Asterita & Associates, LLCAsterita & Associates, LLC Attorneys At Law2026-09-29T23:04:27Zhttps://www.bonfiglioasteritalaw.com/feed/atom/WordPress/wp-content/uploads/sites/1403554/2026/09/cropped-asterita-fav-32x32.pngOn Behalf of Asterita & Associates, LLC<![CDATA[Can you shield your child’s inheritance from divorce in New York?]]>https://www.bonfiglioasteritalaw.com/?p=532432026-09-25T17:08:43Z2026-09-25T17:08:43ZThe risk of commingling
New York courts generally view inheritances as separate property. Accordingly, the wealth your child inherits is typically treated as separate property during a divorce. However, if your child mixes it with joint accounts or uses it to pay shared household expenses, the separate property status might change. Once these assets lose their separate identity, your child's spouse may claim a part of the total value during the divorce.
Creating trusts for long-term protection
Drafting a well-structured trust could offer a strong solution if you are concerned about future marital disputes. By placing assets into trusts, you keep the child from having direct legal control. Instead, an independent trustee will manage the wealth for your child. This arrangement reduces the chances of a court labeling the assets as marital property during a future legal case.
Furthermore, you can set specific terms about how and when your child receives the money over many years. This flexible approach provides a smooth way to transfer wealth while reducing many external risks to the estate.
Securing family legacy
Protecting family assets involves a clear understanding of state laws and financial boundaries. With the help of a New York estate attorney, you may be able to create an effective plan by keeping your personal and family goals in mind.]]>On Behalf of Asterita & Associates, LLC<![CDATA[Who keeps the deposit when a real estate deal falls through?]]>https://www.bonfiglioasteritalaw.com/?p=532032026-09-10T11:22:45Z2026-09-10T11:22:45ZWhen you can get your deposit back
Your contract may include contingencies that let you cancel without losing your deposit. You must meet the contingency requirements and follow the contract's notice deadlines.
Common situations where you may have the right to recover your deposit include:
A failed financing contingency
A qualifying inspection problem
An unresolved title defect
Courts in both New York and New Jersey generally enforce contingency provisions as written. Following your contract's notice requirements and deadlines is important because missing them can affect your right to recover the deposit.
When the seller may keep the deposit
If you back out without a contractual right to cancel, the seller may have the right to keep the deposit as liquidated damages. The contract must support that remedy and the circumstances surrounding the failed closing can affect the outcome.
When the seller backs out of the deal
Your remedies may differ when the seller fails to perform. Depending on the contract, you may recover your deposit and seek additional damages, though proving losses beyond the deposit amount can be difficult and will depend on the specific facts and contract terms. In some cases, you may also seek specific performance, which asks a court to require the seller to complete the sale. New York and New Jersey both recognize this remedy, although your contract and the circumstances will determine whether you can pursue it.
How New Jersey's attorney review period affects your deposit
New Jersey residential contracts generally include a three-business-day attorney review period. During this period, either party's attorney can review and disapprove the contract. If an attorney properly disapproves the contract during this period, the transaction ends and the buyer generally receives the deposit back.
What to do when you disagree about the deposit
If you and the other party disagree about the money, the escrow holder may continue holding the deposit until you resolve the dispute. You may need a signed release or court order before the escrow holder distributes the funds.
Whether you are a buyer or seller, the earnest money deposit is one of the most financially significant terms in a real estate contract. Understanding what your contract says about contingencies, notice deadlines and default remedies – before problems arise – can put you in a much better position if a deal falls through unexpectedly.]]>On Behalf of Asterita & Associates, LLC<![CDATA[What happens to business contracts when you sell the company?]]>https://www.bonfiglioasteritalaw.com/?p=532002026-08-28T14:32:52Z2026-08-28T14:32:52ZSome contracts transfer to the buyer
Some agreements can transfer as part of the sale, allowing the buyer to take over the business relationship and related obligations. For example, an asset sale may include contracts that support the business's day-to-day operations. If you sell your company's ownership interests instead, the company generally remains the contracting party, although other provisions can still affect the agreement.
Some contracts require consent before transfer
Certain agreements require the other party's approval before you can transfer them to the buyer. For example, a contract might say that you cannot assign your rights or obligations without the other party's prior written consent. Under New York law, clear language can make an attempted transfer ineffective without that consent.
This means you cannot assume that a contract will simply follow the business to its new owner. You may need to obtain approval from customers, vendors, landlords or other parties before closing. Checking these provisions early can help you identify agreements that could affect the sale.
Some contracts remain with you
Some agreements may stay with you rather than pass to the buyer. For example, you might have a loan agreement or a contract tied to an obligation that you agreed to retain as part of the sale. The purchase agreement can exclude those obligations from the transaction, leaving you responsible for them after closing.
Some contracts may need to be replaced
When you cannot transfer an agreement, you may need a new contract between the buyer and the other party. For example, if a key vendor's agreement prohibits assignment without consent and they decline to approve the transfer, the buyer may need to negotiate a new contract. The same situation could arise with a customer whose contract cannot transfer to the new owner.
Know what happens before the sale closes
Before closing, review the agreements that support your business and determine which ones will transfer, require consent, remain with you or need replacement. Discussing these terms with your attorney can help you address potential problems as part of the sale rather than discovering them after the transaction closes.]]>On Behalf of Asterita & Associates, LLC<![CDATA[What happens to joint bank accounts when one owner dies?]]>https://www.bonfiglioasteritalaw.com/?p=531982026-08-27T18:20:41Z2026-08-27T18:20:41ZHow survivorship rights work
Banks often set up some joint accounts with a right of survivorship. When that feature applies, the surviving owner may become the sole account holder after the other owner dies. In New York, a joint account set up with survivorship rights may transfer to the surviving owner. Banks may still require a death certificate or other documentation before updating the account records.
Funds in a joint account with survivorship rights often pass outside probate, though the outcome depends on the specific account terms and applicable New York law. Disputes can still arise if there is evidence that the account was set up differently than expected.
When problems can arise
Not every joint account works the same way. Some accounts may be set up so each owner’s share passes through the owner’s estate rather than to the surviving account holder. Depending on the account structure and applicable law, creditors may have a claim to some or all of the deceased owner’s share. Tax consequences may also depend on the size of the estate. New York has its own estate tax that may apply independently of federal estate tax, depending on the value of the taxable estate. An estate planning attorney can provide guidance specific to the estate's situation.
Why reviewing account records matters
Clear account records can make it easier to avoid disputes after a death. An attorney can review the account paperwork and explain how the funds may transfer. If you are unsure how you titled a joint account, review the account documents before a problem arises.
]]>On Behalf of Asterita & Associates, LLC<![CDATA[Incapacity planning for unmarried New York couples]]>https://www.bonfiglioasteritalaw.com/?p=530972026-09-28T01:05:58Z2026-07-20T16:44:37ZCore medical protections
To protect your partner and ensure your wishes are followed, you could proactively execute specific legal documents, such as:
Health-care proxy: This lets you designate your partner as your healthcare agent to make medical decisions if you cannot speak for yourself
Living will: This outlines your specific preferences for end-of-life care, such as life support ventilators and feeding tubes
Hospital visitation directive: This states that your partner has priority visitation rights equivalent to an immediate family member
Health Insurance Portability and Accountability Act (HIPAA) authorization: This grants the doctors permission to share your medical updates, diagnosis and treatment plans with your partner
Without these documents in place, your partner could be left completely helpless in a time of crisis. Without a signed proxy or power of attorney, a court might need to appoint a guardian and that process can be slow, uncertain and costly. There is no guarantee the court will select your partner.
A durable power of attorney (POA) could also grant you the legal right to manage your partner’s finances, pay rent and handle taxes during a crisis. For unmarried couples, an immediately effective POA is preferred to avoid bureaucratic delays.
Don’t leave your partner’s rights to chance
Estate planning for unmarried couples is an act of mutual protection. Protect the person you love and yourself by putting the right legal shields in place. An experienced estate planning attorney could help you understand which documents apply to your situation and how to avoid relying on a court to sort things out.]]>On Behalf of Asterita & Associates, LLC<![CDATA[3 essentials before buying a restaurant in New York]]>https://www.bonfiglioasteritalaw.com/?p=530952026-07-08T15:30:54Z2026-07-08T15:30:54ZThe restaurant industry in New York is a behemoth. According to the National Restaurant Association’s 2026 factsheet, New York’s restaurant and food services sales reached $98.4 billion from the previous financial year. This is a promising sign for people who are looking to invest in this industry. If you are also headed in that direction, here are some things you need to know.
1. Check the records
If you are buying a restaurant or any other business for that matter, you have to read through their financial records. Check their profit and loss statements, debts and other liabilities. Furthermore, you should also take a look at the staff size, supply chain relationships and other necessary details to get an estimate of operation costs.
2. Permits and compliance
Restaurants are a type of business that come with many health and safety concerns. That is why there are several local, state and federal regulations in place. If you are acquiring a restaurant, you have to make sure that all the permits and certifications are still valid. In case your restaurant serves alcohol, check if the liquor license can be transferred. Finally, you have to verify the zoning compliance, which regulates the building size, neighborhood density and business use.
3. Securing finance
Buying a restaurant in New York is a big deal. You should have complete awareness about your financial situation and an understanding of future business implications on your finances. You should consider the upfront cost for setting up the restaurant, operating costs and interest if you are going to take a loan.
Reviewing certification and lease
Now comes the most important part: reviewing the lease terms and conditions. Make sure to peruse the entire document to ensure you are not put in a disadvantageous position anywhere. Furthermore, you have to secure a purchase agreement, bill of sale, Certification of Occupancy (CO) and many other documents. To ensure that you don’t miss any crucial details, it is advised to consult an attorney experienced in business services.
]]>On Behalf of Asterita & Associates, LLC<![CDATA[Does creating a trust change ownership of your home?]]>https://www.bonfiglioasteritalaw.com/?p=530932026-06-30T15:10:15Z2026-06-30T15:10:15ZCreating a trust does not automatically transfer your home
Your home's title identifies its legal owner. If you create a trust but do not transfer ownership, the property will generally remain in your individual name.
For many estate plans, transferring a home into a trust requires signing and recording a new deed. A deed is the legal instrument that transfers ownership from you as an individual to the trust. Although people frequently create a trust and transfer their home during the same estate planning process, those are separate legal transactions.
Several factors can affect how your home is titled
Not every estate plan addresses real estate in the same way. Several factors can affect whether you transfer ownership of your home after creating a trust, including:
The type of trust you create
How you currently own the property
Whether you own real estate in more than one state
Whether the home has a mortgage
Your broader estate planning objectives
Together, these factors help establish how your trust and property ownership complement one another. The appropriate approach for one homeowner may not fit another, even when they own similar property or have similar estate planning priorities.
What happens when you transfer your home to a trust
In many cases, transferring a home to a revocable trust does not change how you use the property during your lifetime. You can generally continue living in the home, maintaining it and making decisions about it. The primary change is that the trust becomes the property's legal owner.
Because the trust now owns the property, its terms identify who may manage the home during your lifetime and who will receive it after your death, according to the provisions of the trust.
How your trust fits into your estate plan
Creating a trust is only one component of an estate plan. Deeds, beneficiary designations and other estate planning documents can also affect what happens to your property.
When these documents reflect the same estate planning strategy, they operate together to carry out your intentions. Consistency among these documents becomes increasingly important when your estate includes real property.]]>On Behalf of Asterita & Associates, LLC<![CDATA[3 grounds for challenging deathbed wills in New York]]>https://www.bonfiglioasteritalaw.com/?p=530912026-09-28T01:10:54Z2026-06-19T14:04:36ZA deathbed will is a legal document drafted by the person who is facing imminent death. Sometimes these wills are contested in court based on the circumstances under which theywere signed. Since the testator is usually in a vulnerable state while signing, the court may see it through a lens of suspicion. Below, we discuss how some relatives may challenge last-minute wills.
Lack of testamentary capacity
Most people on their deathbed are under heavy medication or sedation, which may reduce their cognitive ability. Since the law requires the testator to be in their testamentary capacity, a will signed under medication can be a cause for dispute.
Undue influence
A person on a deathbed depends on others for their bare survival. This dependence may increase the risk of undue influence and coercion. Any bad actor can intimidate them into signing a will in their favor. That is why when someone submits a brand-new will that is in contradiction with the long-term stance of the testator, the court views it with suspicion.
Improper execution of will
Because deathbed wills are often drafted in the last minutes, execution mistakes can sometimes occur. Without an experienced attorney in place, family members may make technical errors that jeopardize the document's validity. Under New York law, a court may closely scrutinize the signing process, particularly if:
A beneficiary signs as a witness: Doing this usually voids that specific witness's entire inheritance unless there are at least two other disinterested witnesses who inherit nothing.
Statutory signing rules remain ignored: Perhaps the testator didn’t sign at the very end of the document or the witnesses signed at the wrong place.
If these essential formalities are not followed, the court may choose to invalidate the entire will.
How a legal guide may help
It is common for the relatives of the deceased to heavily contest the deathbed wills. They may try to get your will invalidated by the court by providing the above-discussed reasons as grounds for dismissal. In situations like this, having an experienced legal adviser in the field of estate planning can be invaluable. With their help, you can properly defend the will in probate court and protect your rights as a beneficiary.]]>On Behalf of Asterita & Associates, LLC<![CDATA[How to protect your home from foreclosure in New York]]>https://www.bonfiglioasteritalaw.com/?p=530712026-06-11T10:03:23Z2026-06-11T10:03:23ZAct early and communicate
As soon as you realize you cannot make a payment, contact your lender’s loss mitigation department. They may offer you a temporary forbearance or a repayment plan before legal action begins.
Understand the 90-Day Notice
In New York, lenders have a legal duty to send you a specific Pre-Foreclosure Notice at least 90 days before filing a lawsuit. This document provides a list of government-approved housing counseling agencies. You can use that timeframe to consult with a professional.
Attend mandatory settlement conferences (MSC)
Once a foreclosure action is filed in court, state law requires that you, the lender and your lawyers meet with a neutral third party in an MSC. This is a session where all involved parties meet under court supervision to discuss the current dispute and potentially resolve the case.
You must attend these sessions to protect your rights while your legal representation can help you negotiate on a final agreement. If there is no such outcome reached, you may need to prepare for an upcoming trial.
File a formal response
After receiving a Summons and Complaint, you typically have to file a formal Answer with the court within 20 to 30 days. Failing to submit this document can allow the lender to expedite a default judgment order, stripping you of your ability to contest the foreclosure.
Beware of scams
No matter how anxious you feel, it is important to be wary of any foreclosure rescue companies that demand upfront fees. In New York, it is generally illegal for these businesses to charge an initial payment for their services.
Finding hope in a hard situation
While you have rights as a homeowner, they are time-sensitive when you are facing foreclosure. Seeking legal guidance can help you get the prompt assistance needed to protect your property and your equity.
]]>On Behalf of Asterita & Associates, LLC<![CDATA[3 emotional hurdles you may face when writing a will in New York]]>https://www.bonfiglioasteritalaw.com/?p=530522026-04-29T14:06:32Z2026-04-29T14:06:32ZConfronting your own mortality
Perhaps the biggest emotional obstacle is facing the reality that you will not be here forever. Writing a will means acknowledging your mortality, which could cause anxiety and discomfort. You might find yourself procrastinating or making excuses to delay the process.
Consider reframing how you think about your will. Instead of viewing it as planning for what happens after your passing, see it as a final act of care for the people you love. By creating a will, you could make it easier for your family by providing them with instructions and clarifying your intentions.
Making difficult choices about loved ones
Deciding who inherits could stir up complicated feelings. You might worry about hurting someone or creating family conflict. Choosing guardians for your minor children may also feel overwhelming. It is easy to worry that you will make the wrong choice.
Keep in mind that you may update your will as your circumstances change. The decisions you make today do not have to be permanent. Though it might be a challenge in itself, it could help to have honest conversations with family members about your wishes before finalizing anything. This way, you may explain your choices and reduce confusion.
Dealing with family dynamics and expectations
Family relationships are often complex. You may feel guilty about unequal distributions or anxious about how relatives will react. Some people struggle with pressure from family members who have expectations about inheritance.
However, a will should reflect your values and wishes, not someone else's demands. Your will is ultimately about your legacy and ensuring your assets go where you want them to go. It might help to appoint an executor you trust to carry out your final wishes and manage your estate.
Planning for the future
Acknowledging the emotional hurdles of creating a will may help you overcome them. Doing so may make it easier to establish your last wishes, which could offer you and your loved ones peace and clarity.]]>