Friday, August 15, 2014

How do I take care of my special needs child after I am gone

As a parent, taking care of a child is a responsibility that will always be with you. For parents with children who are mentally or physically disabled, there is a specific trust that can be set up to take care of your loved one after you have passed. This trust is called a Special Needs Trust (or Supplemental Needs Trust).

Many children with special needs require Medicaid assistance to make sure their medical needs are covered. However if you leave money directly to your disabled child, (over $2,000) he/she will be immediately cut off from government assistance.  In many cases the child, even if he/she has reached maturity, will not be able to manage funds by his or herself. You want your trust to serve as a supplemental source of income to your child in addition to government assistance, not as the only source.

Finding a knowledgeable Special Needs Estate Planning Attorney is your first and best line of defense in protecting your loved one in the case of your passing. It is important to remember that when you pass, leaving your assets to the trust and NOT your child is the better way to go about protecting your child. A Special Needs Trust can be constantly funded by yourself or others. Taking extra steps to make sure your child is financially secure after you are gone is one of the many ways to show your child that you care. If you are looking into setting up a special needs trust, contact our office for more information.

Law Office of Inna Fershteyn and Associates, P.C.
1517 Voorhies Avenue, 4 FL
Brooklyn, NY 11235
(718) 333-2394

Estate Planning | New York Estate Attorney Inna Fershteyn

11/11/08 New York Estate Planning Attorney Inna Fershteyn with Alexander Grant on Russian hit TV show, Contact, talking about 2008 tax laws. 

Attorney Inna Fershteyn addresses concerns regarding the tax laws implemented in 2008 and how they would affect estate planning. She also answers viewers' questions on how they can protect their property from such laws.

Law Office of Inna Fershteyn and Associates, P.C.
1517 Voorhies Avenue, 4 FL
Brooklyn, NY 11235
(718) 333-2394

Tuesday, August 12, 2014

A Professor's Pointers for Success in College: 21 Easy-to-Follow Tips

It's about that time again. Sleepy college towns will begin to awaken, abuzz with an excitement that only college students can inspire. Young scholars will soon arrive on college and university campuses, ready, or not so ready, to take on the world of higher education.
I have been teaching college students for 13 years, and I've come to know a thing or two about what makes some students more successful than others. Whether you're beginning your first year or returning as a seasoned upperclass(wo)man, I hope I can provide some practical advice as you embark on a new academic year. You see, we professors want all of our students to succeed. We want you to learn and grow and thrive, both academically and socially.
So here's to ivy-covered buildings, critical thinking, independence, making friends for life, asking hard questions, becoming global citizens, and discovering who you really are.
1. Don't be anonymous. Introduce yourself to your professors and speak up in class, especially if you attend a large university with huge class sizes. I'm not saying you have to sit in the front row, answer every question and bring the instructor chocolates (did I say chocolates? I meant apples).
Just don't hide in the back of the room and be invisible. Moreover, don't hesitate to ask questions in class; if you're wondering about something, chances are that someone else is too. If you think of a question outside of class time, visit the professor during office hours (that's the purpose of office hours) or send an email (see #9).
2. Read all of your syllabi carefully. The syllabus is your contract for the course. There's no excuse for not being aware of essential information that has been provided to you. In addition, check your email account daily; faculty and staff members will use email to communicate additional information to you.
3. Stay on top of your work. Try not to procrastinate. "Plan ahead" should be your mantra for your academic life. Nobody ever says "Oh shit, I started on that too early," but plenty of students regret waiting until the last minute to begin studying or working on a project. Avoid pulling all-nighters (see Dr. Pamela V. Thacher's study).
4. Turn in all assignments. It's better to hand something in late than not at all; a zero can really hurt your course grade. If you're struggling with an assignment or you fall behind, talk to your instructor -- in advance, not the day said assignment is due. Professors are human too (well, most of us are, anyway) and some will consider giving you an extension, especially if you show evidence of progress on the assignment.
5. Work on improving your writing. Take advantage of the writing center and tutors at your school. You won't regret it. Learn how to use commas and semi-colons; they're important. For instance, the difference between "Let's eat, grandma" and "Let's eat grandma" is a dead grandma and my thinking you're a cannibal. In addition, 'there,' 'their' and 'they're' are three different words with three different meanings. For the love of God, please learn how to use these words, and other homonyms, correctly.
6. Always do the assigned readings, even if there isn't a quiz. Professors know when you haven't read, even if they don't call you out on it; you're not fooling anyone.
7. Be aware of each instructor's attendance policy; missing class can adversely affect your grade.
8. Be aware of your institution's academic dishonesty policy and learn how to cite sources correctly. Whether you're writing a paper or giving an oral presentation, you must cite all of your sources. If you do not give credit to the source, you are guilty of plagiarism! I recommend A Pocket Style Manual by Diana Hacker or The Little Seagull Handbook by Richard Bullock and Francine Weinberg. Do not ever, ever, even think about turning in a friend's paper from a previous semester or buying a paper from a web site. It's just not worth it. Trust me on this one.
9. Please use email etiquette; it will make your sweet grandma proud (if you haven't eaten her, that is- see # 5). When emailing a faculty or staff member whom you don't know, do not use the person's first name. Use his/her title, i.e. Dean, Dr., Professor, etc. (Please note that in the arts there are two terminal degrees, an MFA and a PhD; MFAs have the title of Professor, not Dr., so you may want to address arts faculty as Professor if you're unsure.) And for the love of all things good in the world, PLEASE DO NOT USE ALL CAPS, i.e. ANN MARIE, I HAVE TO GET INTO YOUR CLASS OR ELSE... See #10.
10. If you'd like an instructor to add you to a full or over-enrolled course, don't send an email pleading to be added, as s/he is probably inundated with such emails. Drop by the professor's office instead. When you arrive, do yourself a favor and don't barge in without introducing yourself, talking a mile a minute and making demands; this approach is ineffective. A more appropriate strategy is to introduce yourself, ask him if he has time to talk, and state that you'd like to add his course and why (preferably something other than "If you don't let me into your course I'll just die!" complete with tears and jazz hands). Following some basic rules of interpersonal communication will go a long way. If you can't track the professor down, send an email (see #9) and ask if you can set up a time to meet. Please don't harass or blame him for why you haven't gotten into the course in the past, because chances are, he isn't involved in a conspiracy against you and probably doesn't have the power to change the past.

11. If you enjoy a course, let the professor know. S/he will appreciate it, and it may help the instructor to remember you. You never know when you'll need a letter of recommendation or a reference for an internship, a job, or graduate school.

12. When professors write you letters of recommendation, send them a thank you note (the kind from the olden days that involve a pen and an envelope!). Writing recommendation letters is a time-consuming task and one that instructors don't haveto do; let them know you appreciate it. And if you get into the international program or grad. school or get the internship or job, let your professor know. Nothing makes us happier than seeing you succeed. This is why we do what we do.
13. Broaden your horizons; take a course outside of your program. If you're concerned about not doing well, find out if you can take the course pass/fail so you can focus on learning for learning's sake (what a novel idea!) without it adversely affecting your g.p.a. For instance, take a public speaking course. Many instructors require oral presentations, and this is a skill that will serve you well both during and after college.
14. Show the librarians some love! Don't wander around the library aimlessly. Ask the experts for help. Librarians are some of the most resourceful people you'll ever meet.
15. Take pride in your work and in yourself. Don't compromise your beliefs for anyone.
16. Choose your friends carefully. Your friends are your family away from home. Don't choose a bunch of jackasses to be your family.
17. Don't forget where you come from. Remember the people who helped you get to college in the first place. Call your parents. (Call them. Texting is not the same thing!)
18. Choose your major carefully, and make sure you're choosing it for you; you're the one who could work in a field connected to that major for, say, 40 YEARS. Work hard for you. Get a college degree for you, for your future. Believe in yourself.
19. Remember that education is the key that will open many doors for you. Don't take it for granted. Take advantage of every opportunity to learn and grow as a student and person. Know that learning happens both in and outside the classroom. Join a club, attend a performance or guest lecture, volunteer. Now is the time to focus on yourself and your education.
20. Be kind. To everyone. Not much in this world matters more. And you never know what a difference your kindness might make.
21. Know that you are not alone. If you need support, ask for it. We who have made education our life's work want to see you succeed; let us know how we can help.

Tuesday, August 5, 2014

We Are Not Married But Own Property Together, What Happens If One of Us Dies?

Two things in life are certain: death and taxes. While you can’t do anything about death, you can plan to pay as little taxes as possible.  While there are mechanisms in place to protect a married couple, others are left wondering, “What happens if we live together as boyfriend/girlfriend and one of us dies?”

First, expect an estate tax that can be as much as 60% to be due right away. As many of you know, actor Phillip Seymour Hoffman had exactly the same issue when he died. His estate was valued at 35 million dollars and was left to the mother of his children who was basically his girlfriend as they were not married. Right away, his girlfriend was left with over 15 million dollars in taxes. Had he done proper planning ahead of time (by creating a trust), he would have left all of his money to his girlfriend and kids.

In Mr. Hoffman’s case, his partner was at least somehow protected as he had a will in place. Thus, she ended up getting something. But for many others without even a will in place, the surviving partner does not end up so comfortable. The remaining property ends up going to the deceased’s parents, siblings and other distant relatives. And in New York, even having a religious ceremony does not make you a married couple. Thus, you cannot get any protection under law.

If marriage is not for you, but you want your significant other to be taken care of financially after your passing, finding a reputable estate planning attorney to draft your will and trust is a must. If you have more detailed questions, feel free to come into our office today.

Monday, July 28, 2014

Trust and Estate Roadmap

New York Estate Planning Attorney Inna Fershteyn provides details on estate planning, particularly trusts - what it is and what kind you should have.

To avoid making estate planning mistakes, be sure to consult with an experienced attorney to decide which option is best suited for your individual situation.

Protect yourself and your assets from creditors. The Law Office of Inna Fershteyn and Associates, P.C. is a New York City law firm that represents residents from New York and New Jersey who need assistance in estate planning and other planning needs.

Trust and Estate Roadmap: Estate Planning Basics
-What is a trust?
-What kind of trust is right for me?

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Law Office of Inna Fershteyn and Associates, P.C.
1517 Voorhies Avenue, 4 FL
Brooklyn, NY 11235
(718) 333-2394