You may have read about the “Great Wealth Transfer.” That refers to the estimated $84 trillion that’s due to be left to future generations over the next couple of decades as the Baby Boomers and those a bit older and younger pass away or gift some of their assets...
Year: 2023
Why those with a pre-approval may have to cancel a closing
Purchasing residential real property in New York is typically an expensive and involved process. The search for appropriate options can take weeks, if not longer, to complete. Additionally, a lack of adequate inventory on the market has led to intense competition for...
What is a trust?
One essential tool of estate planning is trusts. This fundamental component of many estate plans offers a structured way to manage and distribute assets. A trust can help ensure that an individual's wishes regarding their assets are executed precisely as intended....
Who pays your debts when you die?
A lot of seniors worry about whether or not their deaths will leave their loved ones – especially their adult children – with a burdensome amount of debt. From credit card bills to burial expenses and that inevitable final tax bill, it’s almost impossible to die...
Will an owner lose all property rights after a New York tax sale?
When someone falls behind on mortgage repayment obligations, their homeownership may be at risk. Failing to repay a mortgage per the terms of a lending contract can lead to foreclosure, a process by which a lender reclaims a home that serves as collateral for a home...
2 important contract inclusions for New York homebuyers
Making an offer to purchase real estate generates a very large financial obligation on the part of the aspiring buyer. Real property in New York will typically feature a six or seven-figure price tag, and people often need a full 30 years to pay off their mortgages....
How can owners resolve a boundary line dispute in New York?
Square footage matters to many Albany-area property owners. Many people sometimes try creative, quirky things in their hopes of maximizing what their property is worth. In some cases, these behaviors end up infringing on the rights of their neighbors and cause...
Are prenuptial agreements enforceable in New York?
The short answer is yes, but it depends on what is included in the agreement. Prenuptial agreements serve an important purpose. Also referred to as a "prenup," it is a legal document that specifies the division of separate property and marital property if the couple...
2 important rules about eminent domain claims in New York
When someone inherits or purchases real property, they expect to own it for life unless they choose to sell it. Many people who invest in real estate want to hold onto it for years to maximize their returns. Others may simply purchase land with a home they wish to...
Including a power of attorney in your estate plan
Including a power of attorney or medical agent in your estate plan may make it easier to manage your affairs and make healthcare decisions as you wish if you become incapacitated. Choosing an agent Anyone who is a legal adult and of sound mind can serve as your agent....
