<?xml version="1.0" encoding="UTF-8"?><rss version="2.0"><channel><title><![CDATA[The Law Offices of Linda M. Toga, P.C.  | Setauket, NY]]></title><description><![CDATA[Articles]]></description><link>http://www.lmtogalaw.com/</link><copyright><![CDATA[Copyright The Law Offices of Linda M. Toga, P.C.  | Setauket, NY]]></copyright><generator>sNews CMS</generator><item><title><![CDATA[WHAT YOU NEED TO KNOW BEFORE HIRING A HOME IMPROVEMENT CONTRACTOR]]></title><description><![CDATA[  This article first appeared in the July 15, 2010 issue of the Times Beacon Newspapers.     With the onset of the warm weather, homeowners throughout Long Island have begun to focus on home improvement projects from replacing windows to building that much needed addition. While some homeowners take the “do it yourself” approach, many hire contractors to be sure the work is done correctly in accordance with local building codes and is completed in a timely manner.  

  If you are thinking about hiring a contractor to perform home improvements, be sure to hire a professional who is insured and who is licensed by Suffolk County to perform home improvements. Contractors with such credentials will gladly provide you with copies of their insurance certificate and their license number. You may also contact the Suffolk County Executive’s Office of Consumer Affairs (“Consumer Affairs”) to confirm that a contractor holds a valid license to perform home improvements.  Both Consumer Affairs and the Better Business Bureau can advise you as to whether any complaints have been lodged against the contractor.   

  Once you are satisfied that a contractor is reputable, be sure you and the contractor both understand exactly what work the contractor is going to perform and how much the project is going to cost. The best way to insure that there are no misunderstandings about the scope of work and the cost of a project is to enter into a written contract with the contractor. It is important that both the contractor and the homeowner sign the contract, as well as any documents that modify the terms of the initial contract. Any written contract relating to a home improvement project should specifically set forth the work to be performed by the contractor, as well as any aspects of the project that are not going to be done by the contractor. In addition, the contract should indicate when the work will begin and when the project will be completed, as well as when the contractor will be paid. If the contract calls for installment payments, be sure the contractor acknowledges receipt of each payment in writing so that there can be no dispute as to whether a payment was made. If the contractor is not providing all of the necessary materials to complete the project, the contract should reflect that fact. Similarly, if the contractor is assuming responsibility for obtaining permits or certificates of occupancy, it should be stated in the contract. Finally, if the contractor is going to hire subcontractors to perform certain aspects of the project, be sure it is clear who will be responsible for paying those subcontractors.   
 
  Although some homeowners and contractors are comfortable entering into contracts with a simple handshake, such contracts may be difficult to enforce. Without a written contract signed by both the contractor and the homeowner, it may be impossible to establish the terms of the agreement between the parties and, therefore, impossible to prove that the contract was breached. It is not uncommon for a homeowner to withhold payment if he/she believes a contractor has not fully complied with the terms of the contract. However, withholding payment will not guarantee compliance or proper completion of a project and frequently results in the contractor filing a mechanic’s lien against the homeowner’s property and/or suing the homeowner for breach of contract.  While the homeowner can assert counterclaims for breach if the contractor does resort to litigation, the emotional and monetary costs of litigation could exceed the value of the home improvement project.  Having a clearly written contract that addresses all of the points mentioned above is the best way to avoid such costs and to insure that you will soon be enjoying the completed home improvement project.   
 
  Linda M. Toga, Esq. provides legal services in the areas of litigation, estate planning and real estate from her East Setauket office.   

]]></description><pubDate>Thu, 22 Jul 2010 14:12:00 +0000</pubDate><link>http://www.lmtogalaw.com/home/what-you-need-to-know-before-hiring-a-home-improvement-contractor/</link><guid>http://www.lmtogalaw.com/home/what-you-need-to-know-before-hiring-a-home-improvement-contractor/</guid></item><item><title><![CDATA[BENEFICIARIES UNDER JOINT ACCOUNTS AND IRA&#039;s]]></title><description><![CDATA[   This article first appeared in the April 22, 2010 issue of the Times Beacon Newspapers      The Facts:   I have an IRA with a balance of $400,000 and a life insurance policy with a $400,000 death benefit. I was advised that if I name my son Mark as the beneficiary of my IRA, and my son Steven as the beneficiary of the life insurance, Mark will end up with less money.      The Question:   Is that true?    The Answer:   Yes. When life insurance proceeds are paid to the named beneficiary, they are not subject to income tax. In contrast, funds in an IRA are subject to income tax when they are distributed to the named beneficiary. Although Mark may be able to spread distributions from the IRA out over his life time, allowing the assets in the IRA to grow, he will end up turning approximately one-third of each distribution made from the IRA to the IRS. If you want your sons to end up with exactly the same amount of money upon your death, it would be better to name them both as fifty-percent beneficiaries on both the IRA and the life insurance policy.  Linda M. Toga, Esq. provides personalized service and peace of mind to her clients in the areas of estate planning, real estate, marital agreements and litigation. Visit her website at www.lmtogalaw.com or call 631-444-5605 to schedule a free consultation.  ]]></description><pubDate>Thu, 22 Jul 2010 14:09:00 +0000</pubDate><link>http://www.lmtogalaw.com/home/joint-accounts-and-ira/</link><guid>http://www.lmtogalaw.com/home/joint-accounts-and-ira/</guid></item><item><title><![CDATA[CHILDREN FROM A PRIOR MARRIAGE]]></title><description><![CDATA[This article first appeared in the March 18, 2010 issue of the Times Beacon Newspapers   

    The Facts:    My father had a daughter, Jane, from a prior marriage. He and Jane did not stay in touch. Since he wanted me to have his house after his death and wanted to avoid probate, my father put my name on the deed to his house after my mother’s death. The deed does not identify my father and me as joint tenants. Recently, my father died without a Will. When Jane learned of our father’s death, she claimed that she had an ownership interest in the house.  

    The Questions:   Is that true? How can I get the house for myself?  

      The Answer:   Assuming you and Jane are your father’s only children, Jane is, in fact, entitled to ½ of your father’s interest in the house. Since the deed does not state that you and your father are joint tenants with a right of survivorship, at the time of his death, you and your father were tenants in common and you each owned ½ of the house. When your father died, his interest in the house automatically passed in equal shares to you and Jane. Like it or not, you and Jane are now tenants in common. Jane owes ¼ of the house. You own ¾ of the house (your original ½ interest, plus your share of your father’s interest in the house).   
  As tenants in common, you and Jane each have the ability to sell, transfer or bequeath your share of the house to whomever you please. If Jane wants to sell the house, she can force a sale or force you to buy her out. This unfortunate situation could have been avoided quite simply. If the words “joint tenants with right of survivorship” appeared in the deed, your father’s attempt to avoid probate and to pass the house to you alone would have succeeded.   
    
  Linda M. Toga, Esq. provides personalized service and peace of mind to her clients in the areas of estate planning, real estate, marital agreements and litigation. Visit her website at www.lmtogalaw.com or call 631-444-5605 to schedule a free consultation.

]]></description><pubDate>Thu, 08 Apr 2010 17:28:44 +0000</pubDate><link>http://www.lmtogalaw.com/home/children-from-a-prior-marriage/</link><guid>http://www.lmtogalaw.com/home/children-from-a-prior-marriage/</guid></item><item><title><![CDATA[ESTATE PLANNING AND LEGAL SEPARATION]]></title><description><![CDATA[This article first appeared in the February 18, 2010 issue of the Times Beacon Newspapers    

    The Facts:   My husband and I agreed to separate over 20 years ago. Since neither of us wanted to remarry, we never filed for a divorce.  In my Will my estate is divided equally between my current partner and my son.    
    The Question:   I was told that my husband may have a claim against my estate when I die.  Is that correct?   
    The Answer:   Unfortunately for you, you are still married in the eyes of the law and your husband may claim up to 1/3 of your estate despite the provisions in your Will. If your husband predeceases you, you can likewise claim up to 1/3 of his estate.  

  Under New York law you cannot effectively disinherit a spouse. Despite the length of your separation, your marriage is legally intact. Upon you death, your spouse may choose to exercise his statutory “right of election.”  If he does, he is entitled to receive 1/3 of the value of your estate. For purposes of calculating the value of your husband’s “elective” share of your estate, the value of everything you own may be taken into consideration, including but not limited to bank accounts, brokerage accounts, real estate, death benefits, your interests in property that you own jointly with others, pensions, assets held in trust and tangible personal property.  If you husband can show that your marriage was never legally dissolved and that he is not otherwise disqualified from exercising his right of election, his 1/3 share will be paid out of your estate before the provisions of your Will take effect.   

  Short of obtaining a divorce, the only way to be sure that your husband cannot exercise his right of election is to have him sign an agreement in which he waives all rights to your property and all rights in your estate.  If you opt for an agreement, be sure to consult an attorney to insure that the agreement is properly written and executed.  

  Linda M. Toga, Esq. provides personalized service and peace of mind to her clients in the areas of estate planning, real estate, marital agreements and litigation. Visit her website at www.lmtogalaw.com or call 631-444-5605 to schedule a free consultation.  ]]></description><pubDate>Thu, 08 Apr 2010 17:05:51 +0000</pubDate><link>http://www.lmtogalaw.com/home/estate-planning-and-legal-separation/</link><guid>http://www.lmtogalaw.com/home/estate-planning-and-legal-separation/</guid></item><item><title><![CDATA[IS THIS A GOOD TIME TO BUY A HOUSE?]]></title><description><![CDATA[This article first appeared in the November 19, 2009 issue of the Times Beacon Newspapers.   
    The Facts:    My husband and I are thinking about buying our first house.   
 
    The Question:   Is this a good time to buy?  
 
    The Answer:   Absolutely! Inventory is high, interest rates are low and Congress has just extended the Homebuyers Tax Credit bill. Under the new bill, even people who are not first time buyers may be eligible for a significant tax credit. Here’s how it works.  

  The Homebuyers Tax Credit bill provides that first time home buyers and buyers who have not owned a home in the last 3 years may be eligible for a tax credit equal to 10% of the purchase price of the home, up to a maximum credit of $8,000. Both single taxpayers and married couples filing jointly may qualify for the full $8,000 credit, depending on the value of the home and their income. For example, a single first time buyer with an income of $125,000 or less who is purchasing a house priced at over $80,000 is eligible for the full credit. A single buyer earning between $125, 000 and $145, 000 is eligible for a partial credit. Individuals earning over $145,000 annually are not eligible for the credit. Although they are higher, income limits also exist for couples filing jointly.   

  Current homeowners may also benefit from a tax credit under the Homebuyers Tax Credit bill.  Repeat buyers who have used the house they are selling as their primary residence consecutively for 5 of the last 8 years may be eligible for a credit up to $6,500 on their Federal tax return when they purchase a new home. Like the first time homebuyers, repeat buyers must meet income criteria to be eligible for the credit. In addition, all buyers must enter into a written contract of sale by April 30, 2010 and close on their purchase by June 30, 2010 to be eligible for a credit.   

  Considering the low prices, large inventory, low interest rates, and generous tax credit, it certainly is a very good time to buy a house. 
]]></description><pubDate>Mon, 15 Feb 2010 15:51:00 +0000</pubDate><link>http://www.lmtogalaw.com/home/is-this-a-good-time-to-buy-a-house/</link><guid>http://www.lmtogalaw.com/home/is-this-a-good-time-to-buy-a-house/</guid></item></channel></rss>