Binghamton Personal Injury Law Blog | Coughlin & Gerhart, LLP

Motor vehicle accident demographics

On Behalf of Coughlin & Gerhart, LLP | Sep 23, 2022 | Car Accidents

Questions might arise about who causes the most accidents on New York roads. A review of demographic information may reveal some of the riskier drivers in the Empire State. Risks and car accidents Anyone could suffer injuries in a car accident due to someone else’s fault. Other drivers might engage in behavior that increases their chances of a collision, such as people who abuse alcohol or drugs. Overall generalized statistics show that teenage drivers seem to be the most at risk. Several...

Is donate now, play later a smart way to donate to charities?

On Behalf of Coughlin & Gerhart, LLP | Sep 19, 2022 | Charitable Giving, Estate Planning

If you're thinking about donating in New York, you might see certain organizations offering options that let you donate now and pay later. With inflation on the rise, it makes sense for charities to offer payment plans to donors. But is donating now and paying later a smart way to donate to charity? Here's a closer look at the good and bad things about charitable installment plans. You'll spend more money At first, installment donation plans seem like an easy way to make big purchases without...

Estate planning and children

On Behalf of Coughlin & Gerhart, LLP | Sep 19, 2022 | Estate Planning

For older adults in New York who are thinking about estate planning, it is important to consider the impact on their children. Whether the inheritances for each child are unequal or perfectly equal, there can be arguments and resentment. Estate planning for the future Children often differ in ways that can affect a fair distribution of assets. For example, if there is a large difference in income or wealth between children, the parents may want to give more to the children who have less....

Do singles need an estate plan?

On Behalf of Coughlin & Gerhart, LLP | Sep 12, 2022 | Estate Planning

An estate plan doesn't just outline what to do with your property after you die. It protects you from unwanted health care and financial decisions in case you go into a coma or another form of incapacitation. Whether you're wealthy or poor in New York, you could create an estate plan that suits your circumstances and needs. Health care proxy A health care proxy is someone whom you have appointed to make healthcare decisions for you when you're not able to. When you don't designate a health...

What are the best tax planning tips for high-net-worth filers?

On Behalf of Coughlin & Gerhart, LLP | Sep 2, 2022 | Estate Planning

The financial industry considers high-net-worth individuals to be those with liquid assets valued at at least one million dollars. These assets can result in high taxes, especially in the state of New York which has taxes designed specifically for those with a high net worth. Implementing a smart tax plan can protect your assets and allow your wealth to continue to grow. Consider donating stock instead of cash Donations continue to be a favorite tax planning tool for high-net-worth...

Halloween can be a risky night to drive

On Behalf of Coughlin & Gerhart, LLP | Sep 2, 2022 | Car Accidents

Halloween night sees a significant increase in foot traffic as kids scour their neighborhoods looking for candy. Therefore, you will likely need to account for young pedestrians while driving during the evening hours. The final night in October is also a popular one for adults to have parties of their own. Therefore, you may also be at a higher risk of sharing the road with impaired drivers. Younger drivers need to be particularly careful Drivers under the age of 26 are the most likely to...

6 tips for choosing the right executor in New York

On Behalf of Coughlin & Gerhart, LLP | Aug 26, 2022 | Probate And Estate Administration

Choosing the right executor often requires serious thought. There are multiple factors to consider beyond trust, such as health, youth, their willingness and their level of responsibility. 1. Have a backup It's advisable to choose both an executor and a backup executor. A backup executor would take the executor's place if they decline the role after your death or if they die at the same time as you. 2. Ask if they want the role Naming someone as your executor doesn't legally obligate them to...

TOD accounts or revocable trusts for transferring assets?

On Behalf of Coughlin & Gerhart, LLP | Aug 19, 2022 | Trusts

Transfer on death or payable on death accounts make people question whether they should create revocable trusts. TOD and POD accounts avoid the probate process after someone dies. New York allows a person to register stocks and bonds in a TOD account. There are pros and cons to using TOD accounts and revocable trusts. TOD accounts vs. POD accounts A TOD account allows a person to name the beneficiary for a non-retirement financial account that receives assets after the owner's death. When used...

Can my estate bypass probate?

On Behalf of Coughlin & Gerhart, LLP | Aug 19, 2022 | Estate Planning

Assets that remain inside of your New York estate will likely be subject to probate when you pass. However, it's possible that at least some of your assets will be able to bypass this process if you use beneficiary designations. In addition, any assets that are owed jointly with others will likely pass to the other owners without the need for a judge's blessing. Assets eligible for beneficiary designations Beneficiary designations are most often used with bank accounts, retirement accounts and...

Charitable giving and what you can donate

On Behalf of Coughlin & Gerhart, LLP | Aug 14, 2022 | Charitable Giving

Each year, people from all walks of life give back by donating to various charities. If you plan on donating money in New York, there's a certain set of guidelines to follow. Here's more information about tax rules and what you can donate. What can you donate to charity? Most people consider giving money as the only to donate charitably. You can also claim non-cash charitable donations on your taxes. Keep in mind any donated item that's worth over $250 will require a receipt for the IRS to...

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