|
|
|
|
|
|
Law Offices of Steven M. Adler, PLLC
666 Old Country Road, Suite 605
Garden City, New York 11530
Phone: (516) 876-1105
Fax: (516) 794-0463
(Offices also located in New Rochelle) |
|
Greetings!
 This E-letter is my law firm's first newsletter to be distributed via e-mail. Each month the Law Offices of Steven M. Adler, PLLC will distribute an E-letter which will discuss recent developments in the law and/or articles which we believe will be of interest to our friends and clients. In this month's issue, I am pleased to welcome Dolores A. Jannuzzi, Esq. to the firm and I have included an article titled "Do You Need A Will?"
If you have an interest or a concern with respect to any particular legal subject, please contact me at the firm and I would be happy to discuss your topic in a future issue of Adler Law.
Thank you and best wishes for a Happy and a Healthy New Year.
Sincerely,
Steven M. Adler
Law Offices of Steven M. Adler, PLLC |
|
Welcome Dolores
Dolores A. Jannuzzi, Esq.
The Law Offices of Steven M. Adler, PLLC is pleased to welcome Dolores A. Jannuzzi, Esq. to the firm. Dolores has over twenty years experience in sophisticated estate planning, including but not limited to, wills, trusts, probate, estate administration, elder law, guardianships and prenuptual agreements. Dolores earned her B.A. from the University of Miami, Coral Gables, Fla. 1983 and her J.D. from Nova Southeastern University Law Center, Fort Lauderdale, Fla., 1986, Cum Laude.
|
Do You Need A Will?
Most Americans need a will but over half die without one. Why? Dealing with death is not a pleasant topic and not one most people want to address. However, if you do not have a will, it is important that you understand the implications. If you already have a will and have had a change in circumstances, it may be time to consider updating your will.
If you die without a will, state law will determine what happens to your property. This process is called "intestate succession." Your property will be distributed to your spouse and children or, if you have neither, to other relatives according to a statutory formula. If you have no apparent heirs and die without a will, it's possible the state will claim your estate. Without a will, a court will determine who will care for your minor children and their property. Do not assume that your spouse will automatically receive your assets upon your death. Without a will, that is most likely NOT the case. Many people with children believe that the surviving spouse would take all of the deceased spouse's property, especially if the children are young. That is also NOT the case. In this situation, the law of most states awards one-third to one-half of the decedent's property to the surviving spouse, and the remainder to the children, regardless of age. Moreover, your real property may be inherited by minors or numerous co-owners, and either result will be costly. Taking the time to prepare your will now can save your heirs significant expense and trouble later.
Having a will is especially important if you have young children because it gives you the opportunity to designate a guardian for them in the event of your death. If you die without a will, have minor children, and your husband or wife did not survive you, a court will appoint a guardian. A will allows you to exercise your right to appoint the guardians who will take care of your children upon the deaths of you and your spouse. A will also allows you to designate when your children should receive their inheritance. Many parents like the concept of creating a testamentary trust for their children so that they don't receive a large lump sum distribution at age 18. Rather, they designate that their trustee distributes a portion of the trust to their children as they reach certain ages, such as 25, 30 and 35.
A will also lets you name your executor, the person who will oversee the settling of your affairs after you die. Without a will, the court will step in and choose the person responsible for wrapping up your affairs. This person is called an administrator and might not be the person you would have wanted. Sometimes, family conflict develops over who should be appointed as administrator by the judge. In that case, a neutral lawyer may be appointed, and must be paid with estate funds. In addition, the administrator may have to pay certain fees or post a bond at the expense of your estate, before he or she can begin to distribute your assets.
In general, your will affects only those assets that are titled in your name at your death. The assets that are not affected by your will include life insurance, retirement plans, assets owned as a joint tenant with a right of survivorship, "pay on death" accounts, and assets held in a living trust. If any of your assets do have a named beneficiary, be sure to check them periodically to make sure the individual you want to receive those assets is designated.
Finally, keep in mind that a will is just a part of the overall estate planning process. It is often recommended that you also have a durable power of attorney, a health care proxy, and a living will. The best estate plan for you will depend on your individual circumstances and may also include trusts or even a family limited partnership. Since many different factors will affect what is the best estate plan for your particular situation, you should contact us today for your free estate planning consultation.
| |
|
|
The Law Offices of Steven M. Adler, PLLC are committed to providing their clients with the highest level of professional legal services at reasonable prices. Steven M. Adler, Esq., along with the rest of his law firm's highly competent support staff, gives all of his clients the personal attention and the legal expertise which they are entitled to receive. The Law Offices of Steven M. Adler, PLLC takes pride in the quality, effectiveness and efficiency of their legal services.
Law Offices of Steven M. Adler, PLLC
666 Old Country Road, Suite 605
Garden City, New York 11530
Phone: (516) 876-1105
Fax: (516) 794-0463
| |
 |
 |
 |
Legal Services
We Provide:
Estate Planning
Elder Law
Corporate Law
Litigation
Moving Violations
Estate Administration
Guardianship
Real Estate
Personal Injury
Family Law | | |
|
|
Mention this E-Letter to Receive a Free Consultation |
|
| |
|
The information contained in this e-mail is sent by an attorney or his/her agent, and is intended only for the use of the individuals or entities to which it is addressed and may contain information that is privileged and confidential, the disclosure of which is prohibited by law. If the reader of this e-mail is not the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by e-mail.
U.S. Treasury Circular 230 Notice: To the extent that there is any tax advice contained in this communication (including any attachments), it was not intended or written to be used, and cannot be used, for the purpose of (a) avoiding penalties that may be imposed under the Internal Revenue Code or by any other applicable tax authority or (b) promoting, marketing or recommending to another party any tax-related matter addressed herein. We provide this disclosure on all outbound e-mails from our practice group to assure compliance with new standards of professional practice regarding conformity of our tax advice to certain requirements as to form and substance.
 |
|
|
|
|
|
|
|
