A common misconception is that estate planning in New York is only for those who are famous and rich. The truth is that all individuals who have assets may benefit from creating wills that explain how these possessions are to be distributed when they pass away. Such assets can include a house, a savings account or a 401(k) account.
Wills, trusts needed for the not-so-rich and not-so-famous, too
Is real estate a viable retirement plan?
Maybe you are one of those people who makes a detailed to-do list every day and goes to sleep at night content with the thought that you completed every item on the list. More than likely, you are like most people who end up stopping at the drug store for a card on your spouse's birthday and racing through the stores on Christmas Eve. You have good intentions, but time just gets away from you.
Residential real estate can be a wise investment for many reasons
Investing in property in New York can be a wise move for a multitude of reasons. For instance, residential real estate investors can enjoy desirable rates of return and unparalleled tax advantages. However, several other benefits exist for investing in residential real estate.
Residential real estate market not quite like market 10 years ago
Ten years have passed since the real estate market crashed prior to the Great Recession. The current real estate market is characterized by higher home prices, high demand among buyers and an increased interest in flipping homes. Although today's market throughout the United States, including New York, resembles the pre-recession residential real estate market in some ways, some key differences exist.
Selling residential real estate can come with challenges
Selling a house in New York is an emotional and involved process. Especially for those who have never sold a piece of residential real estate before, knowing exactly where to start can be overwhelming. However, a few tips may help with navigating this multifaceted process.
Dark clouds over your real estate closing
Finding the perfect property in New York is a challenge. You probably checked out listings in multiple boroughs, searched for hours online and met with numerous agents before finding a place you want to call home. You may have scraped for a down payment, haggled with the seller and cowed to the lender. However, that may have been the easy part.
Wills important even for small estates
Many individuals in New York feel that a will is not necessary in their individual situations since they do not have estates. However, anyone who owns something that he or she values and would like to pass on to someone else when he or she dies is technically an estate owner. In addition, wills are not for the people who create them. Rather, they are really for those whom they leave behind, as the left-behind individuals are the ones who will have to settle the will creators' estates.
Steps may help to prevent wills from being challenged
Oftentimes, creating an estate plan is not high on the priority list for asset owners in New York, whose other life responsibilities typically take center stage. However, creating wills is essential for protecting one's assets in the long run. A common concern, though, is having an estate plan challenged by a family member.
