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When buying or selling a property in New York, the final step in a real estate purchase is the closing. This process includes going through all the paperwork regarding financing and ownership. The transaction can be completed only after the parties and their attorneys...
When a person dies, their assets get distributed among the beneficiaries named in their will. When a person dies without a will, they have died intestate. When a person dies intestate, the law determines how their estate gets distributed. In the state of New York, the...
Estate planning is not just for the wealthy. Your estate includes all the possessions you own. This means an estate can be large or small, and it's worth assessing your items to see if you have anything you want to leave to your loved ones. If you're a New York...
Sometimes, your plans don’t always pan out as you’d hoped. This may hold true for selling real estate in New York. Fortunately, it’s possible to exit a transaction without facing penalties. Sudden, unexpected issues Unforeseen situations can arise that may prevent you...
A surprising number of people in the United States do not have wills. Without a well-developed estate plan, individuals and business owners in New York are allowing their money and property to be handled by anyone when they die. Here are several common mistakes to...
Talking about final wishes and estate planning can be uncomfortable for families. Some people don't like to discuss their inevitable deaths while others don't feel comfortable talking about private financial matters. If you're a New York resident, here are some tips...
Including charities in your estate plan in New York could reduce how much you pay in taxes. Giving to causes you care about may be a satisfying use of your money and assets after your death. Appreciated stocks Estate planning allows you to transfer your appreciated...
In New York, an estate is subject to state taxes in addition to federal taxes. Taxes are the common challenge most people think about when they create an estate plan, but there are additional factors you should be aware of, such as passing down your business and...
Lease agreements with your tenants are subject to many rules and regulations. Tenants have rights under NY law, and you must ensure your rental contracts and practices meet current legal criteria. Drafting rental agreements Create a written contract that you and your...
In New York, estate planning is an important process that helps ensure your estate gets handled according to your wishes after you die. However, making mistakes during estate planning can lead to complications and problems down the road. Not updating your will One of...
