Transferring real estate to your children can help keep property in the family, but the timing and method matter. A well-intended gift can increase capital gains taxes, affect Medicaid planning, reduce valuable tax benefits, and create legal complications.
Whether you own a family home, a vacation property, or an...
In many cases, yes. An executor can often sell estate property without obtaining approval from beneficiaries, provided the sale is permitted under the will or New York law and the executor is acting in the estate's best interests. However, that authority has limits, and beneficiaries have the right to challenge sales that...
A properly drafted power of attorney can make it easier for someone you trust to manage your financial and legal affairs if you become unable to do so. However, mistakes when creating or using a power of attorney often lead to confusion, disagreements, and even legal disputes among family members. Taking the...
Not every asset you own must go through probate after your death. In New York, many types of property transfer directly to a named beneficiary or surviving owner, allowing those assets to pass outside the probate process. Knowing which assets avoid probate can help you make informed estate planning decisions and...
If you own rental property, whether it should be held in an LLC or a trust depends on your goals. An LLC is often used to help limit personal liability and separate business assets from personal assets. A trust is typically used for estate planning, incapacity planning, and transferring property to beneficiaries....
Losing your original will does not automatically mean your estate plan is invalid, but it can create significant complications. In New York, when an original will cannot be found after a person's death, the court may presume that the person intentionally revoked it. Overcoming that presumption is possible in some cases, but...
The Medicaid look-back period in New York is a review of your financial history before you apply for nursing home Medicaid. During this period, Medicaid examines asset transfers to determine whether property was given away or sold for less than fair market value. If it was, a penalty period may delay when...
A power of attorney (POA) in New York ends when certain legal events occur, including revocation by the principal, the principal’s death, court intervention, or other triggering circumstances. In most cases, authority ends immediately once one of these events occurs. Once it ends, the agent no longer has authority to act, and...
A landlord may enter a tenant’s apartment without prior notice when a true emergency threatens people or property. New York law recognizes that urgent situations sometimes require immediate access to prevent injury or serious damage. In these cases, landlords are generally permitted to enter without waiting for tenant consent. Disputes often...
Divorce is a significant life change that affects nearly every part of your future. If you have an estate plan already in place, it can guide you through the changes you’ll need to make post-divorce. If you’ve already made a plan for which assets go where upon your death, that preparation might...
