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Plano, TX business owners and individuals can now benefit from local counsel with legal experience rooted in multiple jurisdictions. Phillip D. Azachi, partner at DeCandido & Azachi, PLLC, has recently been formally admitted to the Texas Bar, expanding the firm’s ability to serve clients in Collin County, Dallas‑Fort Worth, and beyond. What Does Admission to the Texas Bar Mean? Legal authority in Texas: Only licensed Texas attorneys can represent clients in state courts, advocate in front of state agencies, or draft binding legal documents while practicing law in Texas. Ethical accountability & professionalism: State bar admission reflects a lawyer’s dedication to upholding Texas Rules of Professional Conduct. Local insight & credibility: An admitted Texas attorney understands state- and county-level statutes, regulations, and best practices. As of his admission, Phillip D. Azachi can now provide direct representation in Dallas County, Collin County, and Plano, TX. Read more about Phillip D. Azachi Phillip D. Azachi: A Multistate Advocate Now Admitted in Texas Phillip Azachi, previously licensed in New York, has long coordinated legal matters involving business law and commercial litigation. Now, with official Texas Bar admission, he serves local Plano clients directly in: Contract drafting & review for Plano businesses Business financing strategy, mergers, acquisitions, and succession planning in Collin County and Dallas‑Fort Worth Learn more about business financing strategies Estate planning, trusts, and probate tailored for Texas families and business owners Explore our estate and trust services Why Bar Admission Is Critical for Plano Clients Valid Legal Representation in Plano, TX Bar admission ensures clients receive legally valid and enforceable advice backed by state mandates and court authority. Familiarity with Texas Law and Local Courts From the Plano municipal courts to Collin County district courts, only attorneys admitted in Texas can properly represent clients. Security & Trust Bar admission includes background checks, continuing legal education, and adherence to ethical standards protecting clients in case handling. How DeCandido & Azachi Serves Plano Clients Post‑Admission Business Law & Contract Services in Plano, TX Phillip and the team now deliver legal guidance on corporate formation, contract drafting, and asset protection directly in Plano and surrounding areas. Explore our Texas business law services Business Financing & Succession Planning Local startups and legacy businesses can lean on Texas-bar admitted counsel for financing strategies, investment structuring, and exit planning. Learn more about business financing Estate Planning & Trusts With Texas admission, the firm now offers wills, trusts, and probate services tailored under Texas law. View estate planning options Work with a Texas‑Bar Admitted Attorney in Plano For business owners, families, and individuals in Plano and Collin County seeking legal representation from a fully licensed Texas attorney: Contact DeCandido & Azachi in Plano, TX at 972‑882‑6600 or visit the Texas Office page to schedule your free consultation. Conclusion Phillip D. Azachi’s recent admission to the Texas Bar marks a key milestone in expanding DeCandido & Azachi’s capacity to serve clients in Plano, TX with authoritative, local legal services. His multi‑state licensure and ethical standards mean greater confidence for those needing business, estate planning, or dispute representation in Texas. Choose trusted legal counsel fully admitted in Texas to represent you. Choose DeCandido & Azachi in Plano.

From a Probate Lawyer in Forest Hill, NY: Determining Whether Your Estate Needs to Go Through Probate Asset Ownership You do not have to probate assets that pass automatically to a beneficiary or joint owner. Property titled as joint tenancy with rights of survivorship, or as tenants by the entirety (used for married couples), transfers directly to the surviving co-owner. Similarly, accounts that have designated beneficiaries, such as payable-on-death (POD) bank accounts, transfer-on-death (TOD) securities, and life insurance policies, do not become part of the probate estate. In these cases, the beneficiaries can claim the asset by submitting a death certificate and other required documentation directly to the institution holding the asset. Small Estate Administration in New York New York offers a simplified procedure called Voluntary Administration for small estates. If the decedent's personal property is valued at $50,000 or less and there is no real estate solely in their name, you may be able to avoid formal probate. The alternative legal process is quicker and less expensive than full probate. You must still file paperwork with the court, but you can manage the estate without all the complexities of a full probate proceeding. Understanding Estates Without a Will and Intestate Administration If a person dies without a will in New York, their estate does not avoid court oversight. Instead of probate, the estate goes through intestate administration. You still have to file with the Surrogate's Court, but the court appoints an administrator rather than an executor. You must follow New York's intestacy laws, which dictate how to distribute the estate among surviving relatives. Determining When Real Estate Requires Probate Though there are many legal avenues to avoid probate, it may not always be possible. Real estate titled only in the decedent's name generally requires probate, even if the total estate value is modest. If the property is not jointly owned or does not have a beneficiary deed, then you must open a probate proceeding to transfer legal title to heirs or beneficiaries. Despite what your case may look like, you do not always have to go through probate in New York. Our team can help you explore all options to keep property out of probate and ensure all filings are done correctly. Schedule a consultation with us today at DeCandido & Azachi in Forest Hills, NY to understand how state law treats different types of assets and how to avoid unnecessary delays in the lawful distribution of your or a loved one's property. We also serve Plano, TX.

Protecting your assets requires careful and deliberate planning. If you take the time to create a strong estate plan, you can safeguard the wealth you have built and control how it is distributed. Our team will work with you to design an estate plan that reflects your goals, protects your family, and complies fully with New York law. With an estate planning lawyer in Forest Hills, NY, you can navigate this process effectively. From an Estate Planning Lawyer in Forest Hills, NY: How to Protect Your Assets With an Estate Plan Structuring Ownership of Assets One of the first steps in asset protection is deciding how to structure ownership of your property. Different types of ownership offer different protections. Joint ownership with rights of survivorship, tenancy by the entirety for married couples, and various forms of trust ownership can shield assets from probate and, in some cases, from claims by creditors. Using Trusts for Protection and Flexibility Trusts offer a versatile tool for protecting your assets. A properly drafted irrevocable trust can move assets out of your taxable estate and place them beyond the reach of certain creditors, while still allowing you to provide for your family or support charitable interests. Revocable living trusts give you flexibility to manage and update your estate plan while maintaining privacy. They also help you avoid probate, ensuring that your assets are distributed efficiently and according to your wishes. Certain specialized trusts, such as supplemental needs trusts for family members with disabilities, can also ensure that your loved ones receive needed support without jeopardizing their eligibility for public benefits. We help you select and implement trust strategies that fit your objectives. Addressing Business Interests If you own a business, your estate plan must address how that interest will be protected and transferred. Without proper planning, business assets may be vulnerable to disruption or even liquidation. We assist you with succession planning to ensure that your business can continue operating in accordance with your wishes. Buy-sell agreements, family limited partnerships, and tailored ownership structures help preserve business value and provide clear instructions for future management or transfer. Managing Potential Tax Exposure New York estate tax laws can impact how much of your estate ultimately reaches your beneficiaries. We help you develop strategies to minimize this exposure. Lifetime gifting, charitable giving, and certain trust structures can reduce your taxable estate. We also coordinate your estate plan with your lifetime financial plan to ensure that any transfers or gifts are made in a tax-efficient manner. An estate plan is not simply about deciding who inherits your property: it's a legal tool meant to protect what you've built, manage risk, and ensure that your wishes are honored once you're gone. We can help you create a comprehensive strategy that protects your assets here in New York. Schedule a consultation with us today at DeCandido & Azachil, with locations in Forest Hills, NY, and Plano, TX to begin building a plan that fits your life and protects your future legacy.

When someone dies in Texas, there is a formal process known as the probate that legally disburses the decedent's properties and possessions to the appropriate parties. Probating an estate can be long and complicated, but having a probate attorney on your side can help when navigating the process in Plano, TX. What Happens During the Probate Process in Plano, TX, and How Can Hiring a Probate Attorney Help? Submission and Petition Within four years of the death of a person, a representative of the decedent's estate submits the will to the probate court in the county where the deceased person resided. When filing the will, a petition to request probate is also submitted. Notice to the Public Once a petition is filed, the probate court must publicly provide notice of probate for two weeks. This step is often achieved through publication of the probate petition in a periodical in the country, such as a newspaper. During this time, anyone who challenges the will may come forward to contest the will. Verification of the Will When the will isn't contested, the court can move forward by reviewing the document and verifying its authenticity. At that point, the court can permit the executor of the will to begin managing the estate. If the decedent had no will, the probate court will appoint an administrator, and assets will be distributed according to Texas intestate succession laws. Assembly and Appraisal of Assets The executor or administrator of the estate will begin an inventory of all assets owned by the decedent within 90 days of the verification of the will. In addition to creating an asset inventory, the executor or administrator will assign value to the deceased person's assets and identify any pending debts that remain unpaid. Notice to Beneficiaries and Creditors The executor or administrator contacts beneficiaries of the estate and informs them of any inheritance that they are entitled to receive from the will or through intestate succession laws. Also, any debt holders with an interest in the estate are notified, and debts are settled using the estate's proceeds. Any outstanding taxes are also paid with funding from the state. Distribution of Assets When all debts against an estate's proceeds are settled, the executor or administrator can begin distribution of the decedent's assets. When a will is in effect, the wishes of the decedent regarding distribution to the entitled parties are observed. When there is no will, the administrator follows the applicable intestate succession laws to determine who is entitled to receive the estate's assets. Estate Closure Once the debts have been paid and the assets of the decedent have been distributed, the executor or administrator will request a hearing in probate court to close the estate. The executor or administrator assembles a final report that is presented to the probate court, and the court can then close the estate to end the process. If you would like to consult with an experienced attorney about probating an estate in Texas, contact DeCandido and Azachi in Plano, TX, today.

Legal contracts ensure that businesses run smoothly, with all parties understanding their commitments and obligations. When one party breaches their contractual obligations, it can cause considerable disruption. Due to the complexity of contract law, it's never a good idea to try to resolve disputes yourself. By hiring a business lawyer in Plano, TX you will receive correct legal advice and have a better chance of securing the optimal outcome. How Can a Business Lawyer Help With Contract Disputes in Plano, TX? Conduct a Contract Review Contracts that have been properly drafted should be watertight when describing duties and obligations, with no ambiguity. Unfortunately, not all contracts are professionally drafted, which can leave them vulnerable to individual interpretation. The first thing your lawyer will do is review the terms of the contract to see if a breach has occurred. This could include looking at payment terms, warranties, delivery obligations, and termination rights. This review will allow your lawyer to determine whether you have a strong case and whether there are any pre-agreed penalties that may apply. Manage Communication It's important to be precise during a dispute. Your chances of winning can easily be prejudiced by an accidental admission. You may also be pressured into agreeing terms that compromise your legal rights. A lawyer can handle all communication on behalf of the business. This ensures your rights are protected and that any conflict is not unintentionally escalated. This may improve the chances of being able to resolve the matter through mediation rather than requiring full legal action. Protect Your Business While any dispute is ongoing, your business may be at considerable risk. This could include reputational damage, the ongoing use of protected intellectual property, or the publication of confidential information. While dealing with the dispute, it's vital to simultaneously minimize any risk to your business. A lawyer can help with mitigating risks, safeguarding other business relationships, and protecting your brand. This could be critical for your business in agreeing future contracts with other parties who may be watching developments closely. Negotiate a Resolution By presenting a strong case, a lawyer can negotiate with the other party to secure the outcome you want. Taking the case to court can be time-consuming and messy, so it's often preferable to reach an out-of-court agreement wherever possible. Lawyers have outstanding negotiation skills and understand the strategies that might be employed by the other party. This can lead to a swift and mutually acceptable resolution, allowing all parties to move on. Provide Representation The terms of your contract may require mediation or arbitration to be used to resolve any disputes. Navigating these processes successfully requires an in-depth understanding of contract law, technical preparation, and skilled representation. A lawyer can handle all of this on behalf of your business while protecting your interests during proceedings. If mediation is unsuccessful, a lawyer can file a lawsuit or defend your position if you are being sued. Litigation is a complex process with strict legal requirements. Your lawyer can assist with every stage, including representing you in court. We have been providing strategic legal solutions for businesses for more than 30 years and have a breadth of experience across all industries. If you need trusted advice about a contract dispute, contact DeCandido & Azachi in Plano, TX today. We also have an office in Forest Hills, NY for your convenience.

Purchasing the assets of an existing business can be a smart way to expand your company, acquire new capabilities, or enter a new market—especially in a high-opportunity area like Plano, TX. But while corporate asset purchases may seem more straightforward than full stock acquisitions, they still involve complex legal, financial, and regulatory considerations that require expert guidance. At DeCandido & Azachi, PLLC, we help North Texas business owners structure asset purchases that protect their interests, minimize risk, and align with long-term goals. Whether you're acquiring inventory, intellectual property, equipment, or an entire book of business, here's what you need to know about the process—and how a skilled business attorney can help you navigate it. more Vital Steps of the Purchasing Process Letter of Intent (LOI): The Letter of Intent (LOI) serves as a preliminary agreement that outlines the basic terms of the asset purchase. It’s not typically binding, but it sets the stage for negotiations and due diligence. A business attorney can help you draft an LOI that clearly defines expectations while protecting you from premature commitments or exposure. Due Diligence: Once the LOI is signed, due diligence begins. This is a critical stage where you assess the financial health and legal standing of the business. A business attorney conducts a comprehensive review of the seller's contracts, licenses, liens, taxes, employee agreements, and intellectual property. In Plano’s competitive market, skipping this step can result in unexpected liabilities that derail your investment. Drafting the Asset Purchase Agreement: The Asset Purchase Agreement (APA) is the definitive contract that outlines exactly what assets are being purchased, the purchase price, payment terms, representations and warranties, and indemnification clauses. An attorney ensures the APA is tailored to your specific transaction, safeguards your rights, and provides remedies in the event of misrepresentation or breach. Closing the Transaction: The final step is the formal transfer of assets and execution of all necessary documents. A business lawyer coordinates with banks, escrow agents, and government entities to ensure proper filing, payment, and legal compliance. Closing may also involve issuing new titles, permits, or contracts to transfer ownership lawfully and completely. Legal Considerations When Moving Forward All Assets Being Acquired: It’s essential to define exactly which assets are being purchased—equipment, inventory, client lists, trademarks, leases, or goodwill. A lawyer helps you itemize and verify each asset’s legal ownership to prevent future disputes or claims of omission. Outstanding Liabilities: In most asset purchases, the buyer does not assume the seller's liabilities—but without proper legal structure, some liabilities can unintentionally transfer. An attorney reviews the business’s financial and legal history to protect you from absorbing debts, lawsuits, or regulatory penalties. How the Purchase Will Be Financed: Whether you're paying cash, securing a loan, or negotiating seller financing, your legal agreements should reflect the financing structure clearly. Your attorney ensures that any loan covenants, liens, or payment terms are legally sound and won’t jeopardize your ownership or operations. The Post-Sale Transition Plan: Even after the transaction is closed, you’ll need a plan for integrating assets, managing employees, transferring customer relationships, and maintaining operations. A business attorney can draft transition agreements, assist with employee onboarding, and help ensure continuity in licenses, vendor contracts, and compliance obligations. The Key Actions of a Business Attorney Risk Mitigation: Your lawyer identifies and addresses potential risks—from contractual loopholes to tax implications—before they become liabilities. This is especially important in Texas where corporate compliance and legal enforcement vary by industry and jurisdiction. Due Diligence: In-depth legal due diligence goes beyond surface-level financials. Your attorney will: Review existing contracts for assignability and potential breaches Investigate outstanding liens, judgments, or tax obligations Verify legal title to physical and intellectual property Assess potential labor or regulatory issues These steps are critical to protecting your investment and avoiding costly surprises. Negotiation & Contract Drafting: From the LOI to the final APA, your attorney structures and negotiates each agreement to ensure favorable terms. They’ll identify red flags in seller proposals and draft protections that limit your liability while maximizing your control over acquired assets. Regulatory Compliance: Texas business laws, tax regulations, and licensing requirements can vary by municipality. A Plano-based attorney will ensure your transaction meets local, state, and federal compliance obligations—preventing delays, penalties, or voided agreements post-sale. Whether you're acquiring a local Plano business or expanding across Texas, having a business attorney on your side can make the difference between a successful transaction and a costly misstep. At DeCandido & Azachi, PLLC, we provide strategic legal counsel for corporate asset purchases that align with your goals, safeguard your investment, and ensure compliance every step of the way. Ready to take the next step? Contact our Plano office today at 972-882-6600 to schedule a consultation and start building a secure future for your business.

When it comes to protecting your assets and your loved ones, estate planning is one of the most important legal steps you can take. At DeCandido & Azachi, we help individuals and families in Forest Hills, Queens, and beyond create thoughtful, strategic estate plans that reflect their wishes and secure their future. Below are answers to some of the most common questions we hear from our estate planning clients. more What is estate planning, and why is it important? Estate planning is the process of arranging how your assets—such as property, savings, investments, and personal belongings—will be distributed after your death. It also involves naming people to make decisions on your behalf if you become incapacitated. A strong estate plan gives you peace of mind and protects your family from unnecessary stress, expenses, and delays. Whether you're a business owner in Forest Hills or a parent planning for your child's future, having a will, power of attorney, healthcare proxy, and possibly a trust can ensure your wishes are honored. Do I need a will if I live in New York? Yes—having a will is highly recommended, even if you don’t own a large estate. A will allows you to clearly name beneficiaries, appoint a guardian for your children, and designate an executor to manage your estate. Without a valid will, your estate will be distributed according to New York State intestacy laws, which may not reflect your intentions. If you live in Forest Hills or elsewhere in Queens, working with a local estate planning attorney ensures that your will complies with state law and addresses any unique circumstances. What’s the difference between a will and a trust? A will goes into effect after your death and must go through probate court. A trust, on the other hand, can take effect during your lifetime and allows assets to pass directly to beneficiaries without probate. Trusts are useful for managing complex estates, minimizing estate taxes, and keeping your affairs private. At DeCandido & Azachi, we can help you decide whether a revocable living trust, irrevocable trust, or another type of trust makes sense for your situation. Who should I appoint as my power of attorney? Your power of attorney is someone you trust to make financial and legal decisions on your behalf if you become unable to do so. This should be a person who is responsible, financially savvy, and understands your values and preferences. You may also want to appoint a healthcare proxy—a person who can make medical decisions for you in the event of incapacity. These documents are crucial parts of any complete estate plan. How often should I update my estate plan? It’s a good idea to review your estate plan every 3–5 years or after any major life event, such as marriage, divorce, the birth of a child, or a significant financial change. Laws can also change, and it’s important to make sure your documents remain current and enforceable. At our Forest Hills law office, we offer ongoing support to clients who need to revise their wills, trusts, or powers of attorney. Get Help from a Forest Hills Estate Planning Lawyer Estate planning is about more than paperwork—it’s about protecting the people you care about most. Whether you're just getting started or need to update your existing plan, our team at DeCandido & Azachi is here to guide you through every step. We proudly serve individuals and families in Forest Hills, Queens, and the surrounding New York City areas. Contact us today at 908-926-8319 or send us a message to schedule a free consultation with an experienced estate planning attorney.

Answers from a Probate Lawyer in Forest Hills, NY - DeCandido & Azachi in Forrest Hills In New York, if someone dies intestate, i.e., without a will, the law gives clear guidelines for what happens to their assets and property. A probate lawyer in Forest Hills, NY, explains the state's intestacy laws, under New York Estates, Power and Trusts Law. If Surviving Spouse But No Children If the person who has died leaves behind a spouse, but does not have any children, then their spouse inherits all property and assets. more If Surviving Spouse and Children If the deceased leaves behind a spouse and children, then the spouse will receive $50,000 from the estate and also half of the remaining portion. The other half is divided equally between the children. If the deceased had a child who has also died, but that child has children or other descendants, then those descendants divide the share of the deceased child. If Children But No Surviving Spouse If there are children but no living spouse, the entire estate is divided equally between the children. If one of the children is deceased but has left behind descendants, the share of that deceased child passes to their descendants. If No Spouse and No Children If there is no spouse or children, the entire estate passes to the parents, if they are still alive. If the parents are no longer alive, then the estate is split evenly among the siblings of the deceased, or, if they have died, their descendants. If Only Distant Family If the deceased has no surviving spouse, children, parents, or siblings, then the law states that the estate goes to more distant relatives, such as grandparents, aunts, uncles, or cousins. The law gives a specific order of priority to distant relatives. If No Family If no relatives of the deceased can be found, then the entire estate may escheat. Escheat is the legal process by which property and assets revert to the state if there are no legal heirs or claimants. It is considered a last resort, with the purpose of making sure that property does not become abandoned or lost in legal "limbo." It is the state's way of tying up loose ends when there is no one to take ownership. Cash or other liquid assets revert to the unclaimed property fund of the state. Real property, such as land or a house, may be sold and the proceeds given to the state. Even after escheat, the funds are held indefinitely by the state, so that if a legitimate heir is found later and can prove their claim (such as with a birth certificate), the assets can be recovered from the unclaimed funds pool. Interest is not generally added to unclaimed funds. If you are facing a situation where someone you know has died without a will, reach out to DeCandido & Azachi in Forest Hills, NY for a free legal consultation.

Bringing Big-City Experience to Plano’s Thriving Business Community At DeCandido & Azachi, PLLC, we know what it takes to build and protect a successful business. Having spent decades helping business owners in New York City, one of the most complex and fast-paced markets in the world, we’ve honed our skills in corporate law, asset protection, and business strategy. Now, we bring that same high-level legal experience to Plano, TX, and Collin County, ensuring local business owners like you have the guidance they need to start, grow, and protect their companies. If you're a business owner or future entrepreneur in Plano, you’re in the right place. With major corporations relocating to the area and a growing number of small and mid-sized businesses thriving in the city's business-friendly environment, now is the time to set yourself up for success. Contine reading to learn more. more Why is Plano, TX a Great Place for Business es? Plano is no longer just a Dallas suburb—it’s a booming economic powerhouse with a diverse range of industries. From tech startups to major Fortune 500 companies, businesses are flocking to the area thanks to: A business-friendly environment – Texas has no state income tax, and Plano actively encourages new investments with economic incentives. Corporate headquarters and expansions – Companies like Toyota, JPMorgan Chase, and Liberty Mutual have made Plano their home. A wealthy and highly educated workforce – With a skilled talent pool, businesses can hire top professionals to drive growth. A resilient economy – Plano continues to thrive with strong economic development efforts, making it a prime location for entrepreneurs and investors. Whether you're starting a new business or scaling an existing one, having the right legal foundation is crucial —and that’s where we come in. How Our Experience Helps Plano Business Owners Our law firm was founded in Queens, NY by William V. DeCandido, New York is one of the most complex legal and financial landscapes in the country. We’ve helped business owners navigate strict regulations, high-stakes contracts, and competitive markets—skills that translate perfectly to Plano’s fast-growing business scene. Here’s how our business lawyers in Plano, TX can help you: 1. Business Formation & Corporate Structuring Choosing the right business entity is one of the most important decisions for any entrepreneur. Whether you're setting up an LLC, corporation, or partnership, we ensure your business is structured to protect your assets, minimize taxes, and maximize growth opportunities. Why it matters in Plano: With major businesses relocating here, the city is becoming a hub for entrepreneurs. We help new business owners set up the right legal framework from day one. 2. Contract Drafting & Negotiation Contracts are the backbone of any business. Whether you’re hiring employees, forming vendor agreements, or closing a major deal, your contracts should be ironclad and tailored to your needs. Why it matters in Plano: With corporate headquarters and business expansions booming, strong contracts protect you from disputes. We help local startups and small businesses draft contracts that prevent future legal headaches. 3. Business Asset Protection Growing your business also means protecting it from risk. Whether it's intellectual property, business assets, or succession planning, we help you put legal safeguards in place. Why it matters in Plano: The city’s booming real estate and corporate investments mean more opportunities—but also more risks. Our experience in business succession planning and asset protection helps ensure your company’s long-term success. 4. Business Litigation & Dispute Resolution Disputes can be costly and damaging to your reputation. If you’re facing a contract dispute, partnership disagreement, or business lawsuit, we use our NYC-honed litigation experience to protect your interests and resolve issues efficiently. Why it matters in Plano: As more businesses open in Plano, competition is increasing, leading to more potential disputes. We help business owners avoid costly lawsuits and resolve conflicts effectively. Ready to Build a Stronger Business in Plano? Let’s Talk. With Plano’s strong economy, business-friendly policies, and influx of new companies, there has never been a better time to start or grow your business. At DeCandido & Azachi, PLLC, we take our decades of experience from New York’s fast-paced business world and apply it to help Plano entrepreneurs and business owners thrive with confidence. Schedule a free consultation today to discuss how we can support your business success in Collin County, TX. Call us at 972-882-6600 and plan your visit to our Plano office at 5465 Legacy Drive Suite 650 to get started!

Social media shapes how we communicate, share memories and even conduct business. Yet, not many people think about what will happen to their accounts after death. Platforms like Facebook, Instagram and X have policies for account management after death, but leaving these decisions in default settings may not reflect your wishes. Your social media accounts may hold sentimental value and, in some cases, financial worth. Planning for their management helps to ensure they are handled the ways you prefer. Whether you want to memorialize an account, transfer control to someone you trust or delete it entirely, a comprehensive estate plan can address these wishes. How to manage digital assets in your estate plan To include social media accounts in your estate plan: Start by taking inventory of all your accounts and login credentials: Create a list of platforms, usernames and passwords, but do not include this information in your will, as it becomes a public document during probate. Instead, use a secure password manager and designate a trusted individual to access it upon your passing. Review the specific policies of each platform: For example, Facebook allows users to choose a “legacy contact” to manage their account, while Google provides an “Inactive Account Manager” feature to designate someone to access your account data. Consider including your social media accounts in a digital assets trust: A trust gives a trustee legal authority to manage your digital assets as per your will, avoiding complications during probate. Working with a legal team can help ensure this part of your estate plan complies with New York’s laws, including the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA). Including social media accounts in your estate plan is essential to protecting your digital legacy. By clearly outlining your wishes and leveraging legal tools like trusts, your online presence can reflect your preferences even after you are gone. It is a good idea to enlist legal guidance when handling the complexities of digital assets and estate planning. A knowledgeable legal team can help you create a comprehensive plan that addresses traditional and digital assets, promoting peace of mind for the future.

Individuals with valuable property and close loved ones often think carefully about the legacy they want to leave when they die. The desire to leave a meaningful legacy can be what drives an individual to establish an estate plan. People can provide specific property for particular members of their family and can even arrange for assets to pass to charitable causes as a means of having a positive impact on the world. Before the personal representative of an estate can transfer their property to specific beneficiaries, they first have to fulfill certain probate requirements. Financial obligations can consume some of the decedent’s property and reduce the impact of their legacy on their selected beneficiaries. Proper planning can diminish the negative impact of obligations on the value of an estate. For example, the following costs are likely to diminish estate resources and the legacy an individual leaves. Estate taxes For those with particularly sizable personal holdings, estate taxes are a significant concern. Those with multi-million dollar estates may have to plan for both state and federal estate taxes to optimize what their loved ones inherit. Without advanced planning, a significant portion of an individual’s property may end up filling government coffers instead of supporting their loved ones. Personal debts Generally speaking, any personal financial obligations unfulfilled at the time of an individual’s death become the responsibility of their estate after their passing. Credit card balances, student loans and medical debts are all examples of financial obligations that the personal representative of the estate must cover before distributing property to beneficiaries. Even probate costs typically require payment in full before beneficiaries receive anything from the estate. Medicaid benefit repayment Medicaid can help cover long-term care costs for those who need in-home support, extensive rehabilitation care or a room in a nursing home. Older adults may have to make certain financial adjustments to qualify for Medicaid. Property that may not prevent them from obtaining benefits when they are medically vulnerable can be at risk of claims brought by the Medicaid estate recovery program after their passing. The home where someone lives typically does not count against them for the purpose of obtaining Medicaid but can be vulnerable to repayment claims against their estate after their death. Thorough estate planning is as important for those with millions of dollars in property as it is for those with middle-class income and substantial debt. People who understand how financial obligations can diminish what their loved ones inherit might have an easier time creating estate plans that protect their legacy after they pass.

All of the property that belongs to someone who has recently died typically becomes part of their estate. However, not every asset in the estate passes to the heirs or chosen beneficiaries of that individual. The personal representative of their estate has to make an effort to pay their debts and settle their tax obligations before distributing what remains among beneficiaries. In some cases, individuals with fewer resources in their estates may not have enough to leave a meaningful legacy after fulfilling their financial obligations. Others have the exact opposite problem. Their estates are valuable enough to lead to estate taxes. Estate taxes can consume a significant portion of the property the testator wants to leave for their loved ones or charitable causes. People can potentially plan ahead of time to avoid estate taxes when they die. Only multi-million dollar estates have to pay estate taxes Most states do not impose an estate tax, but New York unfortunately does. When people die in New York, the personal representative of their estate has to review their resources and financial obligations. They may need to retain assets to cover estate taxes if the estate contains too much valuable property. Estates in New York might be responsible for both state and federal estate taxes. In 2024, the threshold for New York state estate taxes is $6.94 million. The maximum state-level estate tax rate could be as high as 16%. The estate has to be worth almost twice that much to be at risk of federal estate taxes. In 2024, the federal threshold for estate taxes is $13.61 million. The tax rate ranges between 18 and 40%. Those who have to cover the maximum federal and state estate tax rates may have to dedicate more than half of the resources in an estate toward tax obligations. Prior planning limits tax liability Those who plan carefully may be able to avoid or at least reduce estate tax obligations. Gifts made before someone died, assets transferred into a trust and ownership shared with other people can help limit the overall value event state and therefore what taxes the estate may have to pay. Those with multiple real estate holdings and/or a privately held company may need to approach estate planning particularly carefully to preserve those resources and avoid estate taxes. Integrating tax concerns into a New York estate plan can help people maximize how much their loved ones inherit after they die.