The business succession process is relatively complicated, and apart from handing off the business to a new owner, there are various other aspects to consider. You will have to look into all of the assets, liabilities that apply for the move, ensuring that all the wealth you’ve amassed stays in the loop. Any carelessness could cost you a lot in the long run. Here’s what you need to work on:
Private Discussions with Successors
Once you’ve decided who will be taking on which tasks, it’s crucial to have a conversation with your potential successors. In rare cases, the successor may not be willing to take on the mantle, and you may require a contingency candidate instead.
You will have to discuss the role and responsibility they will have to offer your business moving forward. It’s an essential step in guaranteeing that the right person is being allocated a slot, especially if they’re inheriting a position from their guardian or spouse.
Create an Action Plan to Preserve Personal Wealth
Whatever you’ve amassed for your business will have taxes attached to them in the form of estate or personal property. You will require proper tax planning to pay off any dues you owe to the state. Many business owners prefer to start a trust, especially for their heirs and their due needs. Most trusts allow privacy, the ability to make amends, and those contesting the will can also revoke them.
All of it ensures that your finances are well preserved and stay within your family and in the possession of those you trust.
Acquiring Legal Services
There’s a wide variety of paradigms that come into play for business succession. As you’ll be moving out, you’d want to set up an executor for all your estates, create a legitimate will while you’re able, collect any remaining debts for your properties, and paying off any debts you owe.
A capable probate lawyer will play an essential role, albeit often indirectly, to ensure no loose ends are left and your business is safely handed off to the person next in-line.
If you are in Brooklyn, Queens, Manhattan, or Jamaica, NYC, the experienced law professionals at Ledwidge & Associates are at your service, helping people for more than a decade across different domains. We offer family law, divorce, and litigation law services apart from Estate lawyer Brooklyn, Estate lawyer Queens. Get in touch with us for your legal needs.
Sorting out assets and estates might be the last thing on your mind after you lose a loved one. However, this needs to be done systemically to ensure the proper distribution of assets amongst the beneficiaries.
If you aren’t familiar with the probate process and want to get your hands on a comprehensive guide to it. We are here to assist you.
This blog offers a breakdown of what a probate process can look like and how to ensure it proceeds smoothly.
Filing the Will
The proceedings of the probate process begin with the filing of the will.
A valid will leaves behind an executor; a person responsible for representing the deceased person’s assets. However, if there’s no will or an invalid will, the court has the right to appoint an administrator. The administrator is then given the responsibility to overlook the payment of liabilities and the distribution of assets.
Determining the Value of Assets
After the will has been filed in court and the executor or administrator determined, it’s time to assess the assets and estate’s value. The executor or administrator has to deal with this responsibility. They’re responsible for calculating the assets’ worth through the deceased’s lawyer or accountant, their tax returns file, or their will.
The assets’ gross value is the total value of all the assets that the deceased had in their possession. In comparison, the net value is the total value minus any debts or liabilities that need to be paid off.
Paying Off Debts
Before the assets are divided up amongst the beneficiaries, it’s essential that the executor or administrator pays off the deceased person’s debts. They can get in touch with a debt collector or other sources to know about any debts and liabilities.
These liabilities are then paid off with the assets’ money, and only then the probate process moves forward. However, if there’s no money from the assets, the debts mostly die with their owner.
Distribution of Assets amongst Beneficiaries
Once all the liabilities have been taken care of, it’s time to divide and distribute the beneficiaries’ assets. This division takes place according to the will of the deceased person. But if the will is invalid or simply not available, the administrator divides up the assets according to the state’s statutes. Doing so ensures that all of the beneficiaries receive their rightful share in the assets.
If you’re looking for a probate lawyer to assist you through this challenging task, then Ledwidge & Associate, P.C., is at your service. Clients acknowledge our law firm in New York for our brilliant work and our remarkable customer service. Our litigation, probate, divorce, and Family Law Attorney Queens and Family Law Attorney Brooklyn deliver their best to ensure that you get your rights according to the law.
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For many, taking up the role of an executor of state would be something honorable. The position is often assigned to a family member or friend of a deceased person who was close and trustworthy to the deceased person. That being the case, the role used to be entirely voluntary and was not something you got compensated for. After all, it was something you were doing for a loved one who had passed away.
This, however, is no longer the case when dealing with estates. With estates and assets becoming more complex, as well as the laws that affect them, a payment for the executor has been established as a way to pay the person dealing with the process. This payment is referred to as an executor’s commission.
How Much Commission Does an Executor Get?
Executor commissions and payments are usually not a pre-set amount. There are a few factors that come into play when deciding how much compensation an executor will get for their work. These often include whether a fee had been mentioned in the will, what percentage the state law says can be given as commission, and if a court decides to apply reasonable compensation, an hourly rate that seems fair for the work.
If there are more than one executors assigned to handling the estate, then the amount may either be divided amongst them, or both may get full and equal compensation, depending on the size of the estate itself.
Executor Payments in New York
For executors in New York, there’s a percentage calculation that usually ends up deciding how much commission an executor will get. Once the will has been looked over by a probate attorney and the estate and all its assets have been valued, you’ll be able to get a percentage of that amount as your commission.
State laws dictate that an executor will get a minimum of 5% if the estate is worth 100,000 dollars. The percentage then drops with each increase in amount, giving 4% on a total of 300,000 dollars, 3% on 1 million dollars, and then finally 2% on values of over 5 million dollars.
Executor Payments as a Beneficiary
If you’re the executor of an estate but are also one of the beneficiaries of the will, you must be smart about dividing up the payments. The inheritance you get is tax-free, but the commission you get is taxed.
To make sure you end up with the best possible outcome, you should get the help of legal professionals like Ledwidge and Associates. Along with their executor services, they have probate attorneys and estate law attorney Queens and estate law attorney Brooklyn who can help you speed the entire settlement process.
Most people have their legacies, properties, and assets on their minds when drafting their Testament and Last Will. But several other things must be considered and specified in an estate plan.
For example, specifying what happens to your outstanding debts or those of a loved one after they pass away is crucial. If you owed a loan or debt in your lifetime, your family will be responsible for paying for it, depending on your estate’s size and value and the type of the loan.
Is it important to notify creditors?
After a person passes away, their estate executor is responsible for informing the person or institution that provided the debt. While the trust doesn’t mandate that the executors notify the creditors of the debtor’s passing away, doing so will allow the creditors to come forward within a shorter period, and the payment process will be smoother. Once the creditors are notified, they are given a specified period to claim their takings against the estate. Each creditor will be paid for their part from the estate’s proceeds.
If the deceased person didn’t create an estate plan during their lifetime, the probate court then assigns an administrator, who is typically from the immediate family or a close relative. Like a trustee or an executor, an administrator appointed by the court is also authorized to pay the deceased person’s debts from the estate’s takings.
What if two persons are responsible for debt?
In most mortgage cases, couples usually apply together. In this case, the surviving spouse or loan co-signer will be responsible for paying the debts. However, the probate court considers several factors before determining that the living partner should be paying for the joint debts. In some cases, selling the estate is enough to repay all the deceased’s outstanding debts, while in others, loan providers may settle on an amount lesser than the original debt.
A loved one’s death isn’t only emotionally turbulent, but it often also brings complicated financial and legal issues with it. An experienced and reliable probate attorney Queens or probate attorney Brooklyn can help you through each step of the process, from contesting and probating the will to removing an executor or administrator, ensuring complete protection of your rights.
If you’re looking for an experienced probate attorney in Brooklyn, Queens, Manhattan, or other NYC areas, get in touch with the law office of Ledwidge & Associates, P.C. today!
The divorce rate in the United States is quite high, with almost 40% to 50% of married couples in the country ending up divorced. According to the American Psychological Association, the divorce rate for second or subsequent marriages is even higher.
Couples going through a divorce often have to deal with complicated issues involving property division, spousal support, child custody, and child support. Many divorces end up in prolonged legal disputes with either party refusing to compromise and agree to the terms.
While no two divorces are the same, the issues regarding finances become even more complicated in cases with couples that have a high net worth.
Here are some of the most common issues faced during a high net worth divorce:
One of the first things divorce lawyers ask high net worth couples before starting the divorce settlement is whether there is a pre-nuptial agreement. Prenups are quite common in marriages where two people with high net worth are marrying, or a person with a lot of money is marrying someone with very little.
However, prenups aren’t always valid. The first thing lawyers need to do is to review the prenup to ensure the agreement is legally binding. If the prenup is valid, it will be used as a guideline for all issues, including property division and alimony, that have been clearly delineated in the agreement.
Children of high net worth couples often have different financial needs such as private school tuitions, nannies, and additional classes such as ballet or piano lessons. This might result in additional child support payments compared to a typical divorce settlement. Another concern for high net couples is college tuition. Couples going through divorce might have to contribute to a trust that has been created to fund their child’s college tuition regardless of their age.
There are several challenges when dividing property among high net worth couples. Generally, any property acquired during the marriage gets equally distributed between the couple. However, most couples with high net worth have assets and individual property that they brought with them to the marriage and cannot be subjected to community property laws. High net worth couples also own household items that are quite high in value, such as antiques, artwork, and jewelry, which complicated the division of property.
Get Legal Advice from Leading Divorce Attorneys In New York
Getting a divorce under New York State law can be complex and full of legal restrictions and regulations. Our team of highly qualified and experienced divorce lawyers at Ledwidge & Associates, P.C. has been helping all kinds of couples get a divorce in New York. We have extensive experience dealing with child support, property division, pre-nuptial agreements, and tax consideration for a divorce.
When we talk about estate planning, many people immediately associate it with the ultra-rich. However, contrary to popular belief, anyone can benefit from having an estate plan no matter what their net worth is. According to Forbes, only 42% of the adults in the United States currently have an estate plan such as a living trust or a will.
While end-of-life planning can be depressing and seem morbid, it is essential to protect you, your assets, and your loved ones after you die. If you haven’t started drafting your estate planning documents yet, consider the following reasons why it is essential to talk to an estate law attorney as soon as possible to get the process started:
If a person dies without an estate plan, the matter of distribution of assets is passed on to the courts who handle everything from the distribution of the property, the dissolution of the business, and the guardianship of the children. The process is known as probate, and it can get seriously complicated and expensive. By preparing the documentation in advance, you can save your family and loved ones from numerous complications and legal issues after your death.
Keep Your Children from Ending Up in Child Protective Services
It might be unpleasant to think about your death, but it is essential to take some time and consider what would happen to your children if you suddenly died. Where will they end up? Who will take care of them?
If you don’t have an estate plan that clearly mentions a guardian that you have chosen, your children will end up with Child Protective Services, while the courts decide the best candidate to be their legal guardians. The process can take a long time, and your kids could end up with someone who would be your last choice for a guardian. Staying with protective services for a long time can also have a negative emotional impact on your child during a very vulnerable time in their life.
Not everyone cares about what happens to their wealth and assets after they have passed. However, not leaving an estate plan can result in huge disputes between family members regarding who gets what. This can create strong feelings of ill will between relatives and even break up families. By planning your estate documents, you save your family from making difficult decisions and eliminate the risk of any disputes by making the decision for them.
Get Legal Advice from Leading Estate Lawyers In New York
One of the best ways to avoid complications with your estate after your death is to hire an experienced estate lawyer to draw up the correct documents for you.
Ledwidge & Associates P.C. offers the services of leading estate law attorney Queens, estate law attorney Brooklyn, Manhattan, Long Island, and the Bronx. We can help you protect your assets from exorbitant inheritance tax and ensure that your loved ones will be well taken care of through living wills and detailed estate planning documents.
Schedule a free case evaluation by calling us at 718-276-6656 and let us help you plan for your future!
Social media has been one of the most popular technological breakthroughs of the 21st century. Since 2004, it has grown steadily in popularity and number of users both. Social media platforms have now become a major source of information and news and provide a unique way to interact with people such as friends, family, customers, and more.
According to statistics, there are over 3.5 billion social media users around the world. A huge percentage of the population in the United States is active on various social media platforms. However, not everyone uses social media as it has been intended, and many people end up making mistakes that cost them their jobs, reputation, and friends.
People going through divorces also make huge errors in judgment while using social media, and their blunders allow their ex to gather evidence that is used to manipulate the courts and get the better end of the deal.
Here are some of the most common social media errors made by people while getting a divorce:
Divulging Private Information
According to social media statistics, the average person spends up to 3 hours on various social media platforms every day. That is a long time, and it can be quite easy to slip up and start talking about the divorce and how the proceedings are going and what strategies you are using to make sure you get a good deal. However, this information can be used by the other party in court. Even if you are sharing information on private groups among trusted friends, there are plenty of ways your ex can get their hands on the conversations and comments. You should take a cue from celebrities and only make bland statements that offer no specific information.
Talking About the Divorce or Disparaging Your Ex
During the divorce, emotions run quite high, and it can be tempting to blow off some steam by disparaging your ex on social media. That is a huge mistake and can be used in court to show your character and build a negative image of you as a toxic person. The information can also be used to file a defamation suit against you. Whatever you have gone through recently, no matter how badly your ex treated, it is best to refrain from commenting about it on social media.
Showing Off or Trying to Prove You’ve Moved On
Many people going through the divorce make bold statements on social media to prove that they have moved on, and they are in a better position than their ex. They make announcements of their good fortune, particularly if they have met someone new or just got a better job.
While its natural to want to share your happiness, statements like these can influence certain issues during the divorce, such as division of assets and child support.
They can also lead to claims of infidelity if you post that you are in a relationship, especially if the divorce hasn’t been finalized yet. It is usually best to err on the side of caution and avoid posting about your personal life on social media until the end of the divorce process.
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Don’t get lost in the complex legal labyrinth of divorce laws in New York! The law office of Ledwidge & Associates, P.C., offers the services of leading Divorce Attorney Brooklyn,Divorce Attorney Queens, Manhattan, the Bronx, and Long Island. They can help you protect your rights and provide both contested and uncontested divorce representation.
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Saul Goodman, Attorney at Law, has long been people’s favorite on-screen lawyer—maybe only rivaled by the good old Denny Crane and Tom Hagen. The protagonist of the Breaking Bad spinoff, Better Call Saul, Saul is a quirky, witty, and level-headed on-screen lawyer.
As a fictional character representing a real-life profession, would Saul Goodman stand the test of time?
Most Accurate Legal Show on Television?
Viewers have been smitten with the on-screen portrayal of this attorney and his forays into “elder law”—and, later, with criminal law. But how accurate is this show, as far as the portrayal of lawyers is concerned?
Surprisingly, Better Call Saul has been called the most accurate legal show on television. Real lawyers did sit down to watch the show and gave it an A- for realism. We at the Law Offices of Joseph A. Ledwidge, P.C. are inclined to agree. It’s a pretty great show for the following reasons.
Realistic Court Life
The courts in Better Call Saul aren’t the romanticized, glamorized, theatrical scenes for sensational drama. They’re monotonous, daunting, and quite frankly, kind of boring—as they are in real life. We also get to see Saul struggle in public courts as a public defender, surviving pay cheque to pay cheque. It isn’t easy being a lawyer and dealing with public courts—and Better Call Saul does an excellent job of depicting that.
Part of what makes Saul Goodman so good is his prowess with convincing anyone with his words. Saul opens his defense with the masterful working of the jury: starting with the bad, and quickly leaving them behind. His focus is on depicting his clients as humans capable of erring—and capable of learning from their mistakes. Real-life attorneys, too, do focus on humanizing their clients.
Realistic Elder Law
In the show, Saul Goodman starts off as someone who helps seniors make their wills—kind of like a probate lawyer, just not as extensive in scope. While his dealings with these seniors are fun and, at times, hilarious, the whole Sandpiper case is also very realistically portrayed. For those who haven’t seen the show, Sandpiper is a large senior care facility overcharging its clients without their knowledge. When Saul finds out he turns it into a case of fraud, and is able to pursue it—over several seasons. And that’s what makes it accurate. Legal negotiations take a long time to work out—it’s a bureaucratic process. Life doesn’t work like Primal Fear courtrooms and back alleys.
Looking for a Real-Life Lawyer Working Elder Law?
If you’ve been interested in family law, elder law, or probate services after watching this excellent show, you can reach out to us at the Law Offices of Ledwidge & Associates, P.C. online. We offer Family Law Services Queens, Family Law Services Brooklyn and in other areas of New York.
And don’t worry about the dividing of your estates, chalking up of your will, or answering your beneficiaries. Like Saul Goodman so often says: ‘s all good, man. Better Call Us!
Okay, maybe we went a little overboard with the NOW, but you do need a probate lawyer—sooner better than later. One day you will need your estates, assets, and other particulars to be sorted out.
Imagine not taking the right step at the right time for your posthumous affairs and all potential candidates end up fighting among themselves. But this isn’t Game of Thrones—and you have probate lawyers who can help you with the entire legal process.
What a Probate Lawyer Does
As a legal representative who has been licensed by the state to advise you on your legal particulars, probate lawyers can smoothen out an otherwise drawn-out process. If you die without a will, this complicates things for a probate lawyer.
Whether you need help with securing and assessing states or writing your will, a probate lawyer is there for you. Seniors usually find it hard to deal with the hassles involved in a legal process. There’s too much paperwork and jargon to deal with. A probate lawyer means you don’t need to worry about these trifles now. You can go about your affairs while your lawyer will take care of the more complicated matters.
Everything We Take Care Of
If you think helping you write your will is the only thing probate lawyers help you with, think again. There’s a lot more that goes into the process, including:
- File your will with the relevant local court
- Procure appraisals for your property and other assets
- File tax returns for deceased clients
- Identify and determine beneficiaries
- Help resolve any disputes related to your assets
Overall, a process that is otherwise difficult and even bitter for you becomes easier. You don’t have to worry about ensuring you’re making the right choices and not meting out anyone any wrongs. It’s the lawyer’s job now.
Creditors, Beneficiaries, and Others
The beneficiaries will have questions. In the rare off-chance that everyone gets along (and people rarely do), you might have an easier time. Most of these cases, however, require legal counsel to make the process easier.
Usually, beneficiaries are often concerned about things that, if resolved now, won’t become an obstacle later on. Your lawyer can keep these beneficiaries in the loop by regularly sending them letters and emails. Any questions that they have can be sorted out right now. If you are sending these communications yourself (as many clients opt to do), you can ask your probate lawyer to go over them for you.
Where Can You Find a Probate Lawyer?
Where else but right here? Reach out to our associates at the Law Offices of Ledwidge & Associates, P.C. You can plan a consultation with a Probate lawyer Brooklyn, Probate lawyer Queens in person if you’re in New York. We operate in the Queens, Brooklyn, Manhattan, Long Island, and Bronx areas.
According to Forbes, the COVID-19 crisis has forced US citizens to consider estate planning more seriously. As the crisis’s volatility continues to impact our everyday lives, wealth transfer has become more common.
Before you get down to business and start writing your will, here are a few problems that you might face in New York:
A will contest is a legal effort made to invalidate a will. Anyone can contest a will if it’s believed to be procured by fraud or forgery. You can also challenge a will if you have reasonable grounds to believe that the testator lacked the mental capacity to write a will or was made to sign it under duress. A will can also be invalidated if it’s outdated, and a more recent version of it exists or if it isn’t compliant with the state laws.
However, you can’t contest a will just because you don’t like its provisions and terms. Other than that, you also must be directly affected by its outcome to challenge it. A legal heir or a beneficiary can only contest the will. After a will is successfully contested, the court invalidates the entire will, instead of a single provision.
In either case, it’s not easy to contest a will because the entire process also translates into court expenses. Only an experienced probate attorney can simplify the process for you.
There Is No Written Will
This shouldn’t surprise you. 68% of Americans currently don’t have a written will. Dying ‘intestate’ will only complicate the matters for their surviving descendants. According to the state laws, when someone dies without a will, the court decides how the estate will be distributed.
When a New York resident dies without a will and no children, the surviving spouse usually inherits the estate. If there are more legal heirs, the surviving spouse only gets $50,000, and the rest is divided among the descendants. If there is no spouse, the entire estate is inherited by the descendants.
This is a problem because you might not want your estate to pass on to your surviving spouse, especially if you’re not on good terms. A large number of Americans prefer leaving their estate to charities. Your wishes will only be honored if you have a written will.
The Executor Isn’t Carrying out Their Duties Well
An executor is the individual chosen to oversee the probate and honor the deceased’s wishes. Your chosen executor can step down from the role or choose not to have a say in how the estate is distributed. This usually happens when they take upon the duty without realizing the gravity of the responsibilities and pull out later. In this case, the court will check if you name a successor executor. If there isn’t one, the judge will appoint an estate administrator to carry out the probate duties.
With the right probe representations, none of these problems are too big. If you’re based in Brooklyn, Manhattan, or Queens, The Law Offices of Joseph A. Ledwidge, P.C. can help you out! Joseph Ledwidge Attorney has around 20 years of experience in helping clients deal with complicated probate cases. Reach out for a free consultation.
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