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Garden City, NY Estate Planning & Complex Litigation Blog

Monday, October 1, 2018

Can a Living Trust Replace a Will?

Wills and trusts can be extremely complicated, especially when they relate to one another or feed off of each other. You can certainly have both tools as part of your estate  plan. Depending on your unique financial circumstances and personal preferences, it may make sense only to have a will. Moreover, there are some things that a will cannot do that a trust can, and vice versa. Are there ever situations where a trust can completely replace a will? Probably not.

Why Would I Want a Trust Instead of a Will?

The main reason that people prefer trusts instead of wills is that trusts  do not have to be probated, which can be an expensive and time-consuming process. It can also be difficult for your loved ones in some situations. A probated will is also a matter of public record, which may not be desirable for some people. For these and  and other reasons, some individuals choose to use an estate planning tool that will avoid the probate process -- a living trust.

In some situations, using a trust can also reduce or eliminate estate taxes, and a trust is especially  helpful if you own real property in several states. Placing all of that property into the trust allows your loved ones to avoid opening probate in each of those states.


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Thursday, September 20, 2018

Who Benefits from an IRA Inheritance Trust?

Trying to unravel all the ins and outs of the estate planning process can make your head spin. Most people associate wills with estate planning, but there are so many more legal tools that can be put in place to help plan for the future health and financial well being of you and your family. An IRA inheritance trust is one such valuable legal tool that may be beneficial to you and your loved ones. Find out of an IRA inheritance trust should become part of your estate plan.

The majority of the time, the money held in an IRA account will be distributed to the person you list on the beneficiary designation form. This is one of the forms you will fill out when you open or amend an IRA account. Not many people are actually aware that you do not necessarily have to name an individual as the account beneficiary. You may list a trust as the beneficiary. This trust is what is referred to as an IRA inheritance trust.

When considering whether or not to utilize an IRA inheritance trust, you really need to think about who would benefit from establishing such a trust. This means considering who would be the designated beneficiary of the IRA proceeds. An IRA inheritance trust can be very beneficial if you are considering designating an IRA beneficiary who may:


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Friday, September 14, 2018

Proving Your Slip and Fall Claim

Slip and fall accidents happen every day. In most situations, they cause minor bumps and bruises. In serious cases, they can cause bone fractures, head injuries, and other severe injuries.

It is a good idea to get medical care after a slip and fall, even if you think your injuries are relatively minor. It can be hard to detect when you may have a head injury or other serious health concern.

In some slip and fall cases, you might be able to recover damages for your injuries. Those damages could address things like medical expenses and lost wages. However, you must meet very specific legal specifications to prove your case. One of those requirements is that someone else caused your fall. Simply tripping over your own feet generally won’t create legal ability.

To get an idea of what might trigger a legal case, consider these common causes of slip and fall accidents.


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Monday, September 3, 2018

An Overview of the Residential Real Estate Sales Process

Residential real estate sales can be overwhelming and confusing. Thankfully, the  process is similar for every transaction. This means t you can prepare long before you find the right home, here’s how.

The Listing Agreement

If you are selling your home, you will start with creating a listing agreement. This agreement sets the asking s price,   the commission your real estate agent will be paid, and also specifies the length of time the property will be listed, that is, remain on the market.

In a listing agreement, , you may also be required to disclose certain physical information about the property, such as the age or condition of the roof and any significant problems you have experienced. You are also required by  federal law to disclose any known lead-based paint used in the home.

All of this information is vital to buyers who are considering purchasing the home. Whether you are a buyer or a seller, you will start the process with a listing agreement, if you are using a real estate agent. You may also list your home for sale yourself. There is no requirement to use a realtor and no need to have a listing agreement. Instead, you simply start advertising  the home for sale independently. .


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Friday, August 31, 2018

Serious and Catastrophic Injuries: Is Your Attorney Up to the Job?

It’s not at all unusual for personal injury attorneys to handle cases involving a wide spectrum of injuries resulting from dog bites, car accidents, poorly maintained sidewalks or defective products. Generally, these injuries are relatively minor-cuts, bruises, broken bones and whiplash. Fewer attorneys, however, have extensive experience with catastrophic injury cases such as those involving dismemberment, brain injury and severe burns. It’s difficult, for instance, to convince insurers that the loss of a limb is worth the full limits of an insurance policy. It also requires a special ability to convince a jury that a brain injury has caused subtle but important changes in personality, memory and the ability to perform specific tasks related to an occupation. 


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Friday, August 17, 2018

Don't Disinherit with a Dollar

There are a lot of myths and misconceptions surrounding estate planning. Many people think that a last will and testament is the only estate planning document you really need. This of course is false. Others assume that you only need to have an estate plan in place if you’re a millionaire. This too is false. Another popular myth in the world of estate planning is that the best way to disinherit a relative (particularly a child) is to leave him or her a single dollar in your will. You probably guessed it- this too is entirely false.


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Friday, August 3, 2018

Dangerous Medications & Class Action Suits

The Food and Drug Administration (FDA) reviews, and approves, many drugs and medical devices to ensure that they are safe for consumers before they can be sold. Still, a lot remains unknown when a drug or device first enters the market. Unfortunately, some drugs and devices end up causing injury to the people that they are prescribed to treat. When many people are harmed by the same prescription drug or medical device, a class action lawsuit is typically filed in order to efficiently compensate all of the injured plaintiffs.


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Thursday, July 26, 2018

Is a copy of a will sufficient?

Many people keep their important documents at home where they are easily accessible. It’s not at all uncommon to find people with a filing cabinet or even a shoe box containing passports, account statements, deeds, tax returns, birth certificates and social security cards. Wills are often added to these files once the estate planning process is completed. In choosing to store your important estate planning documents at home, however, you risk having the originals lost or destroyed in the case of fire, flooding or theft. So what happens if the original version of your will is lost or ruined?

Generally when a person dies, state law determines what must happen in the state probate proceeding. In most cases, the "original" of the will must be submitted to the probate court in the county where the person resided. If the original of the will cannot be located and provided to the court, there likely is a provision in your state's probate code that would permit the submission of a photocopy of that signed will.


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Monday, July 16, 2018

10 Things to Bring to Your First Meeting With Your Attorney

Hiring an attorney is not something most people do every day, so being a little bit unsure of how things are going to go is perfectly normal. To help ease some of the stress and make the process go more smoothly, take time to compile and bring the following list of items with you to your first meeting.


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Tuesday, July 3, 2018

What to Do after a Loved One Passes Away

The loss of a loved one is a difficult time, often made more stressful when one has to handle the affairs of the deceased. This may be a great undertaking or rather minimal work, depending upon the level of estate planning done prior to death.

Tasks that have to be performed after the passing of a loved one will vary based on whether the departed individual had a will or not. In determining whether probate (a court-managed process where the assets of the deceased are managed and distributed) is needed, the assets owned by the individual, and whether these assets were titled, must be considered. It’s important to understand that assets titled jointly with another person are not probate assets and will normally pass to the surviving joint owner. Also, assets such as life insurance and retirement assets that name a beneficiary will pass to the named beneficiaries outside of the court probate process. If the deceased relative had formed a trust and during his life retitled his assets into that trust, those trust assets will also not pass through the probate process.


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Lawrence M. Gordon, Attorney at Law, P.C. has offices in Garden City, NY and assists clients throughout Long Island, including: the north shore of Long Island, The Town Of Oyster Bay, The Town Of North Hempstead, The Town Of Hempstead, The Town Of Huntington, Nassau & Suffolk Counties & throughout the Five Boroughs of The City Of New York.



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