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Walsh & Onofry

Walsh & Onofry is a legal practice focused on estate and tax planning, real estate, and business. A former associate of Robert A.

Opened in April, 2014, Walsh & Onofry continues a longstanding family tradition of serving clients within the Tri-State Area. Onofry (Cuddeback & Onofry) and partner of Bavoso, Plotsky & Onofry, Bill developed business and personal relationships while practicing law in his hometown. Honing in on the areas of estate planning, tax planning, real estate and business law, Bill works with clients and c

olleagues to prevent or address issues in their lives, and the lives of their loved ones or businesses. Bill brings a strong understanding of business, finance and management to the table. He knows how investments work, and the legalities of ownership and transition (by will, gifting, trust, etc.). He's also managed real estate, invested in non-traditional assets such as tax lien certificates, and created businesses of his own. In 2018, Ann Walsh came to the firm as a 2L intern and never had the chance to leave. Born and raised in Matamoras, PA, Ann graduated from Delaware Valley High School, Kutztown University, and then UMass at Dartmouth School of Law. Now barred in New York and awaiting admission to New Jersey, Ann's fit right in to the practice. Seen as the future of the firm, she's already working hard to build and maintain new and existing relationships with clients throughout the area. Together, Walsh & Onofry look forward to the opportunity to serve, or continue to serve its clientele for years to come.

04/30/2026

"Can you handle my Pennsylvania matter too?"

I get this question a lot. Sometimes the answer is yes — but for most PA-specific work, the better answer is to bring in someone licensed and practicing there every day.

That's why we work closely with Jacobs, Wilson & Onofry in Milford — a firm owned by my wife Jen Onofry and her partner Sarah Wilson. They handle Pennsylvania and New York matters, and when a Walsh & Onofry matter crosses into PA, we coordinate.

Two independent firms. One coordinated plan. Whichever side of the border you start on, you can reach us:

📍 Walsh & Onofry — Port Jervis, NY — waolaw.com
📍 Jacobs, Wilson & Onofry — Milford, PA — (570) 904-2098 — jwolawyers.com

04/28/2026

Three things I wish every buyer asked before signing a real estate contract:

1. What survives closing? Most seller promises expire the minute the deed is delivered. Your contract should keep the important ones alive afterward.

2. Who eats the costs if the deal falls apart? Appraisal, inspection, title work, legal fees — thousands of dollars. Read that paragraph before you sign it.

3. Is the closing date firm, or flexible? "On or about" and "time is of the essence" are very different things. Know which one you're signing.

The pre-printed forms answer all three — just not always in your favor. That's what the attorney review period is for.

04/25/2026

If your estate includes property in more than one state, your plan needs to account for all of them.

A client came in recently with a will drafted 15 years ago in New York. Clean document. Only problem — she had since bought a second home in Pennsylvania. Without additional planning, that PA property would have triggered ancillary probate in Pennsylvania on top of the main probate in New York. Two proceedings. Two sets of fees. Two timelines.

A few things worth knowing if you own property in multiple states:

• PA has an inheritance tax. NY does not. Transfers to children and grandchildren in PA are taxed at 4.5%. To siblings, 12%. To unrelated beneficiaries, 15%.
• NY has an estate tax cliff. If your estate exceeds the NY exemption by more than 5%, you lose the entire exemption — not just the excess.
• A revocable trust can eliminate ancillary probate by holding the out-of-state property directly.

If you own real estate in NY, PA, or both, your estate plan is a multi-state problem and should be drafted that way.

For PA-side matters, we work closely with Jacobs, Wilson & Onofry in Milford — a firm owned by my wife Jen Onofry and her partner Sarah Wilson. When a Walsh & Onofry matter crosses into Pennsylvania, that relationship lets our clients get both states handled cleanly without hunting for counsel on their own.

04/24/2026

A quick one from the estate planning desk:

Your will does not control your 401(k) or IRA.

I know — it feels like it should. But retirement accounts pass by the beneficiary form on file with the plan, not by what your will says. Whoever is named on that form inherits the account. Period.

The person I see hurt by this most often? The surviving spouse in a second marriage, when the ex from 20 years ago is still listed as beneficiary and nobody thought to update it.

Take 15 minutes this week. Log in. Check your beneficiaries. Make sure they match your actual wishes.

When's the last time you looked?

04/21/2026

𝐖𝐇𝐄𝐍 𝐃𝐎𝐄𝐒 𝐀 𝐌𝐀𝐑𝐑𝐈𝐄𝐃 𝐂𝐎𝐔𝐏𝐋𝐄 𝐍𝐄𝐄𝐃 𝐓𝐖𝐎 𝐒𝐄𝐏𝐀𝐑𝐀𝐓𝐄 𝐑𝐄𝐕𝐎𝐂𝐀𝐁𝐋𝐄 𝐓𝐑𝐔𝐒𝐓𝐒?

Many married couples assume a single joint revocable trust is the simpler, cheaper option — and sometimes it is. But there are important situations where two separate trusts (one for each spouse) make far more sense:

🔹 𝐁𝐥𝐞𝐧𝐝𝐞𝐝 𝐟𝐚𝐦𝐢𝐥𝐢𝐞𝐬 — When one or both spouses have children from a prior relationship, separate trusts let each spouse control where their share ultimately goes.

🔹 𝐒𝐞𝐩𝐚𝐫𝐚𝐭𝐞 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲 — Inherited assets, pre-marital property, or business interests one spouse wants to keep distinct are cleaner in a separate trust.

🔹 𝐋𝐚𝐫𝐠𝐞𝐫 𝐞𝐬𝐭𝐚𝐭𝐞𝐬 — For couples whose combined estate may approach federal or New York estate tax thresholds, separate trusts can preserve each spouse’s exemption and reduce tax exposure.

🔹 𝐀𝐬𝐬𝐞𝐭 𝐩𝐫𝐨𝐭𝐞𝐜𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐜𝐞𝐫𝐧𝐬 — If one spouse is in a higher-liability profession (medical, construction, business ownership), keeping assets titled separately may offer a layer of protection.

🔹 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐛𝐞𝐧𝐞𝐟𝐢𝐜𝐢𝐚𝐫𝐢𝐞𝐬 𝐨𝐫 𝐜𝐡𝐚𝐫𝐢𝐭𝐚𝐛𝐥𝐞 𝐠𝐨𝐚𝐥𝐬 — When spouses want different distribution plans, charities, or successor trustees, two trusts avoid conflict down the road.

🔹 𝐏𝐫𝐞𝐧𝐮𝐩𝐭𝐢𝐚𝐥 𝐨𝐫 𝐩𝐨𝐬𝐭𝐧𝐮𝐩𝐭𝐢𝐚𝐥 𝐚𝐠𝐫𝐞𝐞𝐦𝐞𝐧𝐭𝐬 — Separate trusts help carry out the terms of these agreements cleanly.

A joint trust works well for many couples with straightforward, shared estate goals — but separate trusts provide flexibility, control, and tax planning opportunities that are worth considering.

Not sure which structure fits your situation? That’s what we’re here for - cost effective counseling and planning.

Walsh & Onofry (NY & NJ)
845.858.2364
[email protected]

Jacobs, Wilson & Onofry
570.904.2098
[email protected]

04/20/2026

Most people think a 529 plan is just for college savings. That’s only part of the story.

A 529 plan can also play a role in your estate plan, tax strategy, and long-term family planning.

Here’s what you should know:

• Tax-free growth when used for education
Your money grows tax-deferred and comes out tax-free for qualified education expenses.

• Estate planning advantages

You can move significant assets out of your estate while still keeping control. You can also “superfund” a 529 by contributing up to 5 years of gifts at once.

• Flexibility if plans change

You can change the beneficiary to another child, grandchild, or even yourself. This keeps the money in your family if the original plan shifts.

• Roth IRA backup option

Unused funds can now be rolled into a Roth IRA for the beneficiary (up to $35,000, subject to rules).
This avoids penalties and helps build retirement savings.

• More than just college

Funds can be used for:

– K–12 private school tuition (up to $10,000/year)
– Apprenticeship programs
– Limited student loan repayment

• Favorable financial aid treatment

529 plans owned by a parent are treated more favorably than student-owned assets.

Now, here’s where state-specific planning matters:

• New York

Contributions may be deductible on your NY return (up to $5,000 single / $10,000 married). New York also has one of the lowest-cost direct plans in the country.

• New Jersey

No state income tax deduction for contributions, but NJ does offer:
– Matching grants for certain income levels (NJBEST program)
– Scholarships for using the NJ plan at in-state schools

• Pennsylvania

PA allows a state income tax deduction for contributions (up to $19,000 per beneficiary in 2026, higher for married couples filing jointly). PA is also flexible on which state’s 529 plan you can use and still get the deduction.

Bottom line: a 529 plan isn’t a general investment account. If you don’t use it for education (or plan around that), you’ll face taxes and penalties on the earnings.

But when structured the right way, it can be a strong tool for tax planning and multi-generational wealth planning.

If you already have a 529—or are thinking about one—it’s worth reviewing how it fits into your overall plan.

Feel free to reach out if you want to go over your options.

Walsh & Onofry (NY & NJ)
845.858.2364
[email protected]

Jacobs, Wilson & Onofry (PA)
570.904.2098
[email protected]

04/16/2026

🏦 Joint Owner vs. Beneficiary on Your Bank Account — What’s the Difference?

These two options might seem similar, but they have very different legal and practical consequences. Here’s what you need to know:

Adding a Joint Owner

✅ That person has full access to the account right now

✅ They can deposit, withdraw, or close the account without your permission

✅ The account passes to them automatically at your death — outside of your will

⚠️ Their creditors, divorce proceedings, or legal judgments could affect your money

⚠️ Gifts above the annual exclusion may trigger gift tax reporting

Naming a Beneficiary (POD — Payable on Death)

✅ They have zero access to the account while you’re alive

✅ At your death, they simply present a death certificate and collect the funds

✅ Passes outside of probate — quick and clean

✅ No risk to your account from their financial or legal problems

⚠️ They receive the funds outright — no conditions, no trustee oversight

Which Is Right for You?

Adding a joint owner is sometimes done for convenience — to let a trusted family member help manage bills. But it comes with real risks most people don’t consider. A POD beneficiary designation accomplishes the same inheritance goal without giving up control during your lifetime.

If you have a revocable living trust, naming your trust as the beneficiary can give you even greater flexibility and protection.

📋 Ready to make sure your accounts are set up the right way?

We offer straightforward estate planning guidance tailored to your family and your goals. Don’t leave it to chance — a simple conversation now can prevent major headaches for your loved ones later.

👉 Contact us today to schedule a consultation:

Walsh & Onofry (NY & NJ)
📞 845.858.2364
📧 [email protected]
🌐 waolaw.com

Jacobs, Wilson & Onofry (PA)
📞 570.904.2098
📧 [email protected]
🌐 jwolawyers.com

This post is for informational purposes only and does not constitute legal advice. Consult an attorney for guidance specific to your situation.

04/14/2026

How can you hold title to real estate? Many ways.
Tenants in Common, Joint Tenants, and Tenants by the Entirety are three of the typical ways real property is owned.

This chart highlights several critical factors, including eligibility requirements, ownership shares, the right of survivorship, and asset protection. To help you distinguish between these ownership types, here is a summary of the defining characteristics of each:

1. Tenants in Common (TIC)

This is the most flexible form of co-ownership, often used when business partners or unrelated individuals purchase property together.

• Who can own it? Anyone (related or unrelated) and any number of people.

• Ownership Shares: Shares do not have to be equal. For example, one owner might own 75% and another 25%.

• Right of Survivorship: No. When an owner dies, their interest in the property passes according to their will (or state intestacy laws) to their heirs, not automatically to the other owners.

• Asset Protection: Low. A creditor of just one owner can often force the sale of the entire property to collect a debt.

• How it is created: Requires a "Unity of Title" (all owners acquire interest through the same deed).

2. Joint Tenants with Right of Survivorship (JTWROS)

This type of ownership is common for family members and business partners because it creates an immediate transfer of the property upon death. All owners have equal, concurrent interests.

• Who can own it? Anyone (related or unrelated) and any number of people.

• Ownership Shares: Must be equal. If there are two owners, they each own 50%; if three owners, they each own 33.3%.

• Right of Survivorship: Yes. When one owner dies, their interest automatically and immediately transfers to the surviving joint tenants. The final survivor will eventually own 100% of the property.

• Asset Protection: Mixed. While a creditor cannot easily force a partition (sale) against the will of the non-debtor tenants, the judgment can attach to the debtor's interest in the property.

• How it is created: Requires the "Four Unities": Title, Time, Interest, and Possession.

3. Tenants by the Entirety (TBE)

This type of ownership is specifically reserved for married couples (or, in some states, domestic partners). It treats the married couple as a single legal entity, offering the highest level of asset protection.

• Who can own it? Spouses only (and must remain married to keep this status).

• Ownership Shares: Shares are undivided. Both spouses simultaneously own 100% of the property.

• Right of Survivorship: Yes. When one spouse dies, the other automatically becomes the sole owner (100% interest).

• Asset Protection: High. In most states, a creditor of only one spouse cannot place a lien on, or force the sale of, the TBE property. Both spouses must be liable for the debt for the creditor to access the asset.

• How it is created: Requires the "Five Unities": Title, Time, Interest, Possession, and Marriage.

04/11/2026

People are using revocable trusts more than ever before, but not everyone needs one. Here are the top 10 reasons to create a revocable trust.

1. Avoid Probate — Assets in a revocable trust pass directly to beneficiaries without going through the probate court process, saving time (often 1–2+ years), money, and public exposure.

2. Privacy — Unlike a will, which becomes a public record upon probate, a trust remains private. No one can look up who inherited what.

3. Incapacity Planning — If the grantor becomes incapacitated, the successor trustee can seamlessly manage assets without needing a court-appointed guardian or conservator.

4. Multi-State Property Ownership — Owning real estate in more than one state (e.g., NY and Florida) would normally require ancillary probate in each state. A trust holds all property under one instrument, avoiding that entirely.

5. Seamless Asset Management at Death — The successor trustee steps in immediately at death with no court involvement, allowing bills to be paid, accounts managed, and assets distributed quickly.

6. Control Over Distribution — The grantor can set conditions and timing for distributions (e.g., children receive funds at age 30, or in thirds at 25/30/35), which a simple will cannot do as effectively post-death.

7. Blended Family / Second Marriage Planning — A trust can be structured (e.g., with a QTIP or marital sub-trust) to provide for a surviving spouse while ensuring remaining assets ultimately pass to children from a prior relationship.

8. Beneficiaries with Special Needs — A trust can incorporate or pour over into a supplemental needs trust for a disabled beneficiary, preserving their eligibility for government benefits like Medicaid and SSI.

9. Minor Beneficiaries — Rather than having assets pass outright to minors (which requires court-supervised guardianship of the property), a trust holds and manages assets until the child reaches a specified age.

10. Reducing the Risk of Will Contests — Trusts are generally harder to contest than wills. Because a trust is a living, operating document (not just signed at one moment), it is more difficult for a disgruntled heir to argue the grantor lacked capacity or was under undue influence.

If you are still unsure whether a trust makes sense for you, please give us a call for your New York and New Jersey planning needs. For Pennsylvania, please contact Jacobs, Wilson & Onofry

Walsh & Onofry
845-858-2364
[email protected]

Jacobs, Wilson & Onofry
570-904-2098
[email protected]

04/10/2026

Just saw a post about buying a home in New York. Thought this could help put everything in perspective.

Purchasing can be fun and stressful. Do your homework. Find a good fit - from realtor, to lender, to attorney. Don’t waive inspections. Don’t let the desire to own a home take you out of your comfort zone either. Homes cost money in the beginning and throughout their ownership.

Good luck, and feel free to give us a call to help you buy or sell!

Walsh & Onofry
[email protected]
845-858-2364

Address

17 Orange Street
Port Jervis, NY
12771

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Telephone

+18458582364

Website

http://www.waolaw.com/

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