Blog

New York Pet Trusts

Pursuant to New York’s Estates, Powers, and Trusts Law (EPTL) § 7-8.1, a person may create a testamentary or lifetime trust to care for his or her designated domestic or pet animal. The testator or grantor may pick an individual to enforce the terms of the trust or,...

LLC’s: Publication Requirement – Domestic LLC’s

      New York Limited Liability Company Law § 206 requires that domestic LLCs publish a legal notice of the formation of the LLC within 120 days after the effectiveness of the initial articles of organization. This is often an overlooked step in establishing a...

Planning for the Unforeseen and the Inevitable

Estate planning is a very important tool for people to utilize when planning for both the unexpected and inevitable. Estate planning is not morbid, but rather it is a way for people to establish a plan for their future as well as further their legacy. One essential...

What is a fiduciary?

Many people often wonder what it means to be a fiduciary. The word fiduciary derives from the Latin word “fiducia” which means trust. When you are a fiduciary, you are in a position of trust; therefore, you have the obligation and authority to act in the best...

Attorney Supervised Wills Given Presumption of Regularity

New York mandates strict compliance with the provisions of EPTL § 3-2.1 in connection with the execution of Wills. Failure to follow formalities could result in the Will not being admitted to probate. This presents a heightened risk to people who try to do their own...

Power of Attorney

Bear in mind that the Power of Attorney does not include any medical decision making capabilities for the agent. For such powers, look to establish a Health Care Proxy and Living Will. The Power of Attorney is a document that enables you to designate an agent to make...

Tax Reform Regarding Estates

Pursuant to the Tax Cuts and Jobs Act (the “Act”), the federal estate tax and generation skipping tax exclusion was increased to $11.2 million per person through 2025. This is more than double the federal estate tax exclusion for 2017! In addition, stepped-up basis is...

LLC’s: Publication Requirement – Foreign LLC’s

New York Limited Liability Company Law § 802 requires that foreign LLCs publish a legal notice of their qualification to do business in the state within 120 days of the filing of the Application of Authority with the New York Department of State (NYDOS). This is often...