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y Lisa B. Haber, Esq. The issue of how to plan for distribution of your hard earned assets deserves your attention in order to guarantee that your wishes will be reflected without great expense, complications or delay. Everybody wants to have a say in what will happen to his or her property upon death – who will get it, how much of it will be taxed and so forth. For some people, setting up an estate plan may also include strategies, such as setting up trusts that will reduce the amount of taxes that have to be paid during their lifetime or upon their death. Unless you have a properly prepared, signed and witnessed Will, New York State law will determine the distribution of your assets upon your death. This law is called the law of Intestacy. – 74 – L E G A L - E A S E Estate Planning Means Planning Ahead “Everybody wants to have a say in what will happen to his or her property upon death...” Many people mistakenly believe that when a married person with children dies without a will, the surviving spouse gets all the property THIS IS UNTRUE. In New York, the surviving spouse will receive the first $50,000.00 of the estate, plus one-half of the residue, with the balance divided equally between the surviving children. If any child is under 18 years of age at the time of the parent’s death, such child’s inheritance will be placed in a trust fund. Even if the surviving spouse is appointed trustee by the Court, prior approval of the Court will be necessary to pay for expenses such as the child’s education, clothing or living costs. An annual accounting of income and expenses will be required. Having a properly prepared Last Will and Testament will prevent this potential nightmare. Another very important reason to have a will prepared is so that the parents can select a guardian for their minor children in the event of the death of both parents. Without a will, the Court determines who will raise your children. For those whose Estates exceed the Federal Estate Tax Exemption (remember Life Insurance benefits are included in the total), it is important to consider minimizing estate and gift taxes. A marital deduction trust can be set up by your attorney, which will double the amount that is free from federal estate taxes. continued on page 76 HABER & HABER, LLP Personal Service by Caring Professionals for More Than Twenty Years Convenient Offices in Garden City and Saint James LISA B. HABER,ESQ •STEPHEN HABER,ESQ. ACCIDENT-PERSONAL INJURY Auto, No-Fault, Slip & Fall REAL ESTATE Residential & Commercial Contracts, Closings & Leases BUSINESS LAW Partnerships Incorporations New & Established Businesses WILLS, ESTATES & PROBATE Wills & Estates, Probate, Trust Minimize Estate & Gift Taxation through Careful Planning Power of Attorney, Living Will Health Care Proxy MARITAL & FAMILY LAW Divorce & Separation Custody & Child Support Pre-Nuptials Equitable Distribution CALL FOR A FREE ONE HOUR CONSULTATION 516.742.7277 or 631.379.6652 E-Mail: lhaber@haberandhaber.com OUR TOWN • DECEMBER 2008
✳ – 75 – HAPPY HOLIDAYS ✳ ✳ ✳ ✳ From Our Home To Yours! THE NEDVIN TEAM Dave & Rowena Nedvin Licensed Brokers’ Associates Rowena & Dave Nedvin lba’s • TEAM SERVICE • • TEAM EXPERIENCE • • TEAM RESULTS • OUR TOWN • DECEMBER 2008 Ed Martella, LSA Direct: 631-767-5221 • Office: 631-724-9800 x271 556 North Country Road, ST. JAMES • 631-862-1100 61 West Main St., SMITHTOWN • 631-724-9800 www.nedvinhometeam.com Jeff Bass, LBA, GRI
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Our Town PUBLISHED S • T • J
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- 11 - Chorus Line DANCE STUDIO “
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- 13 - Happy Holidays! Wishing you
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- 15 - St. James Medical Services,
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Page 35 and 36: - 35 - Happy Holidays We will be op
Page 37 and 38: - 37 - At Dutch Girl Cleaners we kn
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Page 43 and 44: - 43 - A Steven Melito Concept Salo
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Page 53 and 54: The Smithtown Performing Arts Cente
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Page 65 and 66: - 65 - Henrietta Homes AND PROPERTI
Page 67 and 68: - 67 - WOODSMITH HOME IMPROVEMENTS,
Page 69 and 70: - 69 - Season’s Greetings to All!
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Page 79 and 80: - 79 - JOHN L. BELFORD, JR. ATTORNE
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Page 85 and 86: The Smithtown Central School Distri
Page 87 and 88: Falzone & Sons, Inc. Licensed Plumb
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