Reena Gulati Blog

If avoiding probate is your primary goal, then you can achieve that simply by having a living trust, the most effective way to avoid probate.  With a living trust, you control how your estate will be distributed, how it will be managed if you do not have the capacity, and finally what happens to your estate when you pass on. 

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:

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.

I can’t tell you how often I ask my clients and they don’t remember when the last time was, they checked their beneficiary designations on their assets or their “Transfer On Death” and “Paid On Death” designations on the bank accounts and their brokerage accounts.

The Administrative Code of the City of New York § 7-210 imposes a nondelegable duty on the owners of commercial property to repair and maintain the sidewalk to their property. However, in certain cases, if there is an injury or death due to the sidewalk being in disrepair, a residential tenant at the property could be held liable to the owner and must indemnify the owner of the property for any damage resulting from that injury. It depends upon how the lease reads. Therefore, a “standard lease” must be carefully reviewed to determine if that liability is knowingly being assumed by the tenant. The tenant must understand whether he or she is responsible for maintaining the sidewalk because assuming it’s not the tenant’s responsibility may result in finding out the hard way that they are liable.