Probate and Small Business in New York

In this world nothing is certain, except death and taxes

A website about financial planning and tax planning; owning and operating a small business; estate planning (wills and trusts) and the probate and administration of decedent’s estates in New York.

Benjamin Franklin

The Commissioner of the IRS Claims the taxpayer setup the trusts as part of a reprehensible scheme to avoid his taxes.  However over and over again the courts have said there is nothing sinister in so arranging one's affairs so as to keep taxes as low as possible.  Everybody does so, rich and Poor, for nobody owes any public duty to pay more than the law demands: taxes are enforced obligations, not voluntary contributions. - Judge Leonard Hand (Commissioner V. Newman, 2d Cir. Ct. Appeals (1947).

Probate and Administration of Decedent's Estates in New York

By Operation of Law

When someone dies their estate usually has to go through the Probate process in order for the decedent’s property to be inherited by their heirs.

S-Corps, Limited Liability Companies, and Sole Proprietors

Rollover IRAs

Most people know that an Individual Retirement Account is a type of savings plan intended specifically for retirement. Most of the time people have an

Indictment

Hopefully the indictment comes through fine.

Section 179 Deductions

One of the most important tax provisions lets a business owner deduct the cost of certain business equipment in the year it’s purchased, rather than

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