January 2010 - Long Island Lawye_property

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					Adler Law E-Letter
January, 2010

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
E-Mail: steven@sawlaw.com
www.stevenadlerlaw.com


(Offices also located in New Rochelle)



                                                               Steven M. Adler, Esq.
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                            Legal Services
  level of professional legal services at reasonable                                We Provide:
  prices. Steven M. Adler, Esq., along with the rest of
  his law firm's highly competent support staff, gives                        Estate Planning
  all of his clients the personal attention and the legal                     Elder Law
  expertise which they are entitled to receive. The                           Corporate Law
  Law Offices of Steven M. Adler, PLLC takes pride                            Litigation
  in the quality, effectiveness and efficiency of their                       Moving Violations
  legal services.                                                             Estate Administration
                Law Offices of Steven M. Adler, PLLC
                                                                              Guardianship
                  666 Old Country Road, Suite 605                             Real Estate
                    Garden City, New York 11530                               Personal Injury
                       Phone: (516) 876-1105
                         Fax: (516) 794-0463
                                                                              Family Law
                     E-Mail:steven@sawlaw.com
                      www.stevenadlerlaw.com



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