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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 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.
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.
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.