Blog Reena Gulati Blog en-usCopyright 2026, Reena Gulati BlogSun, 24 May 2026 10:50:43 -0400Sun, 24 May 2026 10:50:43 -0400In househttp://validator.w3.org/feed/docs/rss2.html Sun, 24 May 2026 10:50:43 -0400 When choosing an executor, most people focus on one question:rnrnWho do I trust'rnrnTrust is certainly important. However, there is another consideration that many families overlook: Where does your executor live' Reena Gulati Blogtrust--estates/what-happens-if-your-executor-lives-in-another-state/ Fri, 21 Nov 2025 10:45:46 -0500 Estate tax planning helps reduce the tax burden on your estate when you pass, especially important in New York, where state-level estate taxes can catch families off guard. This post explains key strategies to protect your wealth and transfer it efficiently. Reena Gulati Blogtrust--estates/what-estate-tax-planning-new-yorkers-shouldnt-ignore-it/ Sun, 06 Jul 2025 15:51:35 -0400 Many families assume the home should always stay in the family. It represents memories, security, and legacy. But in my practice as a New York estate planning attorney, I often see how real estate can create more problems than it solves when it is not planned for properly. Reena Gulati Blogreal-estate/when-family-home-becomes-liability/ Thu, 08 May 2025 10:36:54 -0400 Many people believe trusts are only for the ultra-wealthy, but they're actually valuable planning tools for many families. As a trust attorney serving clients throughout Long Island and New York, I often find that understanding trust income is a key concern for both trustees and beneficiaries. Reena Gulati Blogtrust--estates/understanding-trust-income-what-it-matters/ Thu, 30 Jan 2025 15:11:01 -0500 Blended families bring love and connection but also introduce unique challenges when it comes to estate planning. If you have children from a previous relationship and want to ensure they receive their rightful inheritance, strategic planning is essential. Without a well-crafted estate plan, assets may not be distributed as you intended, potentially leading to disputes and legal complications. Reena Gulati Blogtrust--estates/estate-planning-for-blended-families-how-to-protect-your-legacy-loved-ones/ Thu, 26 Dec 2024 20:03:49 -0500 Many New York residents believe that irrevocable trusts cannot be modified or terminated. However, New York State law provides several methods to address trusts that no longer serve their intended purpose or have become administratively burdensome. Reena Gulati Blogtrust--estates/understanding-irrevocable-trust-termination-in-new-york/ Fri, 25 Oct 2024 16:39:37 -0400 As an estate planning attorney, I've seen my fair share of complicated situations. But few are as heartbreaking as what I call "I Got You, Honey" planning gone wrong. This scenario unfolds more often than you might think, and it's a cautionary tale for all couples. Reena Gulati Blogtrust--estates/i-got-you-honey-when-wellmeaning-estate-plans-go-wrong/ Mon, 09 Sep 2024 18:57:20 -0400 The Corporate Transparency Act (CTA), enacted in 2021, marks a significant shift in corporate transparency requirements for small businesses in the United States. This law aims to combat money laundering, tax fraud, and other illicit activities by requiring companies to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). Reena Gulati Blogbusiness-law/corporate-transparency-act-what-small-business-owners-need-to-know/ Fri, 21 Jun 2024 09:21:06 -0400 Life insurance is not just a financial safeguard for beneficiaries. It is also a pivotal tool in minimizing estate tax liabilities in comprehensive estate planning, especially for high-net-worth individuals. Because of the dual functionality of life insurance, it is critical to consult an attorney about how to use it strategically to achieve your goals. Reena Gulati Blogtrust--estates/strategic-use-life-insurance-in-estate-tax-planning/ Wed, 15 May 2024 13:00:00 -0400 Estate planning can be a complex affair, and it becomes even more intricate when it involves assets and beneficiaries across multiple countries. Cross-border estate planning demands a nuanced understanding of varying legal systems, tax regimes, and inheritance laws. Because of the challenges of managing an international estate, it is critical to work with an attorney who can offer strategic solutions to ensure that your assets are protected and your wishes are executed as planned. Reena Gulati Blogtrust--estates/crossborder-estate-planning-navigating-challenges-finding-solutions/ Mon, 01 Apr 2024 15:38:49 -0400 Interest rates have a nuanced impact on residential lease agreements, necessitating adept legal navigation. An experienced attorney can assist landlords and tenants in understanding these implications and ensuring compliance with New York real estate laws. Reena Gulati Blogreal-estate/how-do-interest-rates-affect-new-york-residential-leases/ Mon, 12 Feb 2024 15:24:38 -0500 New York's decanting statute offers an innovative tool in estate planning, providing flexibility to adapt trusts to changing circumstances. Understanding and utilizing this statute can be particularly beneficial for high-net-worth clients in New York State. Reena Gulati Blogtrust--estates/impact-new-yorks-decanting-statute-on-ability-to-modify-trust/ Tue, 23 Jan 2024 10:46:25 -0500 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. Reena Gulati Blogtrust--estates/digital-asset-management-in-estate-planning/ Fri, 29 Dec 2023 17:13:58 -0500 Divorce is not just a significant emotional upheaval; it also brings substantial changes to one's estate planning. As challenging as it may be, it's crucial to understand how a divorce can affect your estate plan and take steps to update and protect your assets and your legacy. If you are getting a divorce or recently divorced, here is what you need to know. Reena Gulati Blogtrust--estates/how-does-divorce-affect-your-estate-planning/ Mon, 27 Nov 2023 16:21:46 -0500 Business succession planning is a critical aspect of ensuring the longevity and stability of any business. A well-thought-out succession plan is not just a prudent choice but often a legal requirement. Here are some of the key considerations and steps involved in business succession planning in the state of New York that every business owner needs to know. Reena Gulati Blogtrust--estates/navigating-business-succession-in-new-york-state/ Tue, 31 Oct 2023 16:48:51 -0400 Being a New York City landlord comes with both opportunities and challenges. Managing a rental property in this dynamic market requires careful attention to legal obligations to protect your interests as well as the rights of your tenants. To minimize the risk of any problems, here are some essential legal tips to help you navigate the intricacies of property management and ensure compliance with relevant laws and regulations. Reena Gulati Blogreal-estate/nyc-landlords-10-legal-tips-for-managing-your-rental-property/ Mon, 02 Oct 2023 19:52:58 -0400 Purchasing real estate in New York can be an exhilarating but potentially daunting experience. The process involves considering more than just the property's purchase price. As a savvy homebuyer, it's essential to be aware of the hidden costs associated with buying real estate in New York City to avoid unexpected financial surprises. In this blog, we'll explore some of these expenses and provide valuable insights to help you make informed decisions. Reena Gulati Blogreal-estate/hidden-costs-buying-real-estate-in-new-york-city/ Tue, 22 Aug 2023 18:34:36 -0400 Estate planning is a crucial process that enables individuals to secure their assets, protect their loved ones, and leave behind a lasting legacy. However, many people make critical estate planning mistakes that can have far-reaching consequences for their families and beneficiaries. What are some common estate planning blunders that New Yorkers should avoid to ensure their wishes are respected and their assets are protected' Reena Gulati Blogtrust--estates/estate-planning-blunders-to-avoid-common-mistakes-new-yorkers-make/ Mon, 17 Jul 2023 09:28:35 -0400 The process of subdividing land and assigning new tax lots in New York can be complex, particularly when it comes to understanding the implications for property taxes.rnrnSubdivision refers to the division of a parcel of land into two or more separate lots. In New York, the process of subdividing land is typically regulated by local municipal authorities, such as planning boards or zoning boards. The subdivision process involves obtaining necessary approvals, complying with zoning regulations, and adhering to specific subdivision requirements set forth by the local municipality. Reena Gulati Blogreal-estate/what-you-need-to-know-about-subdivided-land-property-taxes-in-new-york/ Tue, 27 Jun 2023 11:41:49 -0400 A fiduciary is a person or entity that is appointed to manage the assets and affairs of another person or entity, known as the principal or beneficiary. Fiduciaries are held to a high standard of care and must act in the best interests of the principal or beneficiary. In some cases, it may be necessary to remove a fiduciary if they are not fulfilling their duties properly. Reena Gulati Blogtrust--estates/removing-fiduciary-in-new-york-understanding-process/ Wed, 17 May 2023 17:06:13 -0400 Settling a trust estate in New York can be a complex and time-consuming process. The amount of time it takes to settle a trust estate can vary greatly depending on the size of the estate, the complexity of the trust, and any disputes that may arise during the process. Reena Gulati Blogtrust--estates/understanding-timeframe-for-settling-trust-estate-in-new-york/ Thu, 13 Apr 2023 13:18:00 -0400 A revocable trust is a type of trust that can be amended or revoked by the person who created it, known as the grantor. In New York, revocable trusts can be a useful estate planning tool for a variety of reasons. Reena Gulati Blogtrust--estates/benefits-revocable-trust-in-new-york-avoiding-probate-providing-control-protecting-privacy-being-flexible/ Fri, 10 Mar 2023 14:13:00 -0500 An estate plan is a set of legal documents that outlines how you want your assets to be distributed and managed after you pass away. It is an important tool for ensuring that your loved ones are taken care of and that your assets are distributed according to your wishes. However, there are several reasons why you may need to change your estate plan over time. Reena Gulati Blogtrust--estates/regular-review-updating-your-estate-plan-necessary/ Tue, 21 Feb 2023 13:20:00 -0500 In New York, a durable financial power of attorney and a springing financial power of attorney are two different types of legal documents that allow a person to appoint someone else to manage their financial affairs. While both documents can be useful in certain situations, they have some key differences that are important to understand. Reena Gulati Blogtrust--estates/understanding-differences-between-durable-financial-power-attorney-springing-in-new-york/ Tue, 17 Jan 2023 13:12:00 -0500 When buying real estate in New York, it is important to consider whether or not you need title insurance. Title insurance is a form of insurance that protects the buyer and lender from any losses that may arise from defects in the title of the property. In New York, title insurance is not required by law, but it is highly recommended. Reena Gulati Blogreal-estate/understanding-title-insurance-when-buying-real-estate-in-new-york/ Tue, 17 Jan 2023 13:07:00 -0500 Estate planning is an essential part of financial planning for everyone, but it is especially important for single people. Without a spouse or children to provide for, they have different considerations when leaving their assets. If you are single, estate planning is necessary to ensure that your assets are distributed according to your wishes. Without it, state law will determine what happens to everything you own. Reena Gulati Blogtrust--estates/estate-planning-for-single-people-what-you-need-to-know/ Wed, 04 Jan 2023 13:15:35 -0500 When it comes to estate planning in New York, there are several documents that are essential to ensure that your wishes are carried out if you become incapacitated or pass away. A basic estate plan should include a will, a durable power of attorney, a health care proxy, and a living will. Reena Gulati Blogtrust--estates/creating-basic-estate-plan-in-new-york-what-documents-are-essential/ Tue, 20 Dec 2022 13:00:44 -0500 A will and a trust are two of the most important documents a person can create to ensure their assets are distributed according to their wishes after death. In New York, these two documents have different rules and requirements. Knowing the differences between the two can help you make the best decision for your estate planning needs. Reena Gulati Blogtrust--estates/choosing-right-document-for-estate-planning-in-new-york-understanding-difference-between-wills-trusts/ Thu, 01 Dec 2022 11:18:05 -0500 We're approaching the holiday season and the end of another year. If you're like most people, you probably have several goals to get off your to-do list before the new year. While you're putting in the effort to achieve your end-of-year objectives, how about you consider investing in your estate plan' Your estate plan protects the financial future of your family and loved ones when you're no longer here. As the year comes to an end, here are five things you should consider ticking off your estate planning checklist: Reena Gulati Blogtrust--estates/estate-planning-yearend-checklist-five-things-to-do-before-december-31st/ Wed, 12 Oct 2022 11:42:33 -0400 Buying a co-op in New York City can be a daunting experience. However, if you are prepared and understand the process, it can alleviate some of the anxiety often associated with purchasing a co-op. There are a few things to keep in mind, depending on whether you are a buyer or a seller of a co-op. Reena Gulati Blogreal-estate/coops-in-nutshell/ Thu, 01 Sep 2022 10:21:12 -0400 Generally, when we talk about a Will, it refers to a document that distributes your financial assets upon your death. Often though, people believe a Living Will is the same thing as a Will. These are two separate and distinct estate planning documents. As just stated, a traditional Will, more formally known as the Last Will & Testament, transfers your financial wealth to your heirs or your distributees, including individuals and/or charities, you determine should receive your assets upon your death. A Living Will on the other hand, is a document that informs your health care agent (i.e., a person you choose to make health care decisions for you when you are unable) what your wishes are regarding your end-of-life care. Reena Gulati Blogtrust--estates/there-difference-between-living-will/ Tue, 17 May 2022 16:45:59 -0400 Solar panels are a good source of energy and good for the environment. However, they can wreak havoc with the closing process if they are not fully owned by the seller. Reena Gulati Blogreal-estate/three-things-to-know-about-solar-panels--selling-your-home/ Thu, 08 Jul 2021 15:37:28 -0400 You and your spouse own all your property jointly. Your spouse passes away; you get everything by operation of law as the joint holder of the property. Except now you go to the bank to open the safe deposit box and you inform your banker of the unfortunate news and she/he tells you that you cannot access the safe deposit box. What' - You say. The banker explains that since the co-owner is deceased, the bank requires you to obtain authority from the court to allow you access from this point forward.rn Reena Gulati Blogtrust--estates/probate-safe-deposit-box/ Thu, 08 Jul 2021 15:29:51 -0400 Simple wills will likely not be sufficient to address the goals of your current spouse and children from a prior marriage or stepchildren. A trust will be the better option. However, the specifics of your family fact pattern will determine the kind of trust and what is included in the trust that should be in keeping with the financial goals for your family. Although it requires a little bit more time and attention, it can avoid many misgivings and acrimony with your loved ones and plan for an easier transition. Reena Gulati Blogtrust--estates/3-tips-for-estate-planning-blended-family/ Thu, 18 Mar 2021 15:45:14 -0400 Most people have a fear of the unknown. However, if you a have plan in place, it helps settle your mind. In the case of an estate plan, it also can ensure you take care of your family. These tough times present the perfect opportunity to review your existing estate plan or if there is no plan, to put one in place for the following six reasons: Reena Gulati Blogtrust--estates/six-reasons-you-need-estate-plan-during-these-tough-times/ Tue, 16 Feb 2021 16:49:56 -0500 For most people, their house is their biggest financial asset, so avoiding costly mistakes is critical. The same is true of buying other real estate since it usually involves a substantial amount of money. No matter if it is your first time or the sixth in buying real estate, problems can arise. However, you can minimize the risks by having the right team of professionals, including your real estate broker, inspector/engineer, attorney, and/or lender to help guide you through the process and ensure a smooth closing. Reena Gulati Blogreal-estate/avoiding-legal-problems-in-buying-home-or-other-real-estate/ Tue, 09 Feb 2016 17:41:29 -0500 A party wall usually is on the dividing line between two adjacent properties and used for the common advantage of both property owners. In the most common scenario, part of the wall on each property is owned by the owner of each property respectively, with an easement granted to the other adjoining owner for support. The question is what rights, you as the owner of the property have to the party wall, and what you can do to it. Reena Gulati Blogreal-estate/what-rights-do-you-have-to-party-wall/ Mon, 08 Feb 2016 17:19:39 -0500 Most people form a limited liability Company to shield their personal assets from liability and debts of the LLC. Did you realize that most single member LLC's are at risk to pierce the corporate veil' You can avoid that outcome by taking certain steps. These small steps if done right can be very beneficial in avoiding liability that you never intended to take on but can be devastating for any business, particularly for a small business owner. Reena Gulati Blogtrust--estates/do-you-have-llc-take-steps-to-avoid-personal-liability/ Mon, 08 Feb 2016 15:28:25 -0500 The Financial Crimes Enforcement Network (FinCEN), a bureau of U.S. Department of the Treasury, issued a Geographic Targeting Order (GTO) that require the title companies to identify the individuals behind the LLC's or companies that purchase all cash real estate in Manhattan worth more than $3,000,000.00. This order currently applies to Manhattan and Miami Dade County, Florida. The purpose is to combat money laundering in the real estate sector in certain high end markets. Reena Gulati Blogreal-estate/your-client-buying-highend-real-estate-in-manhattan--be-ready-to-identify-cash-buyers/ Wed, 12 Dec 2012 14:16:24 -0500 Planning for your kids, your health and your finances are important. It's one of the most important things you can do while you have the capacity to do it. However often, an elderly parent or an aunt is taken advantage of, because they are losing their mental capacity. Reena Gulati Blogtrust--estates/who-did-you-designate-as-beneficiary/ Thu, 12 Jan 2012 13:11:05 -0500 1. Don't wait. Often during the course of the tenancy, the tenant falls behind in rent or is a habitual offender and fails to pay rent in a timely manner. You as the landlord hope that it will come any day or the next week, as promised. If the tenant is behind in rental payments, the landlord should start a legal proceeding to evict immediately. In most circumstances waiting any longer is almost always detrimental to the landlord. This is because the law requires that adequate notice must be provided to the tenant prior to evicting them, which causes further delays in evicting the nonpaying tenant. The landlord continues to lose time and additional rent. Reena Gulati Blogreal-estate/3-things-landlords-should-avoid-to-mitigate-rent-loss/ Fri, 09 Dec 2011 12:46:20 -0500 Often I get inquiries from potential clients who are in the process of employing a contractor to renovate their homes, asking if they should have a formal contract with the contractor. In a couple of instances the clients' projects were worth several hundred thousand dollars and they had no written contract with the contractor. However, the homeowners didn't feel comfortable turning over tens of thousands of dollars to the contractor at the very beginning of the project without an agreement and hence they called us. Reena Gulati Blogreal-estate/home-improvement-contractdo-you-really-have-one/ Fri, 25 Nov 2011 11:59:23 -0500 In this economy, a lot of people either prefer to start their own business or are compelled to because of the current job market and decide to take the plunge into the realm of being a business owner. This is your window of opportunity. Wonderful! Now let's be smart about it. Reena Gulati Blogbusiness-law/are-you-ready-to-buy-business/ Fri, 18 Nov 2011 10:26:28 -0500 Congratulations! You are purchasing your first home. It's exciting. Maybe you have been waiting for this for a longtime. You have spent several weeks, months, years looking for a house. It's the single most important and maybe the most expensive asset in your portfolio. Now you need to invest your time in getting the right team in place. So you made an offer and it was accepted what next' Here are three steps you must take to protect your most valuable asset. Reena Gulati Blogreal-estate/3-must-dos-for-first-time-home-buyers/