After receiving a terminal diagnosis, it can be overwhelming to consider what lies ahead. However, it’s important to know that this reality can also serve as an opportunity to plan and protect your loved ones’ futures by ensuring that your estate is in order. Estate...
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Year: 2024
Converting empty office buildings into trendy condominiums
The residential real estate market in New York generally remains strong even when other markets may falter. After all, there is a limited amount of land available, and people want to be close to where there are career opportunities, transportation and entertainment....
Understanding the cost of probate in New York
Navigating probate in New York involves several expenses that can catch families off guard. Knowing the costs upfront can help beneficiaries and executors plan accordingly and avoid unnecessary surprises. Below is a breakdown of the typical costs associated with...
Why do people neglect estate planning?
Most people neglect their estate planning. The rate does increase as people get older, but studies still find that the majority of people do not have an estate plan right now. From the outside, you may be surprised to learn that so many people haven’t even written a...
Who will pay your final debts?
There’s a very good chance that your estate is going to include some final debts. You can plan for some of these debts in advance. For instance, people sometimes attempt to pay off business loans or home mortgages as they get older, intent on clearing those debts...
Key issues to consider before contesting a will
Before you challenge the validity of your loved one’s will, it’s important to understand the gravity of your decision and the potential implications. Contesting a will could affect your relationships with close kin, not to mention the likely financial and legal...
3 ways a personal representative may breach their fiduciary duty
The executor or personal representative of an estate serves in a position of trust and authority. They have control over an individual's resources and ultimately determine the legacy they leave after their death. Most people who accept the responsibility of estate...
Tips to prevent estate mismanagement during probate
As a will beneficiary, you may worry about the possibility of estate mismanagement by the executor during probate. This can happen for various reasons, including an inexperienced or negligent executor, poor financial decisions or even outright fraud. The consequences...
You don’t have to give someone an inheritance immediately
When many people write their will, they’re planning on an immediate transfer of assets. For instance, maybe you have two adult children and $200,000 to leave them. When you pass away, you assume that each of them will get $100,000 right away. This is a simple and...
What are the benefits of charitable remainder trusts?
Estate planning doesn’t have to focus solely on what happens to your assets once you die. In fact, if you have significant assets, your estate plans should also include strategies to minimize potential financial drains – including excessive taxation. This is where a...