Estate planning and probate matters can be complex and challenging, and one of the key issues that individuals need to be aware of is fraudulent transfers. Fraudulent transfers can occur when individuals attempt to transfer assets out of an estate in order to avoid taxes, creditors, or other legal obligations. These transfers can have serious legal and financial consequences, which is why it's important for individuals in New York to take steps to protect themselves from fraudulent transfers. One of the most effective ways to avoid fraudulent transfers is to work with an experienced New York fraudulent transfers lawyer who is also experienced in estate planning and probate matters.
Avoiding Fraudulent TransfersOne of the most important steps in avoiding fraudulent transfers is to work with an experienced attorney to develop a comprehensive estate plan. A good estate plan should include a will, power of attorney, and advanced healthcare directive, along with any necessary trusts or other legal arrangements.
In addition to developing a comprehensive estate plan, it's also important to keep detailed records of all estate transactions. This includes documenting all transfers of assets, as well as maintaining accurate records of debts, taxes, and other legal obligations. This can help ensure that all transfers are made in accordance with the law, and can help protect against any potential challenges or disputes.
It's also important to stay up-to-date on changes to estate planning and probate laws in New York. The laws surrounding estate planning and probate can be complex and can change over time, so it's important to work with an experienced fraudulent transfers attorney in New York who is knowledgeable about the latest legal developments. This can help ensure that an individual's estate plan is still effective and in compliance with the law.
Consequences of Fraudulent TransfersIt's also important to be aware of the potential consequences of fraudulent transfers. In New York, fraudulent transfers can result in serious legal and financial consequences, including the potential for criminal charges and civil penalties. In some cases, a court may even void a fraudulent transfer, which can leave an individual's assets vulnerable to seizure by creditors or other legal challenges.
Notable New York Fraudulent Transfer CasesOne notable case involving fraudulent transfers by an individual in New York is Genuth v. Genuth, 2023 N.Y. Slip Op. 33962 (N.Y. Sup. Ct. 2023). In this complex legal action involving siblings disputing ownership of a Brooklyn property, the Genuth Sisters seek an extension of the Notice of Pendency under CPLR 6513. Simultaneously, they move for partial summary judgment on various causes of action. The defendants, Sol Genuth and Rivkah Blachman, counter-move for partial summary judgment and address the plaintiffs' claims. The crux of the dispute lies in the alleged fraudulent transfer of property ownership through a series of deeds starting in 2003. Triable issues, such as the validity of these transfers and the parties' equitable interests, prevent granting partial summary judgment. The court grants an extension of the notice of pendency to November 28, 2026.
In Shanghai Pearls & Gems, Inc. v. Paul, 2023 N.Y. Slip Op. 32784 (N.Y. Sup. Ct. 2023), Shanghai Pearls & Gems, Inc. (plaintiff) initiates an action for fraudulent conveyance, conversion, unjust enrichment, and tortious interference against defendants Aleks Paul and Essex Global Trading, Inc. The plaintiff alleges the fraudulent transfer of two precious stones to the defendants. The defendants move to dismiss the amended complaint, asserting documentary evidence, settlement agreements, and the statute of limitations as grounds. The court denies the motion to dismiss the fraudulent conveyance claims based on documentary evidence, finding that the settlement agreements do not release defendants from plaintiff's claims. The court also rules that the tort claims, including conversion, are not time-barred due to the tolling effect of the bankruptcy proceeding. However, the unjust enrichment claim is dismissed as duplicative of the conversion claim.
Contact Stephen Bilkis & AssociatesTo ensure that your assets are adequately protected and that you do not risk suffering the consequences of making a fraudulent transfer, it is important to contact a skilled fraudulent transfers attorney serving New York. Contact us at 800-696-9529 to schedule a free, no obligation consultation regarding your case. We represent clients in the following locations: Manhattan, Long Island, Nassau County, Queens, Brooklyn, Staten Island, Suffolk County, Bronx, and Westchester County.