Someone's home might represent years of investment. Many people pay as much as a third of their income for their mortgage every month, making their home their biggest overall asset. Many people in New York want to pass their home or other real estate holdings on to...
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How can a Chapter 7 bankruptcy help my family?
Chapter 7 bankruptcy is a form of bankruptcy that liquidates nonexempt assets to cover debts. During bankruptcy, any unsecured debts are paid down by liquidating those assets. When the money is gone, debts usually remain. Those debts are then discharged by the court. ...
Why do I need a power of attorney?
What does the future hold? No one can say with any certainty. We can hope for the best and plan for the worst, as they say, but we never really know what will happen. This is why you may want to add a power of attorney to your estate plan. The rest of your plan is...
When will you need to pay estate taxes in New York?
Probate administration is a heavy burden to bear. At the same time that you are grieving the loss of a loved one, you simultaneously have to handle legal and financial matters for them. Locating and distributing their property, as well as handling their business and...
What are 5 common housing code violations?
If you own real estate in New York or are looking into becoming a landlord, it’s a good idea to understand the housing codes and the possible violations that could occur. New York has plenty of regulations, but there are some code violations that come up regularly...
What’s your biggest liability as an estate’s executor?
Estate administration can take months or even more than a year. The more property and debts someone had and the more complicated their financial circumstances were, the longer it can take to settle everything after they die. Spending a lot of your time and mental...
What if there aren’t enough assets in an estate to pay off debts?
As an executor, your primary obligation is to resolve all of the outstanding obligations of someone who has recently died. You may need to probate their property, have utility accounts moved into the estate's name and pay taxes on behalf of the deceased. If they have...
How to sell real estate as the executor of a New York estate
Real estate holdings can be worth hundreds of thousands or even millions of dollars, but they can also cause a lot of complications during estate administration. Siblings might fight over who gets to stay in the house or might suddenly realize that they can't qualify...
Supporting your favorite charity in your estate plan
Besides taking care of your family's financial security and keeping control over your future medical care, your estate plan can also help you support causes you believe in as part of your legacy. In New York, charitable planning tools, including a charitable trust,...
Should you opt for a home inspection?
Buying a home is one of the biggest decisions you’ll ever make. It will impact you on many fronts, from your personal finances to the school your children attend to your commute to and from work. With so much on the line, it’s important that you understand exactly...