When you are planning to open a limited liability company (LLC), creating an operating agreement is critical. In fact, it is often a legal requirement for LLCs in New York and many other states. With a well-drafted operating agreement, you can customize the terms of...
Business
What business structure can benefit your new business?
One of the first things a new business owner has to decide is what type of business structure they need. There are several things that come into the picture when they’re doing this. Taking the time to choose the most appropriate structure can protect you and your new...
Disclosures in real estate transactions: What you need to know
Buying a property is a significant investment. Therefore, it can be frustrating and stressful to learn of a property’s defects that make it inhabitable or less desirable after making a purchase It is why there are laws that require sellers to disclose details about a...
Updating estate plans: 2 valuable external assets people forget
There are many times in life when someone may need to review their estate plan and make certain changes. Maybe they got divorced and need to remove their spouse from their paperwork. Perhaps they just had children and need to add guardian information to their will and...
Just bought your first home? You may need an estate plan
Purchasing your first home is a huge accomplishment. The happy memories you create will transform it from a mere residence to a meaningful part of your life, and it’s natural for you to want to preserve your home for future generations. The first step you should take...
Could a Totten trust beef up your estate plan?
If you’re reading this post, you likely have a few people and/or organizations you want to include in your estate plan. Fortunately, there are a few options to consider when planning to leave something behind for these people. Totten trusts, also known as...
How can you tell if a New York City property investment is sound?
Are you an investor looking to expand your real estate portfolio, or perhaps someone wanting to acquire residential property to rent out for extra income? You probably believe you can perform your own due diligence to avoid getting stuck with a lemon but consider...
Inherited a house with a sibling? Here’s what you can do
You always assumed that your parents would order the family home to be sold after their death and the profits divided, so you were surprised to find out that they left it to you and your two siblings in equal shares. The only problem is that you and your brethren may...
What is an exit clause in commercial real estate?
When someone is leasing out commercial real estate, they will create a contract for both parties to sign. This stipulates the terms of the lease and what is expected from either individual. It can help to define exactly what costs and obligations each side has, for...
Will estate taxes reduce what your loved ones inherit?
A lifetime of hard work, self-denial and careful investing will lead to financial security for you later in life. It will also put you in a position to leave a meaningful legacy for your children and grandchildren. You might also want to leave money to a non-profit...