Weiss & Weiss would like to wish all a happy and healthy new year.
Golden Bachelor or Gold Digger?
Many viewers have been intrigued by the popular television series The Golden Bachelor, in which an older widower selected the second love of his life as his fiancee. The widower was portrayed as absent from the dating scene after the death of his wife. On the eve of the final episode, an article was published describing the bachelor’s relationship after the death of his wife with a live-in girlfriend and unsavory details about the golden bachelor (Gerry). For instance, Gerry’s thrifty side allegedly caused him to “go dutch” on all expenses and activities with his girlfriend.
One distinguishing factor between the show’s two finalists (Leslie and Theresa) was that Theresa may be wealthy. During their last date, Gerry asked Theresa about her professional life. She stated that she was a homemaker before she dappled in the stock market. She was successful trading stocks for herself and then started a career as a financial services professional. Gerry, who has been reported to have a questionable professional history, was quite impressed by this information. Perhaps the golden bachelor is actually a gold digger seeking wealth. This post will examine estate matters to be addressed on behalf of older individuals such as Gerry and Theresa, aged 72 and 70 respectively.
A newly engaged couple with children and grandchildren from a prior marriage should seek the advice of an experienced attorney. It would be prudent to draft estate documents whereby the second spouse would not inherit outright, but would receive income during lifetime from assets held in a testamentary trust, with the balance to be delivered to the children or grandchildren of the first marriage. This plan will protect the spouse’s family of the first marriage from a second spouse who may be motivated by acquiring wealth from the new spouse.
Happy Thanksgiving 2023
Weiss & Weiss would like to wish all a happy and healthy Thanksgiving holiday.
Non-Payment Proceedings – Handling them the Right Way
A recent article in the New York Post reports on the tragic story of a New York City landlord who claimed he was “under pressure” and had “a lot of issues” with his tenants, namely, that they were late paying rent. Unfortunately, the landlord responded to the situation by murdering his tenants, for which he has now been arrested and is in police custody.
Obviously, this is the wrong way for a landlord to handle tenants who have not paid their rent. What should the landlord have done instead? This blog post will discuss the proper manner in which non-paying tenants should be dealt.
Almost all tenants are required to pay rent when leasing property, such as an apartment or a house. To simplify, we will discuss residential, rather than commercial tenants, in this post.
I’ll Be There for You: Legal Issues Raised by Beloved Actor’s Death
The recent death of Matthew Perry, best known for playing “Chandler Bing” on the popular sitcom Friends, has deeply affected many of our readers. Although Perry was known for his fabulous sense of humor, the dark side of his life was notable for his addiction to alcohol and drugs, almost causing his death numerous times. His painful life was documented in his memoir entitled Friends, Lovers and the Big Terrible Thing.
The Emmy nominated actor may be “The One with Estate Issues.” Although this author is not privy to the details of Mr. Perry’s estate, this post will discuss some of the estate concerns that could arise. Mr. Perry died at his home in California. Most if not all of Mr. Perry’s estate will be determined by California law as a result. However, if he happened to have owned a pied-a-terre in Manhattan, the disposition of that property would be determined by an ancillary proceeding in New York after the completion of any California proceeding. The remainder of this post will address the legal result as if Mr. Perry had died in New York, since the legal matters covered by this blog deal with New York law.
It must be determined whether or not Mr. Perry had a Will. If there was a Will, it would be subject to a probate proceeding, whereby the Will would be submitted to the Surrogate’s Court and Letters Testamentary would be issued to the named Executor. In order for a Will to be valid, the testator (person making the Will) needs to have mental capacity and not be impaired by alcohol or drugs when signing the document. Certainly, a person such as Mr. Perry may have had issues concerning mental capacity when signing a Will. However, experienced attorneys who properly conduct the will execution ceremony will not proceed if their client appears impaired at the time of signing. Likewise, the witnesses should simultaneously sign a “self-proving affidavit” whereby they are confirming that the testator was of sound mind and under no physical or mental impairment that would affect his capacity to make a valid Will.
Let the Buyer Beware?
Caveat emptor is a Latin phrase loosely translated to mean “let the buyer beware.” Real estate in New York State has customarily been transferred under this concept, meaning that the seller is not obligated to disclose property conditions and the onus is on the buyer to discover conditions that may be objectionable. In 2001, this concept eroded somewhat with the enactment of Article 14 of the Real Property Law, known as the property condition disclosure statement law (“PCDSL”). Sellers of residential property were required to complete a lengthy questionnaire concerning property conditions. If the seller preferred not to complete the form, the seller was required to issue a $500 credit to the buyer at the closing, as was customary in downstate counties serviced by our firm.
Recently, Governor Kathy Hochul signed an amendment to the PCDSL that added disclosures concerning flood risks and history. Most significantly, the amendment, which becomes effective on March 20, 2024, removes the seller’s option to issue a $500 credit to the buyer and requires the completion of the questionnaire before the contract is signed. The law explicitly states that it is not a warranty by the seller and does not substitute for inspections that the buyer may conduct. Typically, a real estate agent or experienced real estate attorney will recommend that the buyer hire a professional inspector to evaluate property conditions. Inspectors will often discover concerns such as asbestos in the furnace room. A qualified attorney may integrate repair issues in contract negotiations. Armed with additional information from the completed disclosure form, a buyer may threaten to walk away from a transaction without additional contractual concessions.
The new law provides that knowingly false or incomplete statements made by the seller can subject the seller to claims after the closing. This is a departure from standard New York law whereby the buyer’s acceptance of the deed at the closing is deemed to be full acceptance of any property conditions, whether known or unknown to the buyer.
Happy Labor Day
Weiss & Weiss would like to wish all an enjoyable Labor Day 2023.