Richard Joseph Shapiro’s Answers

Richard Joseph Shapiro

Goshen Estate Planning Attorney.

Contributor Level 7
  1. How can I still be a 50% partner on an LLC that my friend & I are forming if my wife is also signing her name on the business?

    Answered about 2 years ago.

    1. Frank A. Natoli
    2. Richard Joseph Shapiro
    3. Michael E Catania
    4. Ronald J Cappuccio
    4 lawyer answers

    This is too complex an issue to be addressed online. You need a well-drafted LLC Operating Agreement prepared by an experienced business attorney that includes buy/sell provisions and takes into account all necessary issues pertaining to the formation of a closely-held business.

    1 lawyer agreed with this answer

    1 person marked this answer as helpful

  2. Where do I file LLC papers if I will be moving to another state?

    Answered about 5 years ago.

    1. Ellen A. Victor
    2. Richard Joseph Shapiro
    3. Steven Alan Fink
    3 lawyer answers

    While it is generally true that you would establish the LLC in the jurisdiction of its principal place of business, there are exceptions. If asset protection is a top priority, then sometimes we will recommend looking at a jurisdiction (e.g., Wyoming, Nevada, Delaware) that have the highest levels of statutory protection against creditor claims. While choosing another jurisdiction would require an additional filing in the state of operation, sometimes the trade-off is worth it to the client.

    1 person marked this answer as helpful

  3. How to gain gaurdianship of an elderly relative.

    Answered about 6 years ago.

    1. Richard Joseph Shapiro
    1 lawyer answer

    This sounds like a typical case where an Article 81 Guardianship may be appropriate. If in fact your grandmother is being taken advantage of, you or some other appropriate person can file a petition with the Orange County Supreme Court to be appointed Guardian over her property and personal affairs. The need for a Guardian must be established by clear and convincing evidence. If you wish to discuss this further, I can be contacted at 845-692-0011, or at rshapiro@mid-hudsonlaw.com

    1 person marked this answer as helpful

  4. My mother received a lawsuit settlement for my dad who passed away She wants to share it with me . Do I have to pay taxes?

    Answered about 2 years ago.

    1. Eric Edward Rothstein
    2. Maria C. Tebano
    3. Amanda Marie Cook
    4. James D. Kiley
    5. Sharon Melissa Siegel
    6. ···
    6 lawyer answers

    The current gift tax annual exclusion is $14,000 per recipient. But with a $5.25 million lifetime gift tax exemption, no gift tax would be owed except in the unlikely scenario that the total gift exceeds the $5.25 million amount. A 709 gift tax return would need to be filed for informational purposes. I agree that gifting would typically be recommended to retain your mother's eligibility for Aid & Attendance benefits. But gifting should be accomplished in a carefully designed way, both...

  5. I am single and own a home- what do i do to protect it. do i get some type of will or trust? i don't know

    Answered about 3 years ago.

    1. Steven J. Fromm
    2. Richard Joseph Shapiro
    3. Frank Louis Buquicchio
    4. Carol Eileen Ryder
    5. Thomas F. O'Connell
    6. ···
    7 lawyer answers

    If you are looking to protect the home from general creditors, the first line of defense (as was already suggested) is an umbrella insurance policy. Beyond that, you would need to consider use of either a limited liability company (LLC) or an irrevocable trust. It is uncommon to use an LLC to own a home, since you would then forfeit any property tax exemptions as well as the capital gains tax exemption which would presently exempt up to $250,000 of capital gains were you to sell the home. An...

  6. If i transfer ownership of a property to my LLC, can someone be entitled to my LLC and its assets if I get sued personally?

    Answered about 4 years ago.

    1. Richard Joseph Shapiro
    2. Eric M. Wiechert
    2 lawyer answers

    A lot depends on when the asset is transferred as well as the nature of the LLC, including the jurisdiction of its formation. As a basic rule, a multi-member LLC serves as the best protective entity, since at least 3 bankruptcy court decisions (although none in New York) have permitted a bankruptcy Trustee to seize assets held in a single-member LLC as part of the bankruptcy proceeding. Also note that to be as protective as possible, the LLC must be formed and funded prior to any claim or...

  7. Can a trust percentage distribution be changed after the death of the maker by an agreement of all adult beneficiaries?

    Answered over 4 years ago.

    1. Richard Joseph Shapiro
    2. Steven J. Fromm
    3. Justin Jay Watling
    3 lawyer answers

    Unless the trust were to specifically provide for such a modification -- or the Trust includes a Trust Protector who would have such a power -- you would likely need to petition the Surrogate's Court to reform the trust.

  8. What are my options regarding a nursing home bill I don't want to pay?

    Answered over 4 years ago.

    1. Richard Joseph Shapiro
    2. Susan Michals King
    3. Judith A. McDougall-Flynn
    3 lawyer answers

    If you do not pay, it is likely you, or the decedent's estate, or both, will be sued by the nursing home. It appears that you would be asserting some form of breach of contract issue -- i.e., the nursing home did not deliver the "promised" standard of care. While it would not be impossible to win such a case, it may be impractical to defend such an action, especially if the amount in question is not too high; legal fees would add up quickly. Of course, you can file a complaint with the...

  9. Can my neighbor request money or put lein on house?

    Answered almost 5 years ago.

    1. Richard Joseph Shapiro
    2. James S. Tupitza
    2 lawyer answers

    Assuming the money was a loan (as your question indicates), the neighbor could try to obtain a judgment against you for a default. Without a written promissory note, the who matter becomes rather murky -- e.g., what was the agreed upon repayment terms, including an amount of interest. Only if he were to obtain a judgment would he then have a lien against your home (assuming the judgment was docketed with the County Clerk).

  10. What happens if i have small social security and medicaid and i inherit sizeable money?

    Answered almost 5 years ago.

    1. Ellen A. Victor
    2. Richard Joseph Shapiro
    3. Jeremy T. Theerman
    4. Richard Scott Stewart
    4 lawyer answers

    Inheritances can have great impact on public benefits. As Ellen Victor said, your age will greatly determine how you would need to address this. It is critical that you consult with an Elder Law / Special Needs attorney to discuss your options.