<?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[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><item><title><![CDATA[SHOULD I PUT MY SON&#039;S NAME ON MY DEED?]]></title><description><![CDATA[This article first appeared in the October 15, 2009 issue of the Times Beacon Newspapers.  
    The Facts:    Since my son is gong to inherit my house when I die, I was thinking about putting his name on the deed now as a joint tenant with right of survivorship so he would not have to probate my Will.   
 
    The Questions:   What are the pros and cons of doing this?   
 
    The Answer:   If your only reason for putting your son’s name on your deed is to avoid probate, I would recommend against doing it. The probate process is not particularly burdensome, time consuming or costly, especially if your son is your only beneficiary. In contrast, the problems associated with joint ownership could be significant, may impact both you and your son and could be costly to resolve.   

  For example, if you wanted to sell your house and your son did not consent to the sale, you might have to bring a lawsuit in order to force a sale. Your son’s consent would also be needed if you wanted to borrow against the equity you have in your house to cover medical or other expenses. Even if you and your son are in agreement about selling or borrowing against the equity in the house, your son’s creditors could place a lien on the house based upon judgments they may have against your son. Also, if your son is a party to a divorce action, his spouse can claim that the house is subject to equitable distribution as a marital asset. Finally, if your son applies for needs-based government assistance of any kind, his ownership interest in the house may preclude him from receiving benefits.   

  Given the risks to both you and our son of adding him as a joint tenant on your deed, you should consult an attorney before giving your son an ownership interest in your house.  
]]></description><pubDate>Mon, 15 Feb 2010 15:47:56 +0000</pubDate><link>http://www.lmtogalaw.com/home/should-i-put-my-sons-name-on-my-deed/</link><guid>http://www.lmtogalaw.com/home/should-i-put-my-sons-name-on-my-deed/</guid></item><item><title><![CDATA[THE NEW POWER OF ATTORNEY]]></title><description><![CDATA[This article first appeared in the September 24, 2009 issue of the Times Beacon Newspapers.  
    The Facts:    The NYS legislature created a new power of attorney form that became effective on September 1, 2009.   
 
    The Questions:   How does the new form differ from the old one? Is the power of attorney I signed last year still valid?   
 
    The Answer:   To understand how the new power of attorney (“POA”) differs from the old version, you must understand how a POA works. With a POA, the person signing the POA, (the “Principal”), grants another person, (the “Agent”), authority to carry out certain types of transactions on the Principal’s behalf. An Agent is obligated to act in the best interests of the Principal.  

  To address the fact that Principals sometimes suffered financial ruin at the hands of Agents who did not act in the Principal’s best interests, the new POA includes a number of safeguards to protect the Principal. For example, the new POA warns Principals about abuse by Agents. In the new form, Principals are not only given the option to name an individual to monitor the activity of the Agent but, they are required to sign a POA rider in the presence of two witnesses and a notary public if they want to give their Agent the authority to make gifts in excess of $500.  In addition, the new POA provides Agents with information about the duty of care they owe the Principal and requires that the Agent sign the POA before acting on the Principal’s behalf.  Since the changes made to the POA make the document much more complex than the old POA, people are urged to consult an attorney before signing a new POA.  

  As for the POA you signed last year, provided it was properly drafted and executed, it is still valid and will remain so until you revoke it by signing a new POA. That being said, it is a good idea to review your POA and to advise your Agent of your wishes as well as his/her duty to act in your best interest. 
]]></description><pubDate>Mon, 15 Feb 2010 15:45:05 +0000</pubDate><link>http://www.lmtogalaw.com/home/the-new-power-of-attorney/</link><guid>http://www.lmtogalaw.com/home/the-new-power-of-attorney/</guid></item><item><title><![CDATA[BEWARE OF NAMED BENEFICIARIES]]></title><description><![CDATA[  This article first appeared in the July 16, 2009 issue of the Times Beacon Newspapers.  
    The Facts:   In her Will my mother directs that her estate be divided equally between me and my two siblings. One of my sisters is named as a joint account holder on my mother’s checking account.   
 
    The Question:   Is my sister entitled to the balance in the joint account in addition to a full 1/3 share of my mother’s estate?  
 
    The Answer:   Because a person’s Will only governs the distribution of property owned individually by the person at the time of death, the short answer to your question is “Yes.” Oftentimes people have some property that they own individually such as a savings account that is in their name alone, jewelry or a car, and other property which they own jointly with others, such as joint bank accounts or real property that is owned by a husband and wife. The individually owned property makes up the person’s “probate estate” and, if the person dies with a Will, the Will controls the distribution of that property. Jointly held property, on the other hand, is not part of the person’s probate estate and its distribution is not governed by the terms of the person’s Will. Although your mother may have wanted her entire estate to be divided equally between her three children, since the joint account is not part of your mother’s probate estate, it will not pass under her Will. Instead, it will pass directly to your sister as a matter of law.   

  While I hope that your mother understood and intended that the funds in the joint account would pass outside her Will, I know that many people mistakenly assume that all of their assets will pass in accordance with the terms of their Wills. Since that is clearly not the case, it is important to work with an experienced elder law attorney to insure that the distribution plan laid out in your Will does, in fact, reflect your wishes with respect to your entire estate. 
]]></description><pubDate>Mon, 15 Feb 2010 15:41:21 +0000</pubDate><link>http://www.lmtogalaw.com/home/beware-of-named-beneficiaries/</link><guid>http://www.lmtogalaw.com/home/beware-of-named-beneficiaries/</guid></item><item><title><![CDATA[WHAT DOES IT MEAN TO BE TENANTS IN COMMON?]]></title><description><![CDATA[This article first appeared in the June 18, 2009 issue of the Times Beacon Newspapers.   
    The Facts:   My friend Mary and I purchased a house together and are named on the deed as tenants-in-common. We each contributed $150,000 to the purchase price, have both lived in the house and have split the carrying costs equally. Recently we had a falling out and I moved out of the house. I want to sell the house and split the proceeds but Mary wants to keep the house.   

    The Question:   Can I force Mary to sell the house now or do I have to wait until she decides she wants to sell?   

    The Answer:   When people who own property as tenants-in-common do not agree with respect to when to sell the property, the party that wants to sell can sue the other owner by commencing a partition action. Since you would be bringing the action, you would be the plaintiff. As such, you must establish what percentage of the property you own and what expenses, if any, you paid in excess of your ownership interest. For example, if you own a 50% share of the property but have paid 75% of the real estate, you have the burden of proving to the court that you should be reimbursed for the extra carrying costs you have paid.   

  If the court is satisfied that the parties to the action are the owners of the property and that there is no legal basis for prohibiting a sale, the court will order that the property be sold. If the owners’ expenses in connection with the property are proportionate to their ownership interests, the court will direct the net proceeds to be divided in accordance with the ownership interests of the parties. However, if one of the owners demonstrates that she paid more than her share of the carrying costs or contributed more than her share to renovations or repairs to the property, the court will likely order that she be reimbursed from the sale proceeds for the extra expenses that she paid.
]]></description><pubDate>Mon, 15 Feb 2010 15:37:00 +0000</pubDate><link>http://www.lmtogalaw.com/home/what-does-it-mean-to-be-tenants-in-common/</link><guid>http://www.lmtogalaw.com/home/what-does-it-mean-to-be-tenants-in-common/</guid></item></channel></rss>