Some people have joked about the idea of corporations being people. It sounds like a ridiculous enough statement, and on its face, it is; a business is not a human being, no matter how generously you stretch the definition of either. However, legally speaking, it’s true that corporations are people (sort of), and if you’re running your own corporation, it can help to understand how corporate personhood works. Continue reading “Corporate Personhood, Explained”
When starting a business, incorporation can be an exciting step. But when taking this step, many individuals may ask whether incorporating in Delaware is more advantageous than New York. The real answer is “it depends.” Knowing the difference between the incorporation processes of the two states is important in making that decision. Businesses differ, so weighing the pros and cons of each state will help you find the right venue to register in.
Religious organizations do a great deal of good in the world, and the tax code recognizes that by allowing churches and other religious organizations to obtain tax-exempt status. Sometimes referred to as 501(c)(3) religious organizations (in reference to the section of the federal tax code that governs charitable organizations), these religious organizations are at the heart of charity and religious life in the United States. However, tax-exempt status isn’t automatic, and it isn’t unconditional, and there are a few things you’ll need before you can get it.
Aretha Franklin, the “Queen of Soul,” may be one of the greatest musical artists of the 20th century, but her estate planning leaves much to be desired. According to Fox Business, after she died, her estate was searched for any sign of a will. Unfortunately, there were multiple wills located, all handwritten, and all have been submitted to the probate court to determine their veracity and admissibility.
Continue reading “Aretha Franklin Found to Have Multiple Handwritten Wills”
According to PropertyShark, Tribeca was No. 1 among the 50 most expensive neighborhoods in New York City during the first quarter of 2019. The median home sale price in that area was $4.2 million. SoHo was a distant second with a median price of $2.9 million. Rounding out the Top 10 were the Garment District ($2.5 million), Hudson Square ($2.4 million), Flatiron District ($2.1 million), Theatre District-Times Square ($1.7 million), Central Midtown, Columbia Street Waterfront District and DUMBO (all at $1.5 million) and Carroll Gardens ($1.4 million). Continue reading “PropertyShark: Tribeca is the Most Expensive Neighborhood in NYC”
A survey of estate planners recently released by TD Wealth found that the No. 1 threat to estate planning for the second consecutive year is family conflict. Forty-six percent said it was the leading challenge, followed by market volatility (24 percent) and tax reform (14 percent). Continue reading “Survey Finds Family Conflict Is the Leading Threat to Estate Planning”
Just a couple of months ago, the country was shocked when the world’s richest man, Jeff Bezos, found himself in the middle of a divorce. While the divorce appeared to most to be amicable, his wife of 25 years, MacKenzie, finds herself a likely recipient of half of his $137 billion net worth. Understanding the situations in which this may happen is the key to understanding whether a prenuptial agreement may be right for you. Continue reading “Should I Get a Prenup?”
In July 2016, it was announced that L train service from Brooklyn to Manhattan would be shut down for 15 months in order to make necessary repairs and updates. To the delight of Brooklyn natives, on January 3, 2019, New York Governor Andrew Cuomo announced that the closure of the L train service planned for April was canceled. On January 17, the Metropolitan Transportation Authority (MTA) made an official announcement to confirm that the shutdown of both tunnels and all service was not necessary. Instead, updates would continue to be made during nights and on weekends but service both ways would still be available 24/7. Continue reading “With the Return of the L Train, Where Does the Brooklyn Real Estate Market Stand?”
A report from StreetEasy showed that its Manhattan Price Index during the month of November 2018 fell to $1,133,988. That is the lowest level since October 2015, when the Price Index was $1,132,855. Further, the Price Index fell slightly by 0.6% from the previous month at $1,141,397 and was a 3.3% year-over-year decrease from November 2017’s price of $1,172,189. Continue reading “Manhattan Home Sales Prices Fall to Lowest Level in Three Years”
While the thought of preparing a Will may be off-putting, ensuring that your assets are protected and passed on to loved ones should be a concern of every individual. But what happens if you dispose of property in the Will after it is drafted? The key to solving such an issue is recognizing that not only should an individual draft a Will, they should also develop an entire estate plan for taking care of their loved ones. Continue reading “What Happens if Property That Is In My Will Is Disposed Of?”