PROBATE AND ADMINISTRATION OF DECEDENT'S ESTATE (NY only*):
*STEVEN YEH is admitted to practice law in the state of New York since 2001.
PERSONAL TAX PREPARATION:
ENTITY AND BUSINESS TAX PREPARATION:
BUSINESS START-UP & FORMATION:
*Business consulting through SY Associates LLC, a Nevada domiciled Limited Liability Company.
Since the average time it takes to settle an estate through probate is more than 2 years, it is a good idea to use probate-substitutes to minimize assets passing through a Last Will and Testament. Reducing the probate estate will also make it easier for the designated Executor/Executrix, whose job is often tedious and may take up hundreds of hours of thankless work in more complex estates involving real estate, out of state property, beneficiaries who are minors or business assets. Some common probate substitutes include using beneficiary designations, "transfer on death" (TOD) and "paid on death" (POD) options, revocable trust arrangements and joint ownership with rights of survivorship. Probate-substitutes do come with potential downsides, however, so be sure to consult with a qualified attorney before using.
Are you having difficulties engaging your heirs on money management? Afraid that when you die, all of the money you are leaving to your heirs will end up creating a disincentive for good behavior and get squandered?
You can responsibly pass on your assets to heirs while also promoting good behavior and making a positive impact on both the heirs and the world at large. Given the concerns over climate change, geopolitical risks and rising income inequalities over the last two decades, philanthropy - the act of giving – can be essential in addressing the most pressing issues facing our world. This is also an opportunity to use the act of giving as a tool for responsible transfer of wealth to the next generation, leaving a legacy of positive impact in the world.
Want to make a difference? Consider incorporating an impact initiative in your estate plan. Just schedule a call or meeting and find out how easy it is to make the world a better place.
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