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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 Blog
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.
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.
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.