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White Plains Legal Issues Blog

Keep your children in the loop on your estate plan

A 2018 study by the Charles Schwab Corp. reported that 53% of Americans believe they will receive an inheritance.

However, adult children who expect an inheritance are often disappointed - or worse, inspired to litigate - if and when they find they have been disinherited or their parents have left an unequal inheritance to a different child, family member, friend, or even a charity.

In some, but certainly not all, circumstances, the confusion, suspicion, and anger that an adult child might feel when they have been treated unequally under a Testamentary Plan can be avoided by having a simple conversation, and making your Testamentary intentions known.

When appropriate, transparency can not only avoid confusion, suspicion and anger, but can prevent litigation regarding your Estate after you have passed.
If you plan on leaving an unequal inheritance to your child or children, contact Bashian P.C. so we can help navigate this difficult process. 

What is an operating agreement?

If you own a limited liability company (LLC), an operating agreement is a must.
Operating Agreements govern not only the way in which a business will operate during its life, but will also govern how your business will be "wound down," and eventually dissolved - be it for an anticipated, or unanticipated reasons.

Some basic elements of most Operating Agreements include: the formal name of the company; information regarding each member of the LLC; the date the LLC was formed; how long LLC is expected to exist; its purpose; and how the LLC will be distributed at the end of its operation.
Other common, and often essential, elements include: the meeting schedule; fiduciary duties; management description; and how members can be added or removed.

While some Operating Agreements are relatively short, others can be quite long, depending on the unique needs of the LLC and its members.

If you are thinking about creating - or have already created - an LLC, and have yet to draft and adopt an Operating Agreement, Bashian P.C. can help you identify your goals; prepare an Operating Agreement that is right for you; and protect each member's needs and business goals moving forward. 

Is a guardianship or custodianship better for your grandchildren?

If your grandchild needs legal protection after their parent dies or is unreliable, do you know what action to take? Do you want to petition for custody or guardianship? Which one is better for your unique situation?

The answer involves the complicated field of New York child custody law. Whatever happens, the judge will rule in the best interest of the child.

How to create a nonprofit corporation

Many people starting a new venture decide to create a nonprofit corporation.

A nonprofit corporation is a type of business entity that is created in order to provide a meaningful service without the intention of making a profit as a result.

This means that any profitable income that is generated from the organization is reinvested into the company so that it can grow.

It's common for nonprofit organizations to have religious, educational or charitable goals.

Since they are doing work that is seen to benefit citizens, nonprofit organizations are exempt from paying income tax.

If you are interested in starting a nonprofit corporation, it is important that you understand how this can be done efficiently, and what the specific requirements are to qualify for non-profit status.

If you are interested in creating a nonprofit corporation, Bashian P.C. can help guide you through the process, and determine whether or not the corporation you envision will qualify for nonprofit status. 

Why you might divorce, or prepare for a divorce, in August

The summer divorce season is just around the corner in New York and throughout the United States.

A University of Washington study presented in 2016 still rings true today: August is a peak month for divorce, joining March as the prime times to end a marriage.

If you you've found yourself contemplating a divorce, and need to consult with counsel before moving forward, the matrimonial law team at Bashian P.C. is prepared to answer all of your questions.   

Developers preparing for projects with set-aside seniors' units

New York City's Department of Housing Preservation and Development is close to having all the pieces in place for a program that will allow developers with projects that include affordable housing for senior citizens.

The Affordable Independent Residences for Seniors program will grant approvals for developers to increase density and height in their projects if they set aside units for seniors.

If you are a senior citizen seeking affordable housing, now may be the time to consider transitioning from your current living situation, to housing offered and which will soon be available through this new program. 

Protect your estate with a solid plan

When many people about estate planning, they often think that it is reserved for only high net worth individuals with millions of dollars and a sprawling family to whom they will distribute their assets.

However, in almost all cases lower-income and middle-class families have assets to that can be protected during their lives, not "spent down" in order to become eligible for end of life care and medical services, and preserved for their families after they have passed.

Indeed, at Bashian P.C. we frequently advise clients as to the many ways they can preserve their assets for future generations, avoid the often painful "Medicaid spend down" process, and still be eligible for end of life/long term healthcare.

Tom Petty estate a cautionary tale for blended families

When it comes to estate planning, we often can learn from the tales of celebrities. The case of Tom Petty is one of those that should have New Yorkers - particular those with blended families - taking note.

Singer-songwriter Petty died in October 2017 at age 66. He was married at the time of his death and had two adult daughters from a previous marriage. And since his passing, the women have been at odds over his estate.

Be aware of these red flags when searching for a home

Looking for a home can always feel overwhelming. The decision that you make will affect the next years of your life, and making a good investment is paramount. If you do not make a logical decision and act emotionally or impulsively, you may come to regret your choice.

If you are searching for a home in New York, it is important that you look out for common red flags, especially within the listings. Doing so will help you save time and help you focus your search on properties that best suit your needs. The following are some red flags to watch out for when looking through housing listings.

What options do I have about dividing the house in a divorce?

You and your spouse have decided it's time to divorce. You've been on friendly terms and agreed on most issues. But when it comes to the house, that could prove a sticking point.

New York properties are valuable, and if you've owned your home for several years the chances are high that you have some substantial equity.

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