Marcus, Gould & Sussman, LLPWhite Plains Real Estate Lawyer2024-03-13T09:52:26Zhttps://www.mgslawoffice.com/feed/atom/WordPressOn Behalf of Marcus, Gould & Sussman, LLPhttps://www.mgslawoffice.com/?p=506752024-03-08T16:30:32Z2024-03-13T09:52:26ZStepping down with grace
Considering your desire to resign as executor of the estate, there are mainly two procedures to follow:
Before court appointment
Even if the will names you, taking on the role of executor is voluntary before court appointment. Should you decide that executorship is not for you, you can decline by filing a Renunciation of Nominated Executor form to the Court. This will formally release you from executorship.
However, the process changes drastically if you are already in the middle of administering an estate.
After court appointment
If you’ve already been appointed as executor, you cannot just step down. You must petition the court to allow you to resign and provide a reason for leaving. The court will decide after factoring in what is best for the estate. If your resignation does not serve the estate, the court may deny your request.
Besides your petition to resign, you must also submit a formal accounting of the estate’s finances, unless all beneficiaries agree to forego this step. After the court grants your petition, the successor executor can take over the position.
To avoid potential complications with estate administration, it is usually best to renounce executorship before the court appointment. Your proactive approach may save the estate expenses and help facilitate a smoother transition. If you are set on resigning, an attorney can guide you through the process or help you through complications.
Sometimes, all an executor needs is a helping hand. If you believe that assistance would enable you to handle the position, an attorney can also provide the necessary support you need to manage the estate effectively.]]>On Behalf of Marcus, Gould & Sussman, LLPhttps://www.mgslawoffice.com/?p=506732024-03-06T22:11:33Z2024-03-11T04:23:49Zsecurity of your finances and your family's future.
Minimize tax liabilities
Estate planning is about ensuring that your assets and the people you care about remain protected even after you pass away. This can also mean sparing your heirs from hefty taxes that come with a sizable inheritance.
Without strategic plans, most of your estate could go to taxes rather than your intended beneficiaries.
Avoid family disputes and conflicts
With no clear directives for the distribution of your assets, disagreement and conflict among your family members could be an inevitable issue in the event of your death or incapacity. You could immediately prevent these disputes by placing protections on your assets.
Through estate planning, you can designate who controls your finances and ensure your assets are handled according to your wishes.
Secure your family's future
Ensuring the comfort and security of your family even after you pass away is most likely your top priority. This notion is significantly more emphasized for parents with small children.
As a parent, you need to be prepared for the unthinkable to guarantee that your children are safe and cared for in a manner that you approve of even after your death or incapacity.
You may create trusts that will provide for your family's needs in the long term, including education costs, healthcare and living expenses.
Trusts can also help your estate avoid probate, streamline the distribution process and keep your financial and family affairs private.
If you are a high-asset individual, an estate plan can be your primary tool to protect your privacy, wealth and loved ones. By establishing a comprehensive estate plan, you can guarantee that your loved ones and legacy are secured.]]>On Behalf of Marcus, Gould & Sussman, LLPhttps://www.mgslawoffice.com/?p=506692024-02-14T17:07:34Z2024-02-19T05:13:51ZSometimes, the buyer can disregard these issues and proceed with closing the sale, opting to resolve concerns simultaneously or after the purchase. Still, real estate deals tend to flop if the following circumstances get in the way:
The buyer could not obtain approval for their mortgage.
There were problems with the contingencies necessary for the purchase agreement.
An inspection revealed severe issues with the property.
An appraisal showed that the property was gravely mispriced, making the purchase amount unreasonable.
A title search uncovered significant discrepancies and legal issues that can impact ownership rights.
Additionally, some buyers can withdraw from a sale simply because they had a change of heart. These scenarios can happen regardless of how smoothly the process is progressing.
Preventing problems that can derail a sale
Some purchase issues can be inevitable, but others are preventable. Specific problems can arise because of improper paperwork and failure to meet requirements for essential real estate transactions. Fortunately, getting help for these concerns can be easy, such as by seeking legal assistance and counsel.
Aside from having experienced guidance, advice concerning real estate purchases can also help address confusing situations and legal implications that may make a buyer hesitant to move forward with the sale.]]>On Behalf of Marcus, Gould & Sussman, LLPhttps://www.mgslawoffice.com/?p=506662024-01-31T06:15:19Z2024-02-05T06:15:04ZIt can be beneficial to consider legal boundaries before you draft a will. Some rules can impact what happens to your estate, including the following:
You cannot reallocate your spouse's inheritance after your death. The law identifies a specific amount or portion of the estate designated to them solely.
Your part of jointly owned assets can automatically go to the other owner. This rule can overwrite your instructions despite indicating them in your will.
Household items you own at the time of death directly go to family members you lived with, such as your spouse or children.
Minors cannot inherit assets directly through a will. The inheritance might need to go into a trust so they can receive it.
Other restrictions can apply under specific circumstances. They may also vary based on the estate's size and the asset types, potentially leading to complications.
Preserving your will's enforceability
Because of these limitations, seeking legal guidance when making a will and creating an estate plan can be helpful. Doing so can help preserve your will's validity, allowing you to address any unique circumstances and applicable restrictions.
Valuable legal counsel can also help you consider high-risk scenarios that could result in disputes among your surviving family members and other beneficiaries. By addressing these issues, you can help avoid conflicts, allowing your family to focus on supporting each other after you pass on.]]>On Behalf of Marcus, Gould & Sussman, LLPhttps://www.mgslawoffice.com/?p=506592024-01-23T06:15:46Z2024-01-26T06:15:20ZFinancial contingencyThe financing contingency offers buyers a safety net when navigating the financing process. This clause states that the transaction depends on the buyer securing a mortgage or financing. If the buyer can't get a loan within a certain time, they can decide not to buy the property without facing any penalties. In this scenario, they can even get back the earnest money deposit they initially put down.
Inspection contingency
An inspection contingency gives the buyer the right to have the property inspected within a certain period. It protects buyers from unforeseen property issues that could lead to expensive repairs down the line. During the inspection, if the buyer discovers issues with the property, they can revisit the terms of the contract. This can include renegotiating the purchase price or, in some cases, even withdrawing from the purchase without losing their deposit.
Appraisal contingency
This contingency clause is there to make sure the property's price matches its true worth. An appraisal is when a separate professional calculates the property's fair market value. If the appraisal shows the property is worth less than the purchase price, the buyer can try to lower the price or choose not to buy the property. Similar to other contingencies, they can do this and still get back their deposit.
Title contingency
This contingency ensures the seller really owns the property and can legally sell it. Any liens, encumbrances or claims can complicate a deal. So, this contingency acts as a safety net for the buyer. It ensures that the buyer won't be stuck with a property with legal issues or debts tied to it. If unresolvable issues come up during a title search, it lets the buyer cancel the deal penalty-free.While it's possible to include these contingencies in a real estate transaction, navigating this process independently can be complex. So, buyers should consult a lawyer to guide them while keeping their best interests in mind.]]>On Behalf of Marcus, Gould & Sussman, LLPhttps://www.mgslawoffice.com/?p=506622024-01-22T07:44:51Z2024-01-25T07:44:09ZPotentially fewer expenses
No matter how sizeable, each estate has a finite value. Because of that, wanting to minimize expenses paid for by your estate is understandable. Fortunately, an advance directive can be a cost-saving estate planning tool for you and your beneficiaries.
Avoiding costly medical procedures
Your loved ones would do everything possible to take care of you. However, when you're dealing with terminal illnesses, potential treatments may only serve to delay the inevitable. Fortunately, an advance medical directive lets you list expensive treatments you don't want. These decisions help ensure more of your assets go to your beneficiaries.
Living with less pain
Some medical treatments, while beneficial, can also be extremely painful. You may not want to undergo such painful procedures or treatments. Including this information in an advance directive lets medical professionals know what type of care to avoid providing.
Eliminating difficult decisions
Dealing with the incapacitation of a loved one is bad enough. Making crucial medical-related decisions for another person can feel even more daunting. Setting up an advance directive helps eliminate bickering and confusion among your loved ones. Instead of wondering about your wishes, advance directives clearly state what to do next. At the same time, these directives can also help prevent disagreements among your loved ones.
Before you finish your advance directive document, you must appoint someone to carry out its wishes. Due to the importance of this position, ensure you choose someone trustworthy and capable of making hard decisions. This person may not always be a friend or family member.]]>On Behalf of Marcus, Gould & Sussman, LLPhttps://www.mgslawoffice.com/?p=506552024-01-11T21:58:34Z2024-01-16T05:11:12ZThis position is often present when establishing revocable living trusts. With this trust type, you can become the settlor and trustee, so you can have more control of the assets within the trust while still living. It also gives you flexibility when making decisions regarding the trust, such as changing beneficiary details and other information. Unfortunately, the situation can be complex if you pass on and have no one to serve as a trustee. The role of a successor trustee becomes active when this happens.
Essentially, they will receive the authority and duties you had as a trustee, including the following responsibilities:
Making investments using assets in the trust
Transferring the trust's assets if needed
Settling tax requirements and organizing assets
Managing assets while prioritizing the beneficiaries
Ensuring the enforcement of the trust's terms and conditions
A successor trustee can have other duties, depending on the circumstances.
Creating an appropriate estate plan
Trusts often attract people because of their benefits, but it might not always be appropriate. When creating an estate plan, it can be more beneficial to set objectives and seek legal counsel to determine what tools are more advantageous over time. Adequate preparation and careful consideration can help you craft an estate plan that fits your unique needs and circumstances.]]>On Behalf of Marcus, Gould & Sussman, LLPhttps://www.mgslawoffice.com/?p=506512023-12-22T10:55:11Z2023-12-27T10:54:57ZWhen a title is defective, it can cause problems when organizing paperwork or information, potentially delaying the transfer of ownership to the buyer. These defects can vary from minor issues to significant discrepancies that may require extensive work. In any case, a title can be defective if it has the following:
Liens or claims against the property
Inconsistencies or errors in the paperwork, such as incorrect details or missing signatures
Owed taxes on the property
Discrepancies in the property's ownership history
False documents filed for the property
Survey conflicts
Other situations can result in title defects, such as unknown heirs claiming to have inherited the property at some point before the sale. If this happens, the buyer might need to review ways to clarify the confusion and determine if their purchase is valid. These issues may also appear long after closing the sale, adding complications based on the circumstances.
Doing due diligence adequately
In any property purchase, it is essential to do adequate due diligence. The seller is responsible for disclosing standard details about the property, but some issues are not as obvious. When doing due diligence on the property, it may be helpful to do a title search before sealing the deal. It might not ensure the title is clear, but it can detect issues that may arise based on the available paperwork.
When in doubt, there is no harm in seeking legal counsel before closing the sale. Doing so can help determine the appropriate options to secure the property's title and address any possible obstacles.]]>On Behalf of Marcus, Gould & Sussman, LLPhttps://www.mgslawoffice.com/?p=506422023-12-14T06:21:19Z2023-12-19T06:20:58ZYour journey through life is a series of wins and losses. Through these ups and downs, you gather not just invaluable experiences and lessons that are uniquely yours, but tangible wealth as well. However, there can be situations where you might suddenly find yourself unable to manage your hard-earned property and assets.
What would you do then?That's when having a power of attorney (POA) becomes essential. Understanding situations where a POA can help ensure that you're prepared, no matter what life throws your way.
To prepare for possible incapacity
One critical circumstance where a POA proves invaluable is when you become incapacitated in some way, such as being in a coma following an accident or suffering a stroke that impairs your mental faculties. The POA serves as a tool for you to appoint an agent who can make decisions for you, should you be unable to. Some POAs take effect immediately upon signing, while others, known as springing durable POAs, activate upon a specific event, such as a mental or physical disability. If you prefer for someone to manage your affairs only after you become incapacitated, a springing durable POA might be the appropriate choice for you.
For short-term transactions
A POA is also valuable in situations involving short-term needs or specific transactions. For instance, a limited POA could be your ideal solution if you're abroad and need someone to handle a real estate transaction in your home country. This type of POA grants someone the authority to act on your behalf for a specific transaction, and its power can be revoked or terminated once the transaction is complete.
Securing your assets in your absence
A POA plays a crucial role in asset protection when you're not present or able to manage assets yourself. When you appoint a POA and do so at the correct time, you retain control over your estate and protect your interests. This assurance means that your hard-earned assets are well-cared for, regardless of life's unpredictable challenges.]]>On Behalf of Marcus, Gould & Sussman, LLPhttps://www.mgslawoffice.com/?p=506382023-12-06T19:43:31Z2023-12-11T05:28:06ZThey have conflicting interests
A listing agent represents the seller and is lawfully required to act in the seller's best interests. On the other hand, a buyer's agent represents the buyer and is legally obligated to act in the purchaser's best interests. If a person acts as both, it can create a conflict of interest, as the agent may be torn between their loyalty to the seller and their duty to the buyer. By having their own representation, buyers can ensure that their agent is solely looking for their interests.
They aim for different goals
The goals of a listing agent and a buyer's agent often conflict. While a listing agent strives to sell the property for the highest value, a buyer's agent aims to find the best property for the buyer at the best price. When a listing agent is representing both the seller and the buyer, they may prioritize the seller's goals over the buyer's, which can lead to the buyer overpaying for the property or missing key details that could have saved them money or avoiding potential issues.
If you are hoping for better negotiation
A buyer's agent can provide better negotiation skills and strategies to help the buyer get the best possible deal. They can help the buyer navigate the offer and negotiation process, guide the buyer on structuring the offer, and help them avoid common pitfalls that could cost them money or lead to a failed transaction.
He or she may also have access to more properties and market information than a listing agent. They can provide the buyer with more comprehensive information about the local market, including current trends, pricing and other factors impacting the buyer's decision.
Why some buyers choose not to have their own representation?
There are a few reasons why someone might choose not to have their own representation in a real estate transaction. One reason is that they may feel that they have a good relationship with the listing agent and trust their advice and guidance throughout the process.
Additionally, some buyers may not want to pay the extra costs associated with having their own representation, such as the commission fee for a buyer's agent.
Some buyers may feel that they have a good understanding of the real estate market and the process itself, and therefore, they may not see the value in having their own representation.
However, buyers should be aware that having their own representation can provide them with a level of protection they might not otherwise have. A buyer's agent can provide valuable insights and negotiating skills to help buyers make informed decisions and secure a better deal.
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