On Monday, December 13, 2021, Apple released update iOS 15.2 which includes a new feature called Digital Legacy. Digital Legacy will let you select specific people to be able to access your account after you die. Until now, it has been very difficult for loved ones to access an Apple account of a family member or friend who died unless they possessed the decedent’s passcode or … Read more
In this issue, we will discuss the basic duties and responsibilities of an executor. An executor is legally responsible for sorting out the finances of the decedent. It is the executor’s job to make sure that debts and taxes are paid and that what remains in the estate is distributed properly to the heirs of the estate. The executor must carry out his/her duties diligently, impartially, and honestly. An … Read more
A Durable Power of Attorney is a powerful estate planning tool. Properly drafted, this document allows one to designate a person of one’s choosing to be able to manage one’s affairs when one is physically or mentally unable to do so for oneself. The person who signs a Power of Attorney is called the Principal. The Power of Attorney gives legal authority to another person called … Read more
On December 15, 2020, Governor Andrew Cuomo signed long-awaited changes to the New York State Power of Attorney law. The changes are intended to make the power of attorney easier to use, provide a framework for acceptance or rejection of the power and clarify the power and obligations of an agent. The changes take effect June 13, 2021 and a new form of power of attorney … Read more
We hope you and your families are safe and healthy in these tumultuous times. In our prior newsletters we described the documents that comprise a basic estate plan. To refresh your recollection, a medical proxy appoints a person to make medical decisions if one is incapacitated. A living will sets forth one’s directives regarding ongoing medical and ventilator treatment. A power of attorney empowers someone to … Read more
We have spent a considerable amount of time discussing wills and bequests. However, there are other documents that are also critically important. The first is called a medical proxy. A medical proxy, otherwise known as a health care proxy is a document that allows you to choose someone to make medical decisions for you in the event you cannot make them for yourself. If you are … Read more
In this month’s edition we will discuss a recent change in the law. On December 19, 2019, the SECURE (“Setting Every Community Up for Retirement Enhancement”) Act became law. The legislation contains a lengthy series of provisions impacting retirement plans and their participants. Two of these changes are especially significant: REQUIRED MINIMUM DISTRIBUTIONS When you contribute funds to a retirement or pension plan such as an … Read more
Drafting your will requires you to think carefully about who you would appoint to handle important duties on your behalf once you have passed away. These persons are called fiduciaries and if they accept the position you have assigned them they hold a duty to the people over whom you have appointed them to act. It is also important to select successor fiduciaries who would assume … Read more
Estate planners are in the business of “what ifs.” We need to make sure that your Will covers all the possible circumstances that might arise in your life. Generally speaking, if you are married and have children you have more “what if” scenarios to be concerned about than if you are single with no children. Let me explain by use of an example. Let’s say Tarzan … Read more
Last time we discussed the various types of Wills. Let’s discuss in greater detail what they contain and why they are so important. Let’s start with the disposition of assets. The old adage is true. You simply can’t take it with you. That means you have to choose to whom to leave “it.” “It,” means everything you own at death including your personal possessions and your … Read more
You probably already know what a Will is. Wills are often dramatized on television and in movies. We always see someone drafting a Will under harrowing experiences, like in a fox hole in war or on their death bed. Then, of course, there’s always the dramatic reading of the Will before the surviving family members. I always found those to be awkward scenes. Perhaps it’s because, … Read more
A common mistake one can make in crafting an estate plan is adopting a “Do it Yourself” strategy. Building an estate plan is not like building a table. You can’t just Google how to do it, walk into your local hardware store, buy some lumber and start sawing away. Tax laws are complicated and as we just discussed, they change all the time. You need a … Read more
Some people make the unfortunate mistake of preparing a comprehensive estate plan but forgetting that not all of their assets will be governed by the dispositive provisions in their will or revocable trust. For example, if real estate is co-owned with other people, the way the property is titled will govern who inherits the property upon death. For example, a house owned by husband and wife … Read more
Most states require that an original signed and witnessed will be produced to the court for probate. Duplicate copies are most often not accepted. Courts are extremely cautious and the general legal assumption is that if you cannot produce an original will it is because the decedent (otherwise known as a “Testator”) destroyed it with the intention that it not be probated. There are some exceptions … Read more
In our last entry we talked about the failure to plan. You may have breathed a sigh of relief. You may be thinking, thank goodness that discussion isn’t about me. I didn’t make the mistake of failing to plan because I already executed my estate plan. Well, this statement too must be challenged. Many people who actually do take the time to prepare their estate plan … Read more
We have already discussed the first mistake one can make vis-à-vis their estate plan. Namely, not to make one; simply failing to plan. There is a common misperception that estate planning is only for the wealthy; only for the 1%. This is entirely false. Everyone needs a plan. If you are reading this and you yourself haven’t yet begun to plan you may be under the … Read more
I’m a big Harry Potter fan. As a young adult I read all the books and watched all the movies. Now my children love them too. One of my favorite parts of the series, and in my humble opinion, the most genius of J.K. Rowling’s writings is the sub-story of the Deathly Hallows, a fabled children’s story from the Tales of Beedle the Bard, which tells … Read more
Dear Friends, Happy New Year! Welcome to our new newsletter, “Legally Speaking,” which we at Daniel B. Faizakoff P.C. will be sending out periodically, with updates on important news and legal insights. We hope you’ll subscribe and enjoy the newsletter, finding it both informative as well as entertaining. (If you decide you no longer wish to receive our newsletter, you may opt-out anytime by clicking the … Read more
We are very proud to launch our new site! It is the culmination of a great deal of work and was created in direct response to the comments and suggestions of our varied clients who wanted to know more about the services we provide, the clients we represent, updates on the state of business law in New York and news relevant to small businesses and entrepreneurs. … Read more
This Science Times article nicely summarizes an appropriate business and legal practice philosophy. Link
Competition in today’s marketplace is fierce. Obtaining an edge over your competitors is tough work. It requires savvy and creativity, not to mention a serious investment of time and money. You may have found success due to your unique business model or perhaps due to your innovative approach in the market. But how do you protect your competitive edge? How can you stop others from improperly … Read more
