If you own a business or real estate in New York, you’ve already done the hard part: building something valuable. But without a clear estate plan, all of that can be put at risk—either through probate, taxes, or uncertainty over what happens next.rnrnThis is a common issue I see with clients who have substantial real estate, investment properties, or closely held businesses. They often have a will, or maybe nothing at all, and believe that’s enough. It’s not.
Reena Gulati Blog
Many people believe that once they’ve signed a will or even created a trust that their estate plan is complete. In reality, this assumption is one of the most common and costly mistakes families make.rnrnAs an estate-planning attorney, I regularly meet clients who are confident they are “all set,” only to discover that their documents no longer reflect their lives, their assets, or their intentions. When that happens, even well-meaning plans can unravel at exactly the wrong time.
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.
For families trying to protect real estate while planning for long-term care or Medicaid eligibility, the internet is full of quick-fix advice:rnrn“Just put the house in your kids’ names.”rn“Do a life estate, it avoids probate.”rn“Use a Lady Bird Deed, it’s the best of both worlds.”rnrnBut in New York, these strategies are not always available or advisable. And more importantly, what sounds simple online can create complications that are hard to undo.rnrnLet’s take a closer look at the real risks of using deeds and life estates for Medicaid planning and what better alternatives may exist.
Why Clearing Title Isn’t Always as Simple as It LooksrnrnWhen a loved one passes away, most people think the hardest part is the emotional loss, and that legally transferring property is just a matter of paperwork.rnrnBut often, that “paperwork” reveals something much more complicated:rnA deed that was never updated.rnA co-owner who passed away years ago without probate.rnA missing heir no one has heard from in decades.rnrnWe call this the “ghost owner” problem, and it’s one of the most common issues we see when real estate is inherited or being prepared for sale.
