How business owners title their assets goes a long way in determining the implications. It is always wise to hold titles in such a manner that facilitates probate avoidance. When purchasing real estate or any other property as a business, it is important to have asset protection measures in mind. Besides avoiding probate, business owners…
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Business assets are divided into probate and non-probate categories. Non-probate assets are transferred directly to designated inheritor without the involvement of the probate court. While probate assets are anything that was owned by the deceased and must pass through petition in a surrogate court before distribution to their rightful inheritors. A grant of representation is…
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There are several ways one can avoid probate on their business, one of them is to name beneficiaries in advance to inherit the business. This means that at the point of death, the beneficiary can directly inherit the business without having to go through a long process. This saves the owners expensive costs of going…
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You can avoid probate on some assets by establishing a contract that grants ownership of the property. A contract refers to a written agreement that governs the relationship between the differentparties that are involved in the agreement and the assets in question. The contract sets forth how the property has to be used when you…
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An enhanced life estate deed acts like a normal property title deed, but it is customised such that the estate is passed on to a beneficiary or “gifted” to them, upon the death of the owner of the estate. Because of its nature, such a deed does not go through probate as it is clear…
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The NewYork probate process can be challenging and hard to navigate most of the time when you don’t have a lawyer to help you. When the estate comprises of rental property, then the probate process becomes more challenging. Most of the owners of real estate are out of the state. This usually complicates the succession…
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When you own business, be sure about who takes over the business when you die. Passing on will be stressful for the family – you don’t need to make them more stressed with succession for your business. More than half of small businesses fail after the original owner passes away. By the time you turn…
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Business real estate probate takes place once the owner passes away and they leave behind assets and income that needs to be shared between the beneficiaries. Real estate can only be probated when there is no will or living trust to guide the inheritance process. When a business owner passes away without a will or…
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Most countries allow certain business assets to be transferred to beneficiaries free of tax once the owner dies. However, this is not a guarantee. Large businesses may have bigger problems sharing their assets among beneficiaries because most of these businesses include offshore operations. As an agribusiness owner, part of your planning should include considering what…
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A sole proprietorship is a business operated by one person. It is very common with small business we see around us. Such businesses have a harder time to recover when their owners die because of their nature. Most do not plan in advance to safeguard their businesses as it is mostly a one-man show. Writing…
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