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
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.
The Financial Crimes Enforcement Network (FinCEN), a bureau of U.S. Department of the Treasury, issued a Geographic Targeting Order (GTO) that require the title companies to identify the individuals behind the LLC's or companies that purchase all cash real estate in Manhattan worth more than $3,000,000.00. This order currently applies to Manhattan and Miami Dade County, Florida. The purpose is to combat money laundering in the real estate sector in certain high end markets.