Trusts for Real Property (home, real estate, rental property) Several methods are available to protect your real property (houses, condos, rental and commercial properties) from creditors and adverse court judgments. For example, the properties could be transferred to an existing or newly-created Limited Liability Company (LLC). The organizers (members) of the LLC can still manage…
Do I Need a Will or a Trust? Bucks County Estate Planning Attorney can help to answer that question. People often wonder, when it comes to estate planning, whether they need a will or a trust. The short answer is that we see this not as an either-or question; rather we recommend having both. There…
1. Wills. What is a will? A will, sometimes referred to as Last Will and Testament, is a legal mechanism for passing or distributing property and wealth without consideration (i.e., without anything in return). A will is a set of instructions on how you want your property and wealth distributed. Wills are legal documents with…
Many people are unaware of the need to plan ahead until something happens, and then the reaction is “What am I going to do?” A skilled attorney can sometimes help even in situations like that. Planning for retirement, disability, or death is unpleasant to some, and is frequently avoided. However, for successful retirement planning, you…
I have spoken to many clients and potential clients who simply do not understand what as Special or Supplemental Needs Trust is. These trusts are useful asset preservation and Medicaid planning tools. Special or Supplemental Needs Trusts are a subsection of trusts, created under the strict rules of the Social Security Administration (“SSA”) and applicable…
The Tax Cuts and Jobs Act essentially doubled the basic federal tax exemption amount set by the American Tax Relief Act of 2012 (ATRA). The new law established a $10 million federal tax exemption, indexed for inflation, but only until 2025 if Congress does not extend it. If the law is allowed to expire via…
Insurance companies are built on a simple principle: they take your money, but they are not in a rush to pay you back if you are in need and have a claim. They accomplish the first part of this formula by demanding prompt payments of premiums and threatening that your coverage will lapse or be…
Originality is a constitutional requirement and is part of a two-prong test for copyrightability: (1) independent creation by the author and (2) minimal degree of creativity. Feist Publications, Inc. v. Rural Tel. Serv. Co., 499 U.S. 340 (1991). The level of creativity necessary for a work to qualify for copyright protection is very low. See…
When a couple gets a divorce and there are children involved, the court will decide on custody and visitation if the parties cannot agree between themselves and sign a written agreement. If you are in a situation where you need a Brooklyn, New York child custody lawyer, you should speak with Leonid Mikityanskiy who has…
Must-have Documents: Power of Attorney (at least for banking) and a Living Will and/or Health Care Proxy. Both Documents will save money and grief. A simple Will to distribute assets and appoint guardians for minor children. Retirement Planning: Planning for distribution of money, stocks, bonds, Real Estate and Retirement Accounts (401K, Roth, etc.). Possibly receiving…
