Estate Planning for Small Business Owners: Succession Tips for Queens Entrepreneurs

A power of attorney is a legal document that lets you appoint someone you trust to handle your affairs if you become unable to do so yourself. Creating one now allows you to assert control over your own life and future while you still have it, and that control will continue if you become incapacitated. A Forest Hills lawyer can help you craft your documents so they do exactly what you want. Understanding a Power of Attorney Powers of attorney are governed by the General Obligations Law, Article 5, Title 15. For your directions to be valid, you'll need to sign the document in front of a notary and two witnesses who are not named as agents. Once it's in place, then, if you lose capacity due to illness or injury, your nominated person would take over to direct your finances. You can make the power of attorney as broad or narrow as you want. A general power covers almost everything: banking, real estate, taxes, insurance, and investments. But if you don't want a single person to have complete control, you can always limit them to specific tasks, such as selling one piece of property or handling a single bank account. Healthcare decisions require a separate healthcare proxy to be nominated and aren't covered by the standard power of attorney document (though you can nominate the same person to both care for your finances and also make medical decisions for you if you cannot). The two documents work together as part of a complete plan. Why You Need One Sooner Rather Than Later Life changes fast. A sudden stroke, a car accident, or a progressive condition like dementia that moves more quickly than you were told to expect can all leave you unable to pay bills, file taxes, or make decisions about your home. Without a power of attorney in place, your family would have to go to court to get someone appointed to take care of these things. That makes the whole thing public, expensive, time-consuming, and puts the final decision on who controls your finances in a judge's hands instead of yours. Plus, during the delay, your estate could suffer loss. But if you've set things up correctly, then your chosen agent can step in immediately to deposit your Social Security checks, pay your mortgage, speak with insurance companies, or sell assets if needed for your medical care. You also protect yourself from family disputes. By naming one or more agents in advance and stating your wishes clearly, you reduce the chance that relatives will fight over who should handle your affairs. Many people assume a spouse or adult child can automatically handle everything for an incapacitated person, but New York law does not work that way. A power of attorney is one of the simplest yet most powerful tools you can create to protect your future and spare your loved ones unnecessary stress. Visit DeCandido & Azachi in Forest Hills, NY today to set up a consultation.

Blended families are a joy, but they do also bring some unique inheritance challenges. Proper and careful estate planning for blended families helps protect everyone involved from New York law that might otherwise divide your assets in ways you don't expect or want. Estate Planning for Blended Families in New York New York intestacy rules lay out the default plan if you die without documents in place. If that happens, the basic plan is as follows: Your surviving spouse gets the first $50,000, plus half the remaining estate (when there are surviving children or grandchildren) Surviving children and grandchildren split the other half Stepchildren do not inherit unless they have been formally adopted There are more to these default rules, of course, depending on the exact makeup of your family situation. In addition, even if you have a will, if you have a surviving spouse, he or she has the right to elect against your will. It's important to talk with a lawyer early on so you can design an estate plan that accounts for this instead of hoping for the best. Estate Planning Strategies Revocable Living Trust This is a popular choice for blended families because it lets you keep control of the assets in it during your lifetime while spelling out what happens to them afterward exactly. You can, for example, direct that your spouse may live in the family home for as long as they wish or receive income from certain investments. Once they are gone, the remaining principal could pass to your chosen beneficiaries, including stepchildren if that's your desire. Beneficiary Forms Beneficiary forms can be attached to retirement accounts, life insurance, and many financial accounts, and they allow those assets to be passed straight to the people named on the form as soon as you pass. They do not follow instructions in your will or trust, and you're not limited to designating just legal family members. Minor Children If minor children live in your household, your will should name a guardian who will raise them if neither parent can. In blended situations, the right guardian may come from your side of the family, from your current spouse's side, from a former spouse's side, or something else entirely, depending on the relationships and practical realities. Naming an alternate also gives you backup protection in case the first guardian is unable or unwilling to serve. Joint Ownership & Payable-on-Death Accounts Putting a house in joint names with a new spouse may limit what can later pass to your children from your first marriage Or, it might create liquidity issues if the surviving spouse needs to sell it before he or she can pay estate taxes or other bills related to probate or in order to divide the estate correctly. You can also name just one child as a beneficiary on an account, but bear in mind this can create imbalance or resentment among siblings and step-siblings. Talk with your lawyer about how to do this carefully. Talk to us today at DeCandido & Azachi in Forest Hills, NY to schedule a free consultation on your estate. We serve clients throughout Nassau County and Queens, as well as families in Texas from our Plano office.

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.