One of the most common misconceptions in estate planning is that creating a trust automatically avoids probate.rnrnIt doesn't.rnrnIn fact, I regularly meet families who are surprised to learn that a loved one had a trust, paid for a trust, signed a trust—and yet their estate still requires probate proceedings in Surrogate's Court.rnrnHow does that happen?
Reena Gulati Blog
Most business owners think of succession planning as something to deal with “later” — when retirement is closer, when the children are older, or when there is finally more time. But that mindset can create one of the biggest hidden risks in an otherwise successful business.
Many families today hold real estate through LLCs for asset protection and liability reasons. At the same time, more and more are using revocable and irrevocable trusts as part of their estate plan to avoid probate, protect privacy, and plan for smooth wealth transfers.rnrnBut what happens when those two tools intersect?rnrnCan a trustee automatically step into the shoes of a deceased LLC member? Will the operating agreement recognize that trustee as a valid decision-maker? And what if it doesn’t?rnrnThese questions often come up during moments of transition—after the death of a parent, during a refinance, or when it’s time to sell inherited real estate. At that point, if the documents weren’t set up to speak to each other, the result is confusion, delay, and sometimes conflict.
In today’s fluctuating economic climate, particularly with the unpredictable swings in interest rates, safeguarding your real estate investments is paramount. By taking some practical steps and working with the right attorney, you can make your real estate portfolio more resilient and protect your investment.
In the realm of estate planning in New York State, a crucial but often overlooked aspect is the management of digital assets. As we delve deeper into the digital age, it's imperative to understand the legal implications and strategies for incorporating digital assets into your estate plan.
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