning restrictions can have a significant impact on how a property can be used and improved. A zoning board of appeals (“ZBA”) is an independent board whose decisions impact a landowner’s property rights and can frequently affect the value of the property. Municipalities have authority to charge fees for the ZBA’s functions. However, there are limits on such fees of which landowners should be aware.
What You Need To Do To Safeguard Your Will and Property
A will is an important document needed to ensure that your loved ones are taken care of in a manner that you see fit. However, it’s not enough to prepare and execute a will. Important steps must be taken to safeguard your will and estate plan is actually carried out as you intend. One easily overlooked step, but which a former colleague turned Court attorney assures me comes up frequently, is securing the whereabouts of your original will and leaving behind appropriate information to aid those who will be handling your estate.
When your employees’ statements can be held against you in court
Business owners may not realize that statements by their employees could be used as evidence against the business in litigation. An adversary seeking to introduce evidence of an employees’ statements does not even have to subpoena the employee to testify in court. Instead, the employees’ statements may be admissible hearsay under the rules of evidence. Although this is currently only allowed in limited circumstances, New York State is considering making the rule broader, which could have a significant impact on businesses.
Suing the Government Just Got a Little Bit Easier
In New York, before you can begin suing the government for personal injury or property damage, you must file a Notice of Claim within 90 days after the claim arises. Miss the deadline and your claim is usually barred. However, courts do have limited discretion to allow service of a late notice in certain circumstances. Now thanks to a recent court case, it’s a little easier for plaintiffs to bring a lawsuit even if they missed the deadline.
Obstacles in Identifying the Assets in an Estate
The executor or administrator of an estate has a duty to “marshal”—or collect—all of the decedent’s assets so the assets can be distributed to the appropriate heirs. Usually, this is a simple process. However, sometimes executors and administrators face obstacles in identifying the assets in an estate, where the assets are located and how to obtain possession of the assets. It is important to know the tools available to overcome obstacles in collecting and preserving the decedent’s assets in order to protect the beneficiaries of the estate and avoid liability.
Buying or Selling Real Estate on Long Island? Expect More Fees in 2017
Nassau and Suffolk counties are again attempting to raise revenue, this time targeting real estate transactions. Those buying or selling real estate on Long Island or looking to borrow funds should be aware of the following new and increased fees:
- Suffolk County Mortgage Verification Fee. Effective January 1, 2017, there is a $300.00 charge at the time of filing of any “mortgage related documents.” It appears that this fee, which would be paid by the Borrower, would apply to mortgages, assignments of mortgage, subordination agreements, home-equity line of credit documents, satisfactions of mortgage and consolidation, extension and modification agreements (CEMAs), all of which are recorded in mortgage books of record (Libers).
The Dangers of Joint Bank Accounts
As people age, they often open joint bank accounts in their name as well as that of a close friend or family member. This allows the friend/family member to have access to the account to write checks and use funds to pay bills or other expenses of the older person. The person setting up this account often does this because he/she thinks it is a cheaper alternative to a power of attorney. However, establishing such a bank account can have unintended consequences.
Beware of Zoning Changes: Protecting Your Non-conforming Use
Local zoning codes established by a town, village, or city control and establish what you can do with your property, as well as the size and boundaries of structures. Those codes can change over time, resulting in potential problems for property owners. This is increasingly an issue for many owners as localities look to prohibit certain uses of property because of growing concerns of conservation, exposure risks, etc. However, owners are often protected from a change that makes a pre-existing use illegal because they are considered to have a “prior non-conforming use.”
Minimizing Taxes When Inheriting Stock in an S Corporation
Generally, the property you inherit from a decedent receives a “step-up” (increase) in basis equal to the fair market value of the property at the time of death. The step-up is potentially valuable as it allows the beneficiary to avoid paying capital gains tax on any appreciation in the value of the asset prior to the decedent’s death upon the future sale of the inherited property. However, when it comes to inheriting shares of stock in an S corporation, beneficiaries can be hit with a significant tax bill if they are not careful about selling property owned by the corporation.