Alber Law Group LLP

One of the most powerful legal tools to pass assets from one generation to another without getting clobbered in capital gains taxes is preserving the STEP UP IN BASIS.

There has been recent clarification by the IRS on whether or not recipient beneficiaries will enjoy a STEP UP IN BASIS upon inheritance of assets in certain instances.
https://www.irs.gov/pub/irs-drop/rr-23-02.pdf

Plan accordingly. If you have questions, give us a call to set up a meeting to discuss your planning objectives. Our coffee is good, but our advice is always better.

Ronald T. Alber Jr., Esq.
631-462-6900
www.ALBERLAW.com
“Meet Your New Attorney for Life”

Estate Planning Attorney Long Island | Alber Law Group We help clients plan for the acquisition, protection, management, and distribution of assets today and tomorrow. Call us today! (631) 462-6900

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If you are an owner of a corporation or limited liability company, please be sure to speak with your accountant and attorney about the CORPORATE TRANSPARENCY ACT that took effect in January, 2024. Your failure to comply could result in substantial financial penalties.

A link to discuss and view is

BOI E-FILING

Representing clients in all phases of commercial and residential real estate transactions is a rewarding part of our journey in meeting our forever clients. Thank you clients, referral partners, and friends for your trust and support.

Real Estate * Estate Planning & Administration * Business Law. Call Ron Alber 631-462-6900. More than an attorney. More than a matter.

A. A revocable trust may be better for you if:
1. You think you may want to make changes to your trust down the road.
2. Your estate’s value is below the federal estate tax exemption requirements.

B. An irrevocable trust may be better for you if:
1. You’re positive you won’t want to make any changes after your trust is created.
2. Your estate’s value is at or above the federal tax exemption requirements.
3. You are concerned about protecting certain assets if you require Medicaid long term care

C. The key disadvantage to a REVOCABLE living trust is that, because the owner retains such a level of control over a revocable trust, the assets they put into it are not shielded from creditors the way they are in an irrevocable trust. If grantor(s) are sued, the trust assets can be ordered liquidated to satisfy any judgment put forth.

D. The key disadvantages of an IRREVOCABLE living Trust are:
1. Cannot Change: Irrevocable trusts cannot be revoked or modified without the consent of the beneficiaries (at best) and may even require modification by filing an action in court.
2. Limited Loan and Financing Options: Once the trustor transfers assets into the trust, those assets are no longer part of the trustor’s net worth statement and could create issues for obtaining loans or refinancing assets in the future.
3. Limited Control of Assets: Because the trustor is not the trustee of an irrevocable trust, the trustor has very limited or no control once the assets are titled in the trust. You can receive INCOME from an asset, but not the PRINCIPAL.

E. How to Determine which Type of Trust is Right For You
1. Most people create a Trust for a very specific reason. They want to protect their estate and make their wishes for the future clearly known. Knowing which is best, a Revocable Trust vs an Irrevocable Trust, really just depends on what level of protection you need.
2. If you want to remain in control of your estate a Revocable Trust may be the way to go. The ability to change and modify your Trust in the future is a huge benefit for many people. But it’s not always the best route.
3. If you’re concerned about long term care, Medicaid, or potential liens or judgements against you, you might be thinking about an Irrevocable Trust. An Irrevocable Trust means you can protect yourself, your loved ones and your estate against future legal action.

We offer FREE CONSULTATIONS to listen, educate, and advise potential clients on the options and strategies available to achieve planning goals. Call Ron Alber 631-462-6900.

Which living trust is best for you? Well, that largely depends on what your objectives are. Asset protection? long term care? Estate tax planning? Freedom and flexibility?

Alber Law Group LLP Long Island’s law firm for real estate, wills, trusts, & estate planning, estate administration &

ATTENTION: Commack High School graduates class of 1992, 1993, 1994, 1995, 1996, 1997, 1998, or 1999.

Commack is a community that has given so much to me. For this reason and more, in May and June 2023, my law firm Alber Law Group LLP will complete a free “LAST WILL & TESTAMENT” for any individual member of Commack HS graduating classes 1992-1999 at NO COST OR EXPENSE. Offer is first come, first serve, for the first 50 qualifying individuals. Must have proof of graduation from Commack HS 1992-1999, reside in Nassau or Suffolk County, New York, and have legal capacity to make a valid will.

Email [email protected] to get the process started.

Offer valid for MAY 1, 2023 through JUNE 30, 2023

Commack Dads

What is PROBATE or ESTATE ADMINISTRATION?

Often there is a legal process that follows upon the death of a loved one that involves the formal appointment by the court of a legal representative of the deceased’s estate, and the management and distribution of the deceased assets that follows.

Alber Law Group LLP can guide you through the legal process without diminishing the human grieving process.

Call Ronald Alber at 631-462-6900 for friendly and professional guidance through this process.

-Grapes must be crushed to make wine.

-Diamonds form under pressure.

-Olives are pressed to release oil.

-Seeds grow in darkness.

Whenever you feel crushed, under pressure, pressed, or in darkness, you’re in a powerful place of transformation.

Trust the process.

Havent’s completed an estate plan? THE TIME TO PLAN FOR LONG TERM CARE IS NOW. New look-back period is contemplated for March, 2024. There are two separate look-back timeframes: one for community home-care Medicaid and one for institutional (chronic or nursing home) care. A RULE CHANGE IS COMING.

Medicaid’s Look-Back Rule
A. New York has a 60-month Medicaid Look-Back Period for Institutional (nursing home) Medicaid that immediately precedes one’s Medicaid application date. During this period, Medicaid scrutinizes all asset transfers to ensure none were gifted or sold under fair market value. This includes transfers made by one’s spouse. The “look back” is intended to discourage persons from gifting assets to meet Medicaid’s asset limit. Violating the Look-Back Rule is cause for a Penalty Period of Medicaid ineligibility. Note that the Look-Back Period does not apply to Regular Medicaid.

B. An important change is coming; The Look-Back Period will be implemented for home and community based long-term care services. This is formally referred to as Community Medicaid in NY and includes home health care, adult day care, personal care assistance, and assisted living services. The “look-back” will be 30 months (2.5 years) instead of the current zero-1 month look-back. The earliest the state plans to implement this change is March 31, 2024.

*Real Estate suggestion for listing agents of a Condo, Coop, or property within an HOA*

A thorough real estate attorney will often require a review of certain “due diligence” documents BEFORE advising the purchaser to sign a negotiated contract. Accordingly a delay in getting these documents to the buyer’s attorney can delay a contract signing process. This is where the real estate agent can keep the momentum going by having these documents ready, either directly or through the unit owner/seller.

These “due diligence documents” often include:
1. Last 3 years financials for the condo/coop/HOA

2. House rules for condo/coop/HOA

3. Offering plan book

4. Name and contact information for the condo/coop/HOA manager

5. Confirmation of monthly condo/coop/HOA charges and terms and duration of any special assessments.

Waiting to obtain and deliver these ”due diligence” documents or relying on another party to obtain these documents can increase risk of a deal falling apart.

**THE PROCESS FROM OFFER TO CONTRACT - REAL ESTATE **

Typically, Seller’s attorney firm will prepare a draft contract for purchaser's attorney to review. Often Purchaser's attorney will review the "legal terms" of the contract and consult with the purchaser about "deal terms" (price, closing date, special promises, mortgage loan amounts, contingencies, etc). Once terms are finalized between purchaser's attorney and seller’s attorney, purchaser is then expected to sign the contract (electronically or in person, whichever preferred) and to deliver the contract down payment to the sellers attorney. Upon our receipt of same, Seller’s attorney is expected to contact seller to countersign the contract and upon seller’s countersignature of the contract Seller’s attorney is expected to circulate the fully signed contract, putting the matter into FULL CONTRACT, and deposit the down payment funds in seller’s attorney’s law firm’s IOLA account.

This process typically takes 3-7 days, varying based upon the availability of the parties, attorneys, real estate agents, holidays, and complexity of deal negotiations.

Call Ron Alber at 631-462-6900, extension 1 for your real estate needs.

*WHAT IS A "CERTIFICATE OF OCCUPANCY"?*

When a dwelling structure is first constructed, after a series of progress inspections the municipality issues a “certificate of occupancy” evidencing the structures' compliance with local building codes. If improvements (e.g. extension, dormer, retaining walls, deck, garage conversion, finished basement, portico, awning, roof over patio, open or enclosed porch, swimming pool, whirlpool bath, outside entrance, carport, air conditioning, oil-to-gas conversion, oil tank abandonment, solar panels, basement or other apartment, etc.) are made to the premises AFTER the issuance of the initial certificate of occupancy, technically the property owner is required to make an application to the municipality for additional permits, inspections and approvals (additional certificates of compliance).

When selling or purchasing a home it is important to understand which improvements exist and if any missing “certificates of occupancy.” WHEN IN DOUBT…ASK. In this regard attorneys and real estate agents rely on your description of the property to us and the pictures available online.

Keep in mind that your contract may exempt a seller from having to provide one or more of the municipal approvals to you as part of the deal that you negotiated.

If you have concerns over the legality of one or more improvements or structures at the property, please speak with your attorney and real estate agent.

Call Ron Alber at 631-462-6900, extension 1 for your real estate needs.