Binghamton Personal Injury Law Blog | Coughlin & Gerhart, LLP

Tips for writing a final will and testament

On Behalf of Coughlin & Gerhart, LLP | Feb 1, 2023 | Estate Planning

Writing a will can be daunting for some New York family members. It's common to want to ensure your final wishes are carried out as you desire. Consider essential factors before writing your will on a napkin. The napkin would be a legal document. However, probate laws could overwrite an informal document through a court ruling. Estate planning is not purely financial. It also plans futures for minor children, financial decisions, advance directives, pet placements and distribution of other...

Reckless driving increases

On Behalf of Coughlin & Gerhart, LLP | Jan 25, 2023 | Car Accidents

Dangerous driving need not involve rare actions. Sometimes, the most common reckless actions New York drivers perform are common moving violations. As traffic citations and accident statistics will log, the number of such troubling actions can vary each year. Most concerning is data suggesting reckless driving is on the increase. Danger driving increases The American Automobile Association (AAA) examined information regarding unsafe driving practices from 2020 to 2021. The report issued by the...

What is an advance directive?

On Behalf of Coughlin & Gerhart, LLP | Jan 25, 2023 | Estate Planning

A New York resident might create an advance directive during estate planning. An advance directive is a legal document providing instructions about a person’s critical care wishes. Also known as a living will, the advance directive comes into use when the person is still alive but unable to make decisions. How does an advance directive work? An advance directive gives you control over end-of-life medical treatment should you become incapacitated. You can state if you do or don’t want...

How to make the most out of charitable contributions

On Behalf of Coughlin & Gerhart, LLP | Jan 18, 2023 | Charitable Giving

Each year, many people in New York give back by donating to charities. Whether you're a first-time or more experienced donor, you can make mistakes during the donation process. Avoiding these mistakes helps ensure you're doing the most with your assets. Don't forget about tax advantages You can receive a significant tax break depending on the value of what you donate. That's because of the charitable income tax deduction. Taking advantage of these deductions can drastically minimize how much...

Benefits of charitable remainder trusts in New York

On Behalf of Coughlin & Gerhart, LLP | Jan 11, 2023 | Charitable Giving

If you've always wanted to do some good to the world by giving part of your resources to charitable causes and keeping enough to take care of yourself and loved ones in New York, you may want to consider a charitable remainder trust. This trust lets you kill three birds with one stone by allowing you to indulge your philanthropic causes and provide for your people while enjoying some tax benefits during and after your lifetime. Understanding how charitable remainder trust works A charitable...

Documents an administrator can request from the IRS

On Behalf of Coughlin & Gerhart, LLP | Jan 10, 2023 | Probate And Estate Administration, Tax Planning

Estate administrators in New York have a big job. It’s their responsibility to manage the responsibilities of the deceased person and carry out the wishes as outlined in their will. After the court grants the estate administrator approval, their first task is to gather information and documentation about the deceased person’s assets. This includes bank statements, real estate documents and tax information. The deceased person may have included much of this information in their estate plan but...

Pros and cons of structured settlements

On Behalf of Coughlin & Gerhart, LLP | Jan 6, 2023 | Car Accidents

A structured settlement is a financial agreement in which a claimant agrees to receive his or her damages in the form of recurring payments rather than a lump sum. Structured settlements are often used in personal injury cases in New York but can also be employed in other types of legal disputes. The following examines some pros and cons of structured settlements. The pros Structured settlements come with advantages that provide stability and peace of mind. Tax advantages Structured...

What are the do’s and don’ts of personal injury claims?

On Behalf of Coughlin & Gerhart, LLP | Dec 30, 2022 | Car Accidents

Residents of New York who suffer personal injuries in accidents caused by negligence or recklessness have the right to file lawsuits to hold the at-fault party liable. However, it’s important to do things correctly because it might affect the outcome. These are the do’s and don’ts of personal injury claims. Do seek immediate medical attention Seek medical attention as soon as possible. It allows you to get an assessment and treatment that might mitigate your injuries. You will also have...

The responsibilities of a probate and estate administrator

On Behalf of Coughlin & Gerhart, LLP | Dec 30, 2022 | Probate And Estate Administration

In the state of New York, an estate administrator is responsible for managing the assets and affairs of a deceased person. If a person dies without a will, or if they does not name an executor, the court will appoint an administrator to oversee the probate and estate administration process. Understanding the general responsibilities of an estate administrator is crucial for anyone in this role. Step 1: Gather and take inventory of assets One of an estate administrator’s first responsibilities...

When to revise your estate plan

On Behalf of Coughlin & Gerhart, LLP | Dec 22, 2022 | Estate Planning

Estate planning serves many purposes, the most well-known being the ability to leave assets to named beneficiaries in a New York will or transfer-on-death account. Estate plans could include documents that handle other matters, including power of attorney forms and health care proxies. People should realize that all estate documents could require updating at some point. Updating estate plans Several reasons may prompt decisions to change estate plans, including problems that develop in...

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