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Latham New York Legal Blog

Commercial real estate sellers make common mistakes

Commercial real estate is fast becoming an efficient way to invest for the future. Adding real estate to one's portfolio creates diversity and added security. However, selling commercial property has inherent complications that residential transactions do not include. This can lead to expensive and risky mistakes by property owners.

A New York commercial property owner who has tenants in the building he or she is trying to sell would be wise to disclose as much information as possible to potential buyers. This includes which tenants may be paying rent month-to-month instead of having a long-term lease and those who are in default on their rent. These factors can make a difference to a buyer's lender, and the buyer has a right to know in advance.

Estate planning and administration for the small business owner

New York small business owners make important decisions on a daily basis. They decide who to hire, what products and/or services to offer to customers and even which vendors to do business with. These decisions take care of the day-to-day business; however, the prudent business owner also recognizes the need for estate planning and administration concerns to be addressed.

Most will begin addressing their estate planning needs by drafting a will. In addition to this document, some find that creating a revocable living trust is also a wise business decision. This type of trust allows business assets to be placed in the trust. The business owner can continue to manage the business in the role of the trustee; a successor trustee can also be appointed to step in if the owner becomes incapacitated or dies. The revocable living trust can allow the business to continue with little to no interruption and may even offer protection from creditors.

Recognizing signs of elder abuse and what to do

Mistreatment of the elderly is a painful thought to grapple with. It is something that happens, though, and more often than we’d like to think.

The onus of protecting the older generation falls to the younger generation when they can’t protect themselves. That is why it’s so critical to know how to identify the signs of abuse or neglect, and what you can do next.

What kind of scams are targeting the elderly?

Many of us have someone in our lives who is older and wiser. It could be a grandparent or even a parent. This person might be retired and focused on enjoying life. The last thing he or she should have to think about is being a target for fraud.

Unfortunately, many seniors across New York are the targets of scams. It can be important for loved ones to be aware of these efforts so they can protect potential fraud victims.

Elder law and advance health care directives

The average New York resident has worked hard to build a life for him or herself and loved ones. Years have been spent working, planning, saving and dreaming. These dreams often include growing old with grace and dignity. With this in mind, there are several elder law components that the individual will want to keep in mind.

Some individuals want all available steps taken to extend life. If there is a procedure that may help, they want to undergo the procedure; if there is a new medicine that may give them more time, they want to take the medicine. For these individuals, extending life as long as possible is the goal. They desire that all life-saving measures be taken.

Benefits of a revocable trust vs. an irrevocable trust

If you are thinking about incorporating a trust into your estate planning, you may first want to consider whether the need is there. According to CNN Money, recent changes to the federal tax law have doubled the federal estate tax exemption to about $11 million for a single person's estate, or $22 million if it is a couple’s estate. However, you may have other reasons for creating a trust. Maybe you are setting up a trust because your children are minors, to protect your assets, to give gifts to charity, to avoid the probate process, or to save on other taxes.

 

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