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Adler Law E-Letter
May 2010 |
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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
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Greetings!
Welcome to May's edition of the Adler Law E-Letter. This month, we've written an article which discusses some common consequences of Improper Titling of Your Assets, like your residence.
We also have included another addition of Strange But True and we have included an article which previously appeared in March's E-Letter concerning the Rights of Nursing Home Residents.
If you have a question or concern with respect to any particular legal subject, please contact me or Dolores Jannuzzi, Esq. and we would be happy to discuss your topic in a future issue of Adler Law. In addition, if you know of someone who may be interested to read this newsletter, please forward it to them by clicking the "Forward Email" link at the bottom of this page. Thank you. Sincerely, Steven M. Adler |
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 The Pitfalls of Improper Titling of Your Assets
A regular review of the titling of your assets is of utmost importance. Even if the terms of your estate plan meet your current goals, your estate plan could be defeated if your assets are not titled in accordance with your particular estate plan.
Here are several examples of why this is so important:
1. Your estate plan calls for the division and distribution of your assets to your children in equal shares. However, you have set up your bank accounts with one child, you named another child as the beneficiary of an insurance policy and you named another child as the beneficiary of your IRA. The Result: Your plan may be defeated. Rather than your assets being distributed in equal shares to your children, the child named on your bank accounts will inherit those accounts, the child named as beneficiary of the insurance policy will receive the insurance proceeds, and the child named as beneficiary of your IRA will inherit that asset.
2. Your estate plan calls for the creation of a Unified Credit Trust upon your death for the benefit of your surviving spouse in order to take full advantage of the federal estate tax credit. However, you own all of your assets jointly with your spouse. The Result: Your plan is defeated. At your death, no assets will pass through your estate. This results in the loss of your entire federal estate tax exemption. Your children could face needless estate taxes at the death of your spouse and your spouse will not receive crucial creditor protection that the Unified Credit Trust also provides.
3. Your estate plan created a revocable living trust to manage your assets during your lifetime and to distribute your assets upon your death to its named beneficiaries free of the delays and expenses associated with a probate or administration. However, after the trust was executed, you failed to transfer all of your assets into the trust. The Result: Your plan is defeated. The assets not re-titled in the name of your revocable trust during your lifetime will either pass pursuant to your will through the probate process, or if you have no will, to your heirs at law in accordance with the intestate laws of succession of your state.
4. Your estate plan creates a trust for a special needs child. However, the insurance policy that was to be used to fund the trust still names the child as beneficiary. The Result: Your plan is defeated. Since the insurance proceeds would pass directly to the child, the special needs trust for that child will not be properly funded and the protections that you sought for that child will be lost.
These are just some common examples of a good estate plan being thwarted by the inappropriate titling of your assets. Not only does estate plan have to be carefully designed and executed, but consideration must be given to the proper ownership of the assets at the basis of your estate plan to insure the plan will fulfill its stated goals.
Please don't wait until it is too late to double check how your assets are titled. Call or e-mail the Law Offices of Steven M. Adler, PLLC today for more information or to schedule your free consultation. |
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 Strange but True!
A North Carolina research organization in March, picking the state's 10 worst destinations for federal stimulus grants, included two ongoing projects at Wake Forest University: long-term cocaine-addiction in monkeys, and the potential benefits of yoga on menopausal hot flashes. [News & Observer (Raleigh), 3-8-10]
Teacher Randolphe Forde was fired in January by the Clayton County, Ga., school board for an October incident in which he allegedly "put a hit" on an 11th-grade student (offering $50). [ Atlanta Journal-Constitution, 1-12-10]
Police in Berwick, Maine, made an easy collar in April, solving four residential burglaries. As it turns out, their two suspects (ages 33 and 32) committed the crimes while wearing their GPS monitoring bracelets following an earlier arrest in New Hampshire, and their movements perfectly coincided with the burglars' route. [ Foster's Daily Democrat (Dover, N.H.), 4-13-10]
John White, now running for sheriff in Roundup, Mont., will be unable to carry a gun if he wins because of a long-ago bank robbery conviction. [ Billings Gazette, 3-19-10]
Convicted felons might be running against each other if they win their primaries in May for county judge-executive in Hindman, Ky. Democrat Donnie Newsome and Republican Randy Thompson were both convicted of election fraud (though Thompson's case is still on appeal). [ Lexington Herald Leader, 1-29-10]
Cynthia Diaz was re-elected town clerk in Coventry, Vt., in March, though still facing 10 felony personal tax-filing counts. (The town clerk is the town's treasurer, delinquent-tax collector and trustee of public money.) [ Newport (Vt.) Daily Express, 3-3-10]
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 Nursing Home Neglect
Many of us trust nursing homes and hospitals to care for the people we love. Many times that trust is well placed, other times it is not. Abuse and neglect in nursing homes and even hospitals has become a serious problem. Nursing home abuse and/or neglect can involve not only the physical well-being of the resident, but also the mental, and/or psychological well-being of the resident. However, there is hope. The Nursing Home Bill of Rights was created to help protect families just like yours.
Today, nursing homes and hospitals can be held liable for their neglect and/or abuse of those individuals under their care and supervision. If you know of someone who may have been mistreated in a nursing home or in a hospital, give us a call to discuss the matter in greater detail. We can help! |
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Legal Services
We Provide:
Estate Planning
Elder Law
Estate Administration
Real Estate Law
Corporate Law
Guardianship
Litigation
Moving Violations
Personal Injury
Family Law
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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
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Mention this E-Letter to Receive a Free Consultation
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