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New York Law Blog

Trust restrictions may help plan your loved ones' inheritances

You may have many reasons for wanting to utilize a trust or multiple trusts as part of your estate plan. This tool can offer many benefits from avoiding probate to protecting assets. You can even ensure that your family and other beneficiaries quickly and efficiently obtain their inheritances in the event of your passing.

Depending on the ages of your loved ones, you may have concerns about directly leaving assets to them, even through trusts. If you have such apprehensions, you may wish to consider adding certain stipulations to the accounts that may allow you to feel more comfortable with your decisions.

What a means test means

Many residents in New York have found themselves in tough financial spots over the last few years. If you are one of them, you may feel trapped and hopeless. That is the sad truth about money problems -- they can really put you through the ringer emotionally. Did you know that there may be a way for you to help yourself? First, you will need to take a means test.

Means test. What is that? Where do I get one? What do the results even mean? These are all good questions to ask.

The trap of making minimum monthly payments

Credit card debt is one of the most common factors in the financial struggle of millions in America. This debt is not always the result of uncontrolled spending. In fact, you may find yourself pulling out the plastic to pay for groceries, medical bills or even utilities when the budget gets tight.

Paying the minimum amount on these credit card bills is not going to make you financially solvent. Instead, it may just make matters worse. Consumer advocates recommend paying off your credit card balance each time you use it, but that may not always be possible. If you have accumulated debt on multiple credit cards, you have options for paying it down quickly.

Abandoning a mortgage typically not the best debt relief plan

When you first began noticing you were struggling financially, you probably did what many other New York residents in similar situations do: tried to cut spending, looked for sales when purchasing things, and perhaps even sold a few items to increase cash flow. That may have even worked for a while.

Now that things have gotten worse, however, with creditors hounding you almost every day by phone, your position at work slated for a cut-back, and no way to restore financial stability in the foreseeable future, you might be tempted to up and walk away from your mortgage, leaving your home to foreclosure.

Why types of debt are dischargeable through bankruptcy?

Financial struggles can strike at any time, and no one is immune. Even the wealthiest- or highest-income earners may find themselves in a situation where they are unable to keep up with their debts and pay bills on a regular basis. Over time, unpaid bills can accumulate, interest can start to add up, and you may find yourself choosing which bill you should pay because you know that you cannot pay them all.

If you find yourself in a situation similar to this one, you likely feel overwhelmed by your circumstances. It may not seem like it at the time, but there is a way out. By filing for bankruptcy, you may be able to discharge some of these debts and work toward a better and stronger financial future.

Are you struggling financially? Have you considered Chapter 7?

An old cliché says, "The definition of insanity is doing the same thing over and over again, but expecting a different outcome." You might feel this way as you attempt to fix your financial situation. If your finances control you instead of you controlling them, you might need to find another way to end your struggle.

Filing for Chapter 7 bankruptcy could provide the answer. Many people are wary of the process because they fail to understand it. Answering your questions about the basic process might make it a more attractive option.

Protecting yourself in a Business Divorce

There are a number of powerful tools that can be used to protect a business owner facing a business divorce. Business owners are protected by Business Corporation Law Section 1104(a). In fact, the law protects shareholders from oppression, fraud, corporate theft, illegal actions, etc.

EVERY COMPANY WITH MORE THAN ONE SHAREHOLDER SHOULD HAVE A SHAREHOLDERS AGREMEENT

Too many shareholders have lost everything because they simply failed to protect themselves with a tailored shareholder's agreement. More and more shareholders and directors are finding themselves facing a dispute, as between their directors and shareholders. A shareholder's agreement is essential to fully determine the basis for important decision making and to provide protection for the parties involved in the ownership of the company against the actions of the others, whether minority, majority or equal shareholders. In the event of a dispute or dissolution, a shareholder's agreement that contains a valuation formula can carry the day.

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