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 Blog
One of the most common misconceptions in estate planning is that creating a trust automatically avoids probate.rnrnIt doesn't.rnrnIn fact, I regularly meet families who are surprised to learn that a loved one had a trust, paid for a trust, signed a trust—and yet their estate still requires probate proceedings in Surrogate's Court.rnrnHow does that happen?
Most people assume that Special Needs Trusts ("SNTs") are only for families raising a child with a significant disability. In reality, many families encounter special needs planning unexpectedly—and often much later in life than they anticipated.rnrnAs an estate planning attorney, I frequently meet clients who have thoughtfully addressed guardians for minor children, asset distribution, retirement accounts, and tax planning. Yet one question often remains unanswered:
Most business owners think of succession planning as something to deal with “later” — when retirement is closer, when the children are older, or when there is finally more time. But that mindset can create one of the biggest hidden risks in an otherwise successful business.
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.
