No two individuals are exactly the same with regard to their estate planning goals. Although wills can certainly be helpful estate planning tools for many people in New York, trusts also offer many benefits. Here is a look at why many estate owners are turning to revocable trusts, in particular, to safeguard their assets.
When property owners in New York consider selling non-residential properties, they have a few chief goals. They want to generate the most profit possible, they want their deals to happen quickly, and finally, they do not want the transactions to come with many conditions. However, the commercial real estate sales process is not straightforward, as multiple types of buyers with different pricing expectations exist. Two of these buyers are developers and investors.
The life science world is expanding like never before across the United States, including in New York. Biotech is especially growing as drug companies join startups as well as incubator labs to facilitate new research. A particular sector of the economy that is benefiting from the current popularity of the life science industry is commercial real estate.
For younger adults in New York, the thought of owning a home may seem like a remote possibility. Real estate is expensive, and many working adults under the age of 35 also have student loan debt. Many assume that they will never be able to afford a down payment or qualify for a loan, so they simply resign themselves to renting for years to come.
Although the value of living in the moment is often emphasized, the problem is that many people neglect to think big picture about their lives, including what will happen to their assets when they die. Specifically, what will happen to their intangible assets -- their digital properties? Here are a few tips for addressing these types of properties in addition to using wills to address tangible assets in New York.