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.
Read the rest of this entry »
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.
Read the rest of this entry »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.
Read the rest of this entry »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.
Read the rest of this entry »
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.
When do New York estates have to pay estate taxes?
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.
Homeowner Services Seminar: Estate Planning
Register for a free Zoom seminar about estate planning and considerations for home owners, those looking to protect assets from tax and Medicaid, and anyone who wants more information on how estate planning can support their long-term financial goals. Attorney Phil Azachi will also discuss common concerns about probate and estate administration as well as the tools available to minimize ongoing estate issues.
September 18 & 19, 2024 – 6:00-8:00PM EST
Free Registration
Avoiding Probate Fails – CLE Seminar
Join the upcoming seminar for continuing legal education to understand the missteps and pitfalls that can complicate the handling of a decedent’s estate. Attorney Phil Azachi will share his extensive experience navigating litigation matters related to intestate administration, offering attendees guidance on best practices to avoid potential challenges and disputes.
September 19, 2024 – 1:50-5:10PM EST
When planning your estate, it’s crucial to remember that not all beneficiaries are created the same. Some may struggle to manage their financial affairs or make sound decisions independently.
They might also be susceptible to exploitation or mismanagement of their inheritance. Recognizing these individuals and taking proactive steps to protect their interests is essential.
Minor children
Suppose you have children that you’re including in your estate plan; it’s important to acknowledge that they are perhaps the most vulnerable beneficiaries. Aside from being impressionable and easy to mislead, they’re also legally unable to manage their finances. Therefore, you should include special provisions to protect their interests.
Suppose you’re leaving a lump sum of money or significant assets to a minor; you might want to appoint a guardian to help them manage their financial affairs. Otherwise, the beneficiary may mismanage their inheritance because they don’t know any better. You can also consider establishing a trust that will hold the minor’s assets until they are more mature enough to manage their own financial affairs.
Individuals with disabilities
Beneficiaries with disabilities may need ongoing care or specialized services, making it essential to plan accordingly. If you leave assets directly to an individual with disabilities, they may become ineligible for government benefits. This is because government programs often require the recipient to have limited resources.
Instead, you can establish a special needs trust (SNT) to help ensure the beneficiary with disabilities receives an inheritance without jeopardizing their eligibility for essential benefits. The funds in the trust can go towards supplemental needs, such as medical care, therapies or home modifications.
Individuals with addiction or behavioral issues
A beneficiary struggling with addiction or behavioral issues is particularly vulnerable to misusing their inheritance. Providing direct access to a large sum of money could exacerbate their problems or place them in harmful situations. For such beneficiaries, a discretionary trust can help ensure there’s a trustee who retains control over the disbursement of funds. You can also add specific provisions that tie distributions to the beneficiary’s participation in recovery programs or treatment.
Estate planning is not just about dividing assets; it’s about making thoughtful decisions to protect your beneficiaries’ future. With appropriate legal guidance, you can tailor your estate plan to account for vulnerable beneficiaries. This way, you can set up a lasting legacy that more effectively protects your loved ones and secures their financial well-being.
Connect with us
-
Follow Us On Social Media!