Law Office of Frank Bruno, Jr.

Author: dev-team

  • Do I Need an Attorney to Get a Divorce?

    Do I Need an Attorney to Get a Divorce?

    For many, divorce is one of the most stressful and unpleasant times in their lives. For others, it’s simply a confusing and inconvenient hurdle to get through. Whichever situation applies to you, you probably want to get things moving along as quickly and as smoothly as possible after making the decision to end your marriage. Even though it might seem like a wise course of action to file for divorce without a lawyer in order to save money, it won’t be as quick or simple as you might think.

    While New York law does not require that you have legal representation when filing for a divorce, you’ll discover that there are numerous situations in which you will find yourself in need of a family law attorney’s assistance. You’ll find that it takes a full-time job’s worth of effort and excellent organizational skills to negotiate the numerous documents, deadlines, and processes that make a divorce final and legal.

    Helping You Get What’s Best for You and Your Family

    You probably never imagined that you’d find yourself thinking about a divorce or in a legal fight against someone you thought was the love of your life. The compassionate attorneys at the Law Offices of Frank Bruno, Jr. understand this emotional rollercoaster that you’re likely going through.

    We understand that you want to get through the divorce quickly and painlessly. But to do this, you’ll need to have the help of a tenacious and knowledgeable NY divorce attorney from the Law Offices of Frank Bruno, Jr. by your side.

    What’s so Complicated About the Process of Divorce?

    Getting a divorce is generally a straightforward process when all of the necessary steps and documents are completed to a T. Even if your spouse doesn’t cooperate throughout the divorce, there are still ways to dissolve the marriage, but the “devil is in the details.”

    Complications often arise when it comes to dividing marital assets, calculating alimony, and determining child support and custody arrangements. This is where having a smart and experienced NY family law attorney is invaluable.

    The following issues must typically be settled in a divorce:

    Naturally, child custody and child support won’t be a problem if there are no children involved or if both parties are older than 21.

    What Actually Transpires in Court

    Contrary to what you may have observed in the media, very few divorce cases actually end up in court. There will be no opportunity for you to give a testimony or “explain your side of the story” to a judge.

    What does take place is a meeting between the judge and your attorney, usually in the judge’s chambers. Your attorney will fight for you and provide the judge with a summary of the crucial points in your divorce. The lawyer for your soon-to-be ex-spouse will also be permitted to address the judge. The Judge can issue a few temporary Orders or share with the counsel his or her overall assessment of the situation, which will direct the lawyers toward a favorable resolution of the case.

    Contact us Today

    As you can see, the divorce procedure in New York is quite difficult. Even though some divorces are very straightforward, divorces involving children, complex property distribution difficulties, or other disagreements typically benefit from legal counsel.

    If you need help with your divorce, consider contacting an experienced divorce attorney at the Law Offices of Frank Bruno, Jr. We provide legal services to clients across New York City

     

    Frequently Asked Questions About Getting a Divorce in New York

    Can I get an annulment instead of a divorce?

    Sometimes. An annulment is similar to a divorce in that it can end a marriage. However, a divorce ends a valid marriage while an annulment declares the marriage void as if it never existed.

    Depending on the facts of your marriage, a divorce will be possible while an annulment will only be feasible if certain conditions are met. These conditions include:

    – Being less than the age of 18 when marrying and having no sexual relationship with your spouse after turning 18.
    – Having entered into the marriage by fraud or trickery.
    – You or your spouse were already married to someone else at the time of your marriage.
    – There is too close a familial relationship between you and your spouse.
    – Impotence.
    – A mental condition prevented you or your spouse from making an informed decision to marry.

    In New York, an annulment requires a judge-led trial and hearing. An annulment requires the filing spouse to establish at least one of the grounds in court, unlike a divorce, which a judge can award after receiving written or sworn testimony without a trial.

    What happens if my spouse doesn’t want a divorce?

    Some might refuse to agree to divorce when their spouse asks for one. If you find yourself in this situation, divorce is still possible. There are several approaches to take, but one of them is to get a default divorce. This is useful when the spouse that does not want a divorce completely ignores everything you’re doing to try and dissolve the marriage.

    One thing to keep in mind is that while your spouse has no choice in whether a divorce takes place or not, they can still contest the terms of the divorce. This includes child support, custody, alimony, and equitable distribution.

    The Experienced Divorce Attorneys at the Law Offices of Frank Bruno, Jr. Can Help You with Your Divorce

    No one enjoys the divorce process. To help you get through it as quickly as possible and still obtain the terms you and your family deserve, please contact us today.

  • What Expenses Can Be Paid from a Special Needs Trust?

    What Expenses Can Be Paid from a Special Needs Trust?

    Special needs trusts are an important part of estate planning. They are sometimes called supplemental needs trusts. They provide families with a safe, secure, and protected way to ensure the long-term care and financial well-being of their children or other loved ones with special needs. Unfortunately, issues can arise and conflicts can emerge where Special Needs Trusts overlap with certain types of government benefits or assistance. This also applies to understanding the kinds of expenses that can be paid from a Special Needs Trust. As such, you should seek expert legal counsel for setting up a Special Needs Trust and understanding how to manage your trust. Speak with the expert Special Needs Trust attorney at the Law Offices of Frank Bruno, Jr. today to learn more.

    Understanding Special Needs Trusts

    Many families and children rely on Medicaid, SSI, and Social Security Disability payments, but these benefits must be protected since they are often means-tested. If a child or beneficiary has more than a certain amount of money or assets in their name, they can lose their benefits.

    As such, Special Needs Trusts (SNTs) are designed to provide supplemental benefits to people with disabilities while allowing them to maintain their eligibility for these types of government benefits. SNTs are used to cover expenses that government benefits do not cover. Having both an SNT and access to government benefits helps the individual in question protect their financial well-being as comprehensively as possible.

    Furthermore, disabled children and other beneficiaries of an SNT may not have the capacity to take care of their assets. This is where a Special Needs Trust can help protect those assets while maintaining the beneficiary’s eligibility for government benefits. Doing so requires an understanding of the law and how payments can affect the trust. Call the Law Offices of Frank Bruno, Jr. to learn more about what we can do to protect the financial well-being of your family and your disabled loved one.

    Some people think that they can leave everything to a relative and allow them to manage the share of a disabled child, while others may wish to set up an SNT even if one is not needed. In the first case, funds should be irrevocably set aside for a child with a disability because the financial situation of an assigned relative can change and however well-meaning they are, they may be tempted to use the child’s funds for themselves. For the second case, an SNT is not always needed, such as if someone wins a large court settlement for an accidental disability. SNTs are for those who need to but cannot work and/or hold a job and depend on government benefits.

    Expenses That Can Be Paid from a Special Needs Trust

    Here is a non-exhaustive list of expenses that you can use your SNT to cover:

    • Healthcare-related medications, medical equipment, case management, and services such as counseling that are not already covered by Medicare or Medicaid;
    • Insurance premiums, including health, dental, and life insurance, as well as auto insurance;
    • Furniture and/or home renovation and accessibility upgrades;
    • Internet access and phone service expenses;
    • School tuition, camp fees, and job coaching expenses;
    • Clothing and home appliances.

    This list illustrates the types of expenses that an SNT can pay for. Anything not deemed a basic necessity but can improve the quality of life of the beneficiary can be paid for by an SNT.

    It is important to remember that basic needs (including food and shelter) can be paid for using an SNT but that may lead to a decrease in the recipient’s government benefits. As such, please speak with the Law Offices of Frank Bruno, Jr. for a thorough assessment of which expenses and outlays to cover from your SNT and which to cover from additional government benefits.

    Expenses That Cannot Be Paid from a Special Needs Trust

    Beneficiaries – or their trust administrators – can only use funds from their trust to cover specific supplemental needs. These funds cannot be used for basic needs, because the funds would then be considered income and this would affect the beneficiary’s SSI eligibility.

    Funds from a Special Needs Trust cannot be used for basic necessities such as:

    • Groceries
    • Utilities
    • Rent and mortgage payments or property taxes
    • Homeowners’ or renters’ insurance
    • Cash, such as an allowance, given directly to the beneficiary

    In addition to the list provided above, non-essential expenses that are supplemental and can be paid for with funds from an SNT include wheelchairs costs, mechanical bed costs, accessible van expenses, special therapies, and recreational and/or life-enhancing cultural experiences. It can be difficult to determine – and prove – how and why a certain expense is or is not supplemental and how it would enrich your child or the beneficiary’s life. However, the seasoned estate planning lawyer at the Law Offices of Frank Bruno, Jr. can help you determine what constitutes supplemental needs vs. necessities so that you can create a thorough and comprehensive financial security plan for your loved one.

    Trustee Discretion with SNT vs. Government Assistance

    As for all trusts, a trustee, administrator, or executor can be assigned to manage funds and/or a trust on the behalf of a beneficiary. Ideally, the trustee should be someone who is responsible for – and is committed to – the beneficiary. This can be a relative or even a professional trustee in case there are no family members available.

    The SNT trustee or administrator must use their discretion when making expense decisions on behalf of an SNT recipient. They must also regularly consult with an experienced attorney such as the special needs planning and SNT lawyer with the Law Offices of Frank Bruno, Jr. to make sure that the SNT trust is properly administered and that the beneficiary not only has their needs met but that they retain their access to and eligibility for government benefits.

    Contact the Law Offices of Frank Bruno, Jr. Today for a Thorough Case Evaluation

    It can be difficult to properly establish a Special Needs Trust, and any mistakes along the way can seriously harm your disabled loved one or the beneficiary. Many important considerations must be kept in mind with regard to public benefits eligibility, tax status, and the impact of an SNT on your overall financial and estate planning. The special needs planning lawyers with the Law Offices of Frank Bruno, Jr. are just a call away. Our team can meet with you to thoroughly understand your needs, create a sound financial plan and trust for your family, and walk you through everything you need to know about the process. Do not hesitate to call us today.

  • What’s the Difference Between Administrator & Executor of Estate?

    What’s the Difference Between Administrator & Executor of Estate?

    Administrators and executors of the estate, assets, or trust of a decedent (that is, a person who has passed away) perform the same duties with respect to the will, trust, or estate that they are charged with caring for. The key difference between the two comes down to how the administrator or executor is appointed. There are benefits to using an executor instead of an administrator, but many situations may require the appointment of an administrator. To better understand the rules, laws, and situations that apply to executors and administrators, speak with an experienced estate planning attorney at the Law Offices of Frank Bruno, Jr.

    Key Differences Between Administrators and Executors

    Whenever someone passes away, their property, assets, and will must pass through probate. This is the legal process of formally transferring the ownership and/or control of a decedent’s estate to the legal heirs and/or as per the decedent’s wishes as outlined in their will.

    An executor is someone nominated in the will of a decedent to manage the decedent’s estate. In the absence of a named executor – or if there is no will – then an administrator is appointed by a court. Once appointed, the roles of the two are very similar, and an estate planning lawyer can help you appoint an executor of your estate so that your heirs and loved ones do not need to rely on the court for appointing an administrator and handling your estate.

    For executors, since they are appointed in the will of the deceased person, they distribute the deceased’s estate as per the instructions outlined in their will. An administrator, in contrast, is only appointed when there is no executor specified in the decedent’s will or there is no will in the first place. This means the administrator will have to handle the decedent’s estate in accordance with the laws of succession, which are typically the decedent’s legal relatives and next-of-kin.

    The Law Offices of Frank Bruno, Jr. Can Assist with Choosing an Executor

    You should have a will in place and choose an executor whom you explicitly know and trust. Without a will, your loved ones may face a lengthy legal process of distributing your assets. With a will in place – and a named and trusted executor who has the power to make decisions regarding your estate in your absence – your loved ones can more quickly and easily handle probate and wrap up the legal and financial processes associated with your estate.

    It is also a good idea to appoint multiple executors or alternate executors if a named executor is unavailable or passes away before you do. An experienced estate planning lawyer with the Law Offices of Frank Bruno, Jr. can help with this process so that all tax, financial, and legal implications of your passing are handled as quickly, smoothly, and professionally as possible.

    Assigning an Administrator in the Absence of an Executor

    It is entirely possible, of course, that someone passes away without first writing their will or selecting an executor for their estate. In such cases, the appointment of an administrator will become necessary, but it can also lead to many complications. The Law Offices of Frank Bruno, Jr. can guide you through whatever legal issues you face under such circumstances. However, it is worth noting that the court will require family tree and kinship details of the decedent to be provided before the disbursement of the decedent’s estate and proceed.

    This is known as a kinship affidavit. However, drafting this document and submitting it to the court with the requisite proof and evidence can be difficult, particularly if the decedent did not have close family members such as a spouse or children or other family members. In cases where the nearest next-of-kin are either unknown or are distant relatives such as cousins, then a public administrator may be assigned to manage the decedent’s estate as the estate administrator.

    With or without near next-of-kin, a kinship hearing may be required in which the relations between the decedent and the family are established. The help and guidance of an attorney may be useful here, such as the expert estate planning lawyer with the Law Offices of Frank Bruno, Jr. Our attorney will handle the often complex hearing in which all of the decedent’s relatives provide birth, marriage, and death records to prove their relationships with the deceased.

    Complications in Estate Planning and Administrator and Executor Duties

    There are many hurdles that you and your family may face when estate planning and many complications can arise after someone passes away. The writing of a will and the appointment of an executor is the first hurdle. The second can be the selection of an administrator in the absence of an executor. The third may be establishing the proof of kin and family relationships in a kinship hearing and gathering the evidence required in this hearing from relatives and loved ones who may have lost touch over the years or died in different towns or districts.

    One often overlooked issue is that of posting a bond for the decedent’s estate. In some cases, the court may require an estate administrator to post a bond to ensure the safety of a decedent’s estate. While most wills are drawn up with provisions waiving such a requirement, it is something that must be considered.

    Apart from writing a will, selecting an executor, and posting a bond, there are many other examples of how poor estate planning can hurt your loved ones. The first, of course, is failing to plan, but the next most important one is not discussing your plan with family and friends so that they are “in the know” before it is too late. Naming only one executor should also be avoided, and keep in mind the costs associated with final arrangements such as burial and funeral costs. Be sure to assign Power of Attorney and Healthcare Representatives as needed, and always include details on digital assets, charities that are important to you, and the tax implications of your will in your estate plan.

    Contact the Law Offices of Frank Bruno, Jr. Today for a No-Obligation Case Evaluation

    Don’t leave anything to chance, and plan today to avoid issues and complications tomorrow. Our team is here to help you, and we have the knowledge and expertise needed to professionally handle estate planning, executor, administrator, and will and testament issues of every kind. To learn more about how we can assist you, contact the Law Offices of Frank Bruno, Jr. today for a free case evaluation.

  • What Is a Proprietary Lease?

    What Is a Proprietary Lease?

    A proprietary lease is a complex yet common agreement between the tenants or residents of a cooperative building (a co-op) and the cooperative corporation managing and running the building. Co-ops are highly common in New York City, but living in a co-op is different from living as a tenant, resident, or owner of your own condo or apartment. Co-op tenants are subject to the proprietary lease rules and the relevant by-laws of the property where they reside, and not all state tenant-landlord rules will apply. This can lead to serious conflicts of interest and legal and financial issues. Contact the Law Offices of Frank Bruno, Jr. for assistance with rent, residency, ownership, conflict, or any other challenges you may face as a resident of and a shareholder in a cooperative building.

    The Proprietary Lease and the Co-Op By-Laws

    In a traditional rental arrangement, when you rent an apartment, you are classified as a tenant. However, in a co-op, you are a shareholder in the building in which you reside and New York City rent regulations do not classify you as a tenant but as a shareholder and an indirect owner of the building. Therefore, the terms of your proprietary lease and New York State’s business laws that govern corporations that operate for shareholder profit will apply, not traditional landlord-tenant laws.

    The proprietary lease is much like a standard lease in that it outlines the relationship, responsibilities, and expectations between the building corporation and each shareholder, with shareholders then residing in and becoming a tenant of the building.

    There is another document, however, that is an important part of the co-op agreement. These are the by-laws, which are the rules of the co-op. They outline how the property is managed and organized, as well as who can run for a seat on the board and how elections are held. The by-laws may also contain a section called the house rules that contain rules specific to residents of the building.

    Since these are rules and functions that have important legal implications, speak with the experienced proprietary lease lawyers at the Law Offices of Frank Bruno, Jr. before drawing up a proprietary lease, entering into an agreement with a co-op, or for assistance with legal or financial issues pertaining to a co-op.

    Responsibilities of Different Parties Under the Proprietary Lease

    The proprietary lease will specifically mention how the co-op will manage building maintenance to maximize the benefit of all of the building’s shareholders. This includes specifics on, for example, monthly maintenance outlays and how compliance with applicable local, state, and federal laws will be ensured.

    The proprietary lease also details the responsibilities and expectations of each shareholder. Some of these responsibilities can include regular repairs and maintenance in the tenant’s apartment that must be performed by the tenant, and how renovations (and what kinds) can be performed.

    Proprietary Lease Legal Issues

    As mentioned above, the business cooperative owns the co-op building and the tenants are considered shareholders – not statutory tenants. The proprietary lease also governs the relationship between the tenants and the co-op. Co-ops can use these facts to their advantage and can work whatever rules and regulations they want into the proprietary lease. This can lead to serious legal issues for you.

    For example, proprietary leases are drawn up in such a way to indemnify the co-op of any sort of liability. This means the co-op will not be liable for damage or losses of any kind that result from a shareholder’s failure to comply with the lease document. This also applies to building guests and contractors.

    Furthermore, breaching the house rules and failing to comply with any of the rules of the proprietary lease can be interpreted as a default by the shareholder. The co-op can even alter, update, or amend the house rules, and tenants must comply with these new rules.

    The co-op always has a copy of the key to your unit and can always access it, although it will typically have to give you adequate notice before doing so. However, issues can arise here as well if the co-op is unfair or unreasonable in any way when it comes to apartment access and you are affected or even evicted for refusing access on reasonable grounds.

    Another serious issue with proprietary leases is the fact that the co-op can evict you and repossess your unit if the proprietary lease allows them to do so. It may seem strange that a building shareholder and tenant can be evicted in this way, but the proprietary lease gives the co-op the right to do exactly this if the tenant violates the proprietary lease in any way. Examples of how this can happen include if the shareholder or tenant becomes bankrupt, allows unauthorized subletting, defaults on a rental payment, is found guilty of offensive conduct, or is determined to have broken any of the proprietary lease’s rules in any way.

    Finally, an important legal and financial issue with proprietary leases is that shareholders automatically lose money if someone files a mechanic’s lien against the building. For example, let’s suppose you call a plumber and they come over but do not do the work they were supposed to do but bill you anyway and you dispute the claim. The plumber can file a lien, but instead of falling on your unit, the claim will be against the entire building. The co-op may choose to automatically pay it to avoid court proceedings and an investigation but the co-op will then bill you the amount plus any relevant expenses. As a shareholder, you always lose in such disputes with a contractor and it can be very challenging to get your money back without a lawsuit.

    Contact the Law Offices of Frank Bruno, Jr. Today for Legal Assistance with a Proprietary Lease

    If you are evicted from your home because of a simple clause in your proprietary lease or face other serious issues or disputes with your co-op “landlord,” you will face life-altering and potentially long-term personal and financial consequences. It can be difficult to secure your rights as a private party and resident in a co-op, but the experienced proprietary lease attorney with the Law Offices of Frank Bruno, Jr. is just a call away. We can help protect you and will fight your case to secure your personal and financial well-being, so do not hesitate to call us today for a free, no-obligation case evaluation.

  • Surviving Spouse Needs An Estate Plan

    Surviving Spouse Needs An Estate Plan

    “If there ever comes a day when we can’t be together, keep me in your heart. I’ll stay there forever.” A.A. Milne

    “The boundaries which divide Life from Death are at best shadowy and vague. Who shall say where the one ends, and where the other begins?” Edgar Allan Poe

    When one spouse dies after meticulously titling assets to pass through joint tenancy to the surviving spouse, estate planning attorneys flinch. There are occasions when everything works smoothly, but they are the exception. As this article from the Santa Cruz Sentinel warns “After husband’s death, wife needs to create revocable trust.” Actually, she needs more than a revocable trust: she needs an estate plan.

    Most of the assets in the plan created by her husband, in this case, did pass to the wife outside of probate. However, there are a number of details that remain. She needs to obtain date-of-death values for any non-IRA securities the couple owned, and she should also have their home’s value determined, so that a new cost basis for the house will be established. She also needs an appointment with an estate planning attorney to create a will and an estate plan.

    If she dies without a will, her children will inherit the estate in equal shares by intestate succession. However, if any of her children pass before she does, the estate could be distributed to her grandchildren. If they are of legal age, there is no control over how the assets will be managed. Making matters worse, if a child or grandchild is disabled and receiving government benefits, an inheritance could make them ineligible for Social Security and Medicaid benefits, unless the inheritance is held within a Special Needs Trust.

    These are the basics of an estate plan. They protect loved ones from having to go to court to obtain the power to make decisions on your behalf, as well as protect your family from outsiders making claims on your estate.

    A revocable trust is one way to avoid probate. An estate planning attorney will be able to evaluate your own unique situation and determine what the best type of trust would be for your situation, or if you even need a trust.

    You may be thinking of putting your home, most families’ biggest asset, into joint tenancy with your children. What if one or more of your children have a divorce, lawsuit or bankruptcy? This will jeopardize your control of your home. A revocable trust will allow your assets to remain in your control.

    The last piece in this estate is the IRA. If you are the surviving spouse, you’ll want to roll over your spouse’s IRA into your own. Make sure to update the beneficiary designation. If you neglect this step and the IRA pays into your estate when you pass, then the IRA has to be cashed in within five years of your death. Your children will lose the opportunity to stretch IRA distributions over their lifetimes.

    An estate planning attorney can help guide you through this entire process, working through all the details. If your goal is to avoid probate, they can make that happen, while protecting you and your loved ones at the same time.

    Reference

  • Life Insurance for Elders?

    Life Insurance for Elders?

    Life Insurance for Elders? Should you continue to keep the policy, asks the Milford Beacon in the article “Should you keep your life insurance?”

    For term insurance, the answer is fairly straightforward. If the need for the death benefit is done, like paying off a mortgage or being able to pay for the kid’s college educations, then you don’t really need to have the policy. If your health is good and you expect to live well and long, then you could simply let the policy lapse. You won’t need to pay the premiums, but the death benefits will be over, as of the date that the policy lapses.

    An alternative is to convert the policy into one with cash accumulations. It isn’t the death benefit that you want, so much as the potential return of the cash value that could accumulate inside the policy. Some insurance companies may allow you to exchange your existing policy for a policy with hybrid features that include long-term care coverage and a death benefit. That may be useful, if you don’t otherwise have a long-term care insurance policy.

    When the life insurance is a permanent or whole life insurance policy, things get a little complicated. First, the review should begin with what is called an “inforce illustration.” This is a forecast as to what can be expected to happen with the policy, if you keep it. The insurance company’s actuaries get to sharpen their pencils here. There are many different factors that go into the inforce illustration, including rate of return on cash value, the company’s dividend crediting rate, the number of years the premium has been paid and your expected mortality rate, among them.

    What the inforce illustration will not show you is something your financial planner or estate planning attorney will: your policy’s “Internal Rate of Return,” also known as the IRR. The IRR on cash value shows how well your cash accumulates and what it earns inside the policy. You can then compare the IRR to other investments or savings, to see if this makes sense to keep.

    Here’s a simplified explanation of the IRR. Let’s say you invest $10,000 per year and have a death benefit far larger than this. The IRR on death benefit will show you the return on your premium dollars that will be returned through the issuance of a death benefit check. If you die early in the life of the policy, the check will be large. If you have the policy for an extended period of time, the IRR declines and the numbers are more like those you’d expect from a fixed income investment.

    Life Insurance for Elders? Another angle to consider: how does the life insurance policy fit within your estate plan? Would you want to have the proceeds go to a grandchild, now that your children have children of your own? Does it belong inside a trust? An estate planning attorney should review all your life insurance policies to see if they align with your overall estate plan goals.

  • Are You Retiring? Here’s What You Need to Know

    Are You Retiring? Here’s What You Need to Know

    “The joy of retirement comes in those everyday pursuits that embrace the joy of life; to experience daily the freedom to invest one’s life-long knowledge for the betterment of others; and, to allocate time to pursuits that only received, in years of working, a fleeting moment.” Byron Pulsifer

    “Age is an issue of mind over matter. If you don’t mind, it doesn’t matter.” Mark Twain

    There are more than few steps you’ll need to complete, before packing up your desk, cubicle or locker and saying good bye to your work family. Even if your 401(k) and IRA is in order, there are things you need to during the last few months of working, says Next Avenue in the article “Tips to Prepare for Retiring This Spring or Summer.”

    There’s detailed planning, organization of documents, and additional financial details that need attending. You may also want to start creating your “bucket list” — a list of things you’ve always wanted to do, but never had the time to do while you were working. Getting all of this in order, will speed your waiting time and prepare you better, when the last day of your working life does finally arrive.

    Are You Retiring? Here’s What You Need to Know. Whether you are three months or six months from retirement, here are some tips for your to-do list:

    • Social Security. Figure out when the best time for you to take Social Security benefits will be. Can you delay it until age 70? That’s when you’ll get the biggest payout. The earlier you start collecting benefits, the smaller your monthly check will be. Take it early, and you are locked in to this lower rate.
    • Health Care. Figuring out how to manage health care costs, is the single biggest worry of retirement for most Americans. An injury that puts you in a nursing care facility can make a huge dent in your retirement funds, even if it’s just for a short while. This is the time of your life, when focusing on your health is most important, even if you’ve been careless in earlier decades. Evaluate your health status and get check ups with your regular physician and your dentist.
    • Investments. Check with your HR department about when you’ll need to roll over your 401(k) plan. If you transfer the funds into a low-cost IRA, you may save in fees. Work with your financial advisor to determine what your withdrawal rate will be. You may need to reevaluate some of your retirement goals or consider working part time during retirement for a few years.
    • Medicare. If you’re almost 65, you can start enrolling in Medicare now. The government lets you start the process within three months of your 65th birthday. Start this process, so you are covered, once you are not on the company’s health care plan.
    • Expectations. The first six months to a year of retirement can be both wonderful and terrible. While enjoying freedom, many people find it hard to withdraw money from the same accounts they spent so many years building. What if they don’t have enough for a long life? Take a realistic look at your lifestyle, budget, and spending habits, before you retire to make sure you are financially ready to do so. If you think you might work part time, look into the positions that are available in your area and what they pay.
    • Lifestyle. Often, we are so busy planning for the financial side of retirement, that we forget to plan for the “soft” side: what will you do in retirement? Will you volunteer with an organization that has meaning for you? Write the novel you’ve started on a dozen times? Spend more time with your grandchildren? Travel? What will make you feel like your time is being well-spent, and what will make you fulfilled?
    • Don’t forget the legal plan. Retired or not, you need to have a will, power of attorney, and health care power of attorney to protect your family, whether you are preparing for retirement or in the middle of your career. Speak with an estate planning attorney to ensure that these important documents are in place.

    The seven bolded items are a good first step in your journey towards retirement.

    Reference: Next Avenue (March 6, 2019) “Tips to Prepare for Retiring This Spring or Summer”

    Are You Retiring? Here’s What You Need to Know is a checklist and memory jogger for the individual and family.

  • Why Do Even the Middle Class Need Estate Planning?

    Why Do Even the Middle Class Need Estate Planning?

    When it comes to estate planning, you may think that you don’t have the wealth that would require you to engage in extensive estate planning. If you have a will, you might think that’s good enough.

    Forbes’ recent article, “Why Estate Planners Aren’t Just for the Ultra-Rich,” says that nothing could be further from the truth.

    Although some estate plans are more complicated than others, just about everyone can benefit from having one. Let’s examine the main reasons why:

    Avoiding probate. This is a big reason why the importance of estate planning is for everyone. You don’t have to be part of the 1% to want to avoid putting your family through the stress and expense of probate. Creating a trust and strategically placing assets within its control, eliminates many headaches.

    Maintaining control from the grave. Even after death, you can still impact how your assets are distributed, as well as to whom and when.

    Protecting your legacy. When you consider leaving a legacy for the next generation, it may have lofty pursuits. However, those aren’t necessarily reasonable goals for everyone. Leaving a legacy can also mean making certain that heirs properly respect all the effort and sacrifice that it took to save and create a retirement fund—whatever its size.

    Creating a business succession plan. Among the countless small businesses in the U.S., most will continue to remain viable after the legacy owner dies. A business owner can plan for this within an estate plan, which details exactly what they want to happen, if they die unexpectedly. That could include outlining specific roles and responsibilities for surviving heirs or putting into place a buy-sell agreement with a business partner and directing the distribution the proceeds of the sale.

    Be sure to revisit your estate plan regularly, especially if your life includes big events, like a birth of a child, a divorce, or an irreconcilable difference with a loved one.

    It’s a myth that estate planning is something only wealthy people do. It’s for everyone.

    Reference:

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  • Is it Wise to Have Three Grown Children Named Co-Executors of Your Will?

    Is it Wise to Have Three Grown Children Named Co-Executors of Your Will?

    “It is not what you do for your children, but what you have taught them to do for themselves that will make them successful human beings.” Ann Landers

    “There are only two lasting bequests we hope to give our children. One of these is roots, the other, wings.” Johann Wolfgang von Goethe

    Is it a good idea to have your three grown children listed as co-executors of your will? This may get somewhat confusing when probating a will, if there are multiple executors.

    What are the pros and cons to choosing one child to act as your executor, instead of selecting all three of your children to act together?

    nj.com’s recent article asks “I’m planning my will. Is it bad to have more than one executor?”

    The article explains that the duty of the executor is to gather all the decedent’s assets, pay any outstanding debts and liabilities and then account for and distribute the remaining estate to the beneficiaries, according to the instructions in the decedent’s will.

    The executor is allowed to hire professionals and others to help with tasks, like completing a decedent’s final income tax return or preparing the home for sale.

    When you have multiple executors appointed, these tasks can be assigned to each person to lessen the burden of the many duties and responsibilities that an executor has.

    On the downside, if those appointed can’t work together easily and without strife, appointing multiple siblings can make the administration of an estate much more difficult due to arguments, conflicts of interest, one sibling taking the lead to the resentment of the others or one executor undermining another executor’s actions.

    The problem is, in situations where the siblings don’t get along, designating one of them as executor can cause hard feelings and conflict. It’s not uncommon for those siblings who aren’t named as executor, to complain about every decision made by the named executor or delay in the administration of the estate.

    If there are multiple executors, the majority rules. That can avoid deadlock. Simple math in this case says that you want to avoid naming an even number of executors or name a person who can act as the tiebreaker.

    Even with a “majority rules” agreement among the executors, there are some financial institutions and other entities that may require all the executors to sign documents and/or checks on behalf of the estate. This can become burdensome and inefficient, if there are multiple executors.

    Speak with your estate planning attorney about your family dynamics and get their opinion about what would be best in your personal situation.

    Reference:

  • Spare Your Family From a Feud: Make Sure You Have a Will

    Spare Your Family From a Feud: Make Sure You Have a Will

    “The problem with revenge is that it never gets what it wants; it never evens the score. Fairness never comes. The chain reaction set off by every act of vengeance always takes its unhindered course. It ties both the injured and the injurer to an escalator of pain…Why do family feuds go on and on?…the reason is simple: no two people, no two families, ever weigh pain on the same scale.” Lewis B. Smedes

    “The family feuds or the village feuds often had to do with an idea of honor. Perhaps it was a peasant idea; perhaps this idea of honor is especially important to a society without recourse to law or without confidence in law.” V. S. Naipaul

    If for no other reason than to avoid fracturing the family, as they squabble over who gets Aunt Rosie’s sideboard or Uncle Joe’s collection of baseball cards, everyone needs a will. It is true that having an estate plan created does require us to consider what we want to happen after we have died, which most of us would rather not think about.

    However, whether we want to think about it or not, having an estate plan in place, and that includes a will, is a gift of peace we give to our loved ones and ourselves. It’s peace of mind that our family is being told exactly what we want them to do after we pass, and peace of mind to ourselves that we’ve put our plan into place.

    A recent article from Fatherly, “How to Write a Will: 8 Tips Every Parent Needs to Know,” starts with the basic premise that a will prevents family squabbles. Families fight, when they don’t have clear direction of what the deceased wanted. That’s just one reason to have a last will and testament. However, there are other reasons.

    A will is one way to ensure that your property is eventually distributed as you wish. Without a will, your estate is administered as an “intestate estate,” which means the state’s laws will determine who receives your assets after you pass. In some states, that means your spouse gets half of your estate, with your parents getting the rest (if there are no children). If the parents have died and there are no children, the rest of the estate may go to your siblings.

    Most people—some studies say as many as 60% of Americans—don’t have a will. It’s hard to say why they don’t: maybe they don’t want to accept their own mortality, maybe they don’t understand what will happen when they die without a will, or perhaps they want to wreak havoc on their families. However, having a will is essential.

    Don’t delay. If you don’t have a will in place, stop putting it off. Creating a will gives you the opportunity to effectuate your wishes, not that of the state. What if you don’t want your long-lost brother showing up just to receive a portion of your estate? How about if your ex-wife remains the beneficiary of your IRA?  If you don’t want someone to receive any of your assets, you need to have a will. Otherwise, there’s no way to know how the distribution will play out.

    Be thoughtful about how you distribute your assets. If you have children and your will gives them your assets when they reach 18, will they be prepared to manage without blowing their inheritance in a month? A qualified estate planning attorney will be able to help you create a plan for distributing your wealth to children or other heirs in a sequence that will match their financial abilities. You may want to create a trust that will hold the assets, with a trustee who can ensure that assets are distributed in a wise and timely manner.

    Every family is different, and today’s families, which often include children from prior marriages, require special planning. If you have remarried and have not legally adopted your spouse’s children from a previous marriage, they are not your legal heirs. If you want to make sure they inherit money or a specific asset, you’ll need to state that clearly in your will. If you are not married to your partner, they will not have any rights to your estate, unless a will is created that directs the assets you want them to inherit.

    Parents of young children absolutely need a will. If you do not, and both parents pass away at the same time, their future will be determined by the court. They could end up in foster care, while awaiting a court decision. Battling grandparents may create a tumultuous situation. The court could also name a guardian who you would never have chosen. A will or trust lets you decide.

    Speak with an estate planning attorney to make sure you have a will that is properly prepared and follows the laws of your state. You also want to have a power of attorney and a health care agent named. Having these plans made before you need them, gives you the ability to express your wishes in a way that can be legally enforced.

    Reference: Fatherly (Feb. 6, 2019) “How to Write a Will: 8 Tips Every Parent Needs to Know”