Law Offices of Steven M. Adler, PLLC

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Adler Law
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Welcome Betty Chan

Steven M. Adler, Esq. 
Steven M. Adler, Esq.

390 N. Broadway, Suite 200
Jericho, New York 11753

 

Phone: (516) 876-1105
Fax: (516) 794-0463
  
Welcome to the November 1st Issue of the Adler Law Newsletter.
  
We hope everyone had a great Halloween!
  
In this issue of the Adler Law Newsletter, we discuss two very important subjects.  The first covers the importance of estate planning when it comes to children with Special Needs.  The second article addresses what to do when you have been named as a Trustee of a loved one's trust. 
  
If you have any questions or would like us to discuss a subject of interest to you in one of our future articles, please feel free to let us know and we would be happy to address your concerns in a future issue of Adler Law.
  

WE HAVE  MOVED!

 

Please make a note that we have moved our offices to 390 North Broadway in Jericho, New York.  We are in Suite 200 on the second floor.  Only our address has changed - our telephone number and e-mail addresses have stayed the same. 

 

Please feel free to stop by and visit us any time you are in the area.  Click here to see our new Office location on Google Maps.

 

Have you checked out our new web site?
  
Thanks and if you haven't done so already, please "Like" my firm's Facebook Page.
  
Sincerely,
Steven M. Adler
 
 
Staff Spotlight
  
With over 20 years of experience in varying client service environments, ranging from financial auditor in public accounting to serving as operations manager for a non-profit organization, Betty will ensure that our client's legal concerns are addressed and that all of their objectives are met.
  

Please welcome Betty to the firm.

She can be reached at [email protected].

  
  
  
  
  
  

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How To Care for Children With Special Needs Through Estate Planning. 

                                                  
For many people, the basics of estate planning are simple enough, but for those families with loved ones who are disabled or have special needs, the estate planning process is more involved - and definitely more critical.


The latest statistics show that five percent of minor children have some sort of disability, and the burden of caring for these children make estate planning essential.  In addition to specialized health care, these children usually need special schooling and intensive therapy, all of which comes at a cost. 
 

Here are some tips for parents facing the need to plan not only for their own financial future, but for that of a special needs child:
 

1. Deal with expectations.  Parents need to think about the kind of life they envision for their child.  Will the child have a shorter life span?  Will he or she be able to work or live independently?  The answers to these questions will form the foundation of your plan.

 

2. Determine eligibility for public benefits.  In order to meet eligibility requirements for Medicaid and Social Security Supplemental Income programs, a person with special needs or other disabilities cannot have more than $2,000 in assets.  This makes it imperative that a child who could benefit from these services not have any assets titled in his or her own name - meaning they should not be listed as beneficiaries on life insurance policies, retirement accounts or plans, in trusts, wills or pensions. 

 

3. Consider a special needs trust.  Assets placed in a third-party special needs trust are not counted as assets toward public benefit program eligibility, but these trusts are governed by strict rules so the counsel of a Personal Family Lawyer in establishing this trust is necessary.  Parents who are unable to fund a special needs trust with cash while they are still alive can do so through life insurance proceeds after they die.

 

If you would like to have a talk about protecting your family through estate planning, call our office today to schedule a time for us to sit down and talk. We normally charge $500 for a Family Wealth Planning Session, but because this planning is so important, I've made space for the next two people who mention this article to have a complete planning session at no charge. Call today and mention this article. 

  

So You've Been Named the Trustee of a Trust...

                              Now What?
                   

Trust Agreement

Many of you who have been asked by a family member of close friend to serve as the trustee of a trust are honored that the trust owner feels confident in relying on their good judgment to undertake this important responsibility.  And it's very likely you have no idea what you have just said yes to take on.

 

Being a trustee means that you are responsible for all oversight and direction of the assets of the Trust.  As a Trustee, you have what is known as a fiduciary duty to the beneficiaries of that trust.  There are laws you must abide by in administering the trust, in addition to the terms of the trust that set out your duties as trustee.

A trustee's duties include, but are not limited to:

*      Administering the trust according to its terms

*      Communicating with beneficiaries about the trust

*      Investing and managing trust assets in a prudent manner

*      Accounting for and paying any taxes or fees

*      Distributing assets to beneficiaries as outlined in the trust

*      Making an accounting of trust assets, liabilities, receipts and disbursements to beneficiaries.

As a Trustee, you may find yourself involved with the probate process at some point and have to go into Court to marshal assets. If some of the assets of the estate were not properly transferred into the trust, this process can be overwhelming, especially if you do not have prior experience in this area.

Thankfully, with a good lawyer on board, you do not have to navigate this process alone. Engaging experienced legal help is always the best option for trustees, with the trust being responsible for any fees incurred for legal services.

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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
390 N. Broadway, Suite 200
Jericho, New York 11753
Phone: (516) 876-1105
Fax: (516) 794-0463
Web Site: www.sawlaw.com

Click here to read recommendations and reviews of my service on Stik.com

 

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