Articles written byLeaving a gun to someone in your will can present a number of complications in the administration of your estate. New York law doesn’t allow an executor or beneficiary to simply take possession of a gun when they take over the estate of a gun owner. There are issues pertinent to gun ownership which must be considered in order to avoid complications and potential legal liability in estate planning and estate administration.
Executor responsibilities
When properties are close together, it can be difficult to repair or make improvements to your own property without accessing a neighbor’s property. Particularly within New York City, you will often be required to place protective structures on your neighbors’ property in order to get a permit. While the best solution to obtain access is to negotiate directly with your neighbors, what if negotiations fail? How can you still gain entry to the other property?
When an individual wants to disinherit a family member, an “in terrorem” or “no contest” clause in his/her will can be effective. The clause can deter challenges to a will, but it does have its limits and should be used carefully.
New York law requires that certain contracts must be in writing to be enforceable. The law, known as the Statute of Frauds, also has several well-recognized exceptions. In a recent decision, the New York Court of Appeals officially adopted the promissory estoppel exception, but made clear it only applies in limited circumstances. As a result, individuals and businesses that don’t insist on written contracts still take a big risk that they won’t be able to enforce their agreements.
Trusts are generally governed by state law and as such, disputes are usually handled in state courts. However, in some situations, suing in federal court may be an option and may have potential benefits to a party.
There are several reasons why a party may want its action adjudicated in federal court:
Companies with NY employees need to be aware of two recent legal developments which impose new liability under discrimination rules. There are already an array of different federal, state and local statutes which protect employees (and potential employees) from discrimination on many grounds, including sex, race, disability, and even felony conviction status. These rules impact not only New York based companies, but also out-of-state businesses that require New York employers to follow their employment practices.
Typically, probating your will is a straightforward process, but sometimes issues can arise especially when a will was executed years ago and witnesses have died or moved, or the attorney who drafted the will and oversaw its execution did not follow industry “best practices.” These issues could create problems for your chosen executor when he/she seeks to probate the will.
Many small companies are set up as Type “C” Corporations (“C Corp”), particularly those which have been in existence for many years. However, C Corps are subject to double taxation, and as a result, businesses may want to consider converting to an S Corporation (“S Corp”) to reap the tax benefits.
Tax treatment of C Corps vs S Corps
C corporations must pay taxes on earnings at the corporate level. In addition, their shareholders are also separately taxed on amounts distributed to them as dividends. Therefore, each dollar earned by a C Corp is taxed twice before it reaches the hands of the corporation’s shareholders.
Under the Federal (and most state) constitutions, the government cannot “take” private property for public use without just compensation. Historically, this meant physically seizing or intruding upon all or part of your property and is often referred to as “eminent domain”. But takings are not necessarily physical. They can result from government regulations restricting the use of your property. It can be difficult to determine when the regulations go so far that they constitute a taking and require compensation.
Under New York law, a trustee can modify an irrevocable trust in certain situations. The process, called “decanting,” permits alteration of a trust by “pouring” the existing (invaded) trust into a new trust. This gives the trustee surprising flexibility to create a new trust that will better accommodate changed circumstances, notwithstanding that the trust is irrevocable.