Insight from the Law office of Joseph Marino PC

5 Ways of Dealing With the Impact of a Foreclosure

Wed, 01 Feb 2023 18:32:07 GMT

5 Ways of Dealing With the Impact of a Foreclosure

A foreclosure is a traumatic experience that can take a significant emotional toll on homeowners.

When a family loses their home, it is not just a loss of property but also a loss of security, stability, and often a piece of their personal identity. The emotional stress of foreclosure can be devastating and impact the health, relationships, and well-being of homeowners. Below, we will have a closer look at what is a foreclosure, how it impacts family life, and what options are available to families and individuals going through it.

What Is a Foreclosure?

Foreclosure is a legal process in which a lender seizes property from a borrower who has defaulted on their mortgage payments. In the United States, foreclosures have reached record levels in recent years, with millions of families losing their homes. The impact of the 2008 financial crisis and the COVID-19 pandemic have both contributed to the rise in foreclosures.

The Emotional Impact of Foreclosure

For homeowners facing foreclosure, the stress and uncertainty can be overwhelming. The thought of losing their home, their savings, and their sense of stability can lead to depression, anxiety, and even physical health problems.

The emotional toll of foreclosure can be particularly devastating for families with children, who may have to adjust to a new school and community, leaving behind their friends and memories.

Options to Help Deal with the Emotional Toll of Foreclosure

If you or your loved ones face foreclosure, it's highly important to stop hiding from the feelings and to seek support and find ways to cope with the consequences of this difficult experience. The list below provides several options that may help you manage the emotional impact of foreclosure. Remember, it's okay to seek help and take care of yourself during this challenging time.

Seek Professional Support

This step includes such alternatives as seeing a therapist or counselor. Communication with professionals can help you process your emotions and provide coping strategies.

Connect with a Support Group

Again, communication is key. Talking to others who have gone through foreclosure can provide a sense of community and understanding.

Take Care of Yourself

The best way is not to be overwhelmed by negative thoughts and fears. Engage yourself in self-care activities like exercise, meditation, and hobbies to help manage stress and reduce anxiety.

Reach Out to Friends and Family

Remember: you are not alone. Having a support system can provide comfort during this difficult time.

Meet a Real Estate Attorney

There are at least eight ways of dealing with foreclosure. A skilled professional will find the option that fits you best. For example, The Law Offices of Joseph Marino can help homeowners negotiate a short sale with their lender, ensuring that the process is handled smoothly and efficiently.

Moreover, a partnership with the H.O.P.E organization, which helps families through foreclosure, opens more opportunities for everyone who comes to the legal team at the Law Offices of Joseph Marino. H.O.P.E provides emotional support, counseling, and other resources to families facing foreclosure. This partnership allows the legal firm to offer a comprehensive approach to helping families facing foreclosure, addressing both the legal and emotional aspects of the process.

Reach out today and get a free consultation from the legal team of Joseph Marino; we have extensive experience helping homeowners facing foreclosure and have a proven track record of success.

How to Find a Suitable Elder Law Attorney

Fri, 30 Dec 2022 18:15:16 GMT

As we enter the new year, the last thing anyone has on their minds is elder law—but perhaps you should make it a New Year’s resolution to sort out your affairs this year.

But how should you go about looking for a suitable elder law attorney? It’s exactly this topic this blog post will consider. Read on to find out our top tips for finding an elder law attorney.

Carefully Consider What You’re Looking For

The first thing to do when trying to find a suitable elder law attorney is to consider what it is you’re looking for from their service. What are your main needs? When you have the answer to this question, it will be far easier for you to decide on an attorney.

At this stage, you may consider practical issues like budget, as well.

Meet for an In-Person Consultation

Once you know what you’re looking for from your elder law attorney and once you have found a likely practice, we recommend meeting for a consultation—in-person, if possible.

Many law offices provide free 15 to 30-minute legal consultations. These allow you the opportunity to speak with the attorney and discover whether or not they’re a good fit for you. Meeting in person also allows you to get a sense of what their customer service skills are like; after all, if they’re short, rude, or impatient, they’re unlikely to be a good fit.

Ensure They Have Experience With Your Particular Issue

The last thing anyone wants in their Golden Years is an unpleasant surprise. So, you want a lawyer who will ensure that every eventuality is taken care of, one who leaves no stone unturned. To that end, you should ensure that the attorney has a good amount of experience in handling your particular needs.

During your consultation with them, ask them directly what their level of experience is. For example, if you’re looking for help with estate planning, ask the attorney whether or not they’ve handled those matters in the past.

Look Into Their Credentials

Last, but certainly not least, be sure to check the attorney’s credentials before committing to working with them.

Navigate to your state’s State Bar Association and search for the attorney in question, either by name or Bar number. This will allow you to see whether or not they’ve actually received a license to practice law in your state. If they’ve ever received public discipline, you will be able to find out that information here, too.

Don’t Wait to Plan For Your Golden Years

If you haven’t already started planning for your Golden Years, then perhaps 2023 should be the year when you do. There is no way to foresee the sudden onset of disability or disease in your elder years, so it is best to make the necessary legal preparations just in case.

Looking for a trustworthy elder law attorney to help? Consider our services and reach out for a free legal consultation today.

The Benefits of Working With an Elder Law Attorney

Mon, 24 Oct 2022 15:05:16 GMT

As you age, it is important to plan ahead for the financial and medical issues that may come up.

Elder law attorneys like those at the Law Office of Joe Marino, PC, can help you with this process by providing advice, guidance, and support. Here are some of the things an elder law attorney may help you with:

Writing a Will

Writing a will is one of the most important things you can do to make sure your estate is handled according to your wishes. A will allows you to designate who inherits what assets, including real estate and bank accounts, in the event of your death.

In addition to naming beneficiaries, it's also important that you write out clearly what happens with any remaining assets. For example: If there are minor children involved in the estate (under 18), do they receive their inheritance now or when they reach adulthood? Are there special conditions placed on receiving an inheritance? Are there any specific charities or organizations that should be notified after someone passes away?

Living Wills

This is quite different from the traditional will mentioned in the previous section. A living will is a document that states your wishes regarding medical treatment in case of terminal illness or permanent unconsciousness. The living will should list all major organ systems and/or bodily functions so as not to limit options unnecessarily, but should also indicate which types of treatments may be too burdensome or ineffective at any stage during an illness or injury. Elder law attorneys can help you prepare a thorough living will.

Planning for Incapacity

You may have heard the term “incapacity” before, but do you know what it means?

Incapacity refers to a state in which you are unable to make decisions for yourself. This can be very serious and is often accompanied by other conditions like dementia or Alzheimer's disease. If you're incapacitated, someone else must act as your legal guardian for all financial matters and personal decisions about health care and living arrangements.

The person who becomes your legal guardian will need access to all of your assets and information about your finances, so it's important to plan ahead now so that everything goes smoothly later on if this does happen to you.

Saving on Long-Term Care Costs

Long-term care is a type of treatment that helps patients who have an illness or injury that prevents them from living independently. The costs of such care can be reduced by using trusts to fund your future long-term care needs. A properly created trust will pay for your nursing home expenses without needing Medicaid eligibility approval first.

We Are Here to Help

The Law Office of Joseph Marino, PC, can help you plan ahead to avoid unexpected and dangerous financial and medical issues. Our elder law attorneys are trained to help you understand your options so that you can make the best choices for yourself. If you have any questions about our legal services, please give us a call today.

Understanding the Probate Process: Elder Law Revisited

Tue, 20 Sep 2022 15:39:55 GMT

The question of what to leave your descendants is an important one, but simply writing a will and dividing your assets up is not enough. Why?

This is because while you might trust your bank and banker to hold onto your assets, the bank will not be able to deliver these assets as per your wishes without the probate process.

So, what is the probate process? How can you make sure everyone will get what you want them to get? Let’s find out.

What is the Probate Process?

The opinion of a bank is considered null when it comes to estate planning and management. They simply have no power in that field. Furthermore, they have no way to make sure that the person coming in to claim your assets is actually who you want to give them to. For all they know, an imposter could show up, having gotten the will through ill-gotten means.

Therefore, they cannot do as you ask them to without legal backing. And that’s where the probate process comes in. It is a special hearing held in specialized probate courts where the inheritor will need to file a claim for possession.

It doesn’t end there. The court will also hear any challenges to the claim by the inheritor. Once the judge decides the case, only then will the bank release the assets. This entire ordeal is the probate process. It promises to make life hell for inheritors–court cases almost always do–and drive a messy wedge between family members in the case of challenges to inheritance.

Having an elder law practitioner helps you deal with the probate process much more easily and helps you make sure that the people you want to get your things actually get them.

What the Marino Law Office Can Do

The law office of Joseph Marino, PC is dedicated to providing you with the best elder law service possible. If you want to make sure that all your affairs are assets are dealt with in a way that you want, you need an elder law practitioner. Here are some things that we believe very strongly in, and would offer you:

The field of elder law is all about trust. You want someone you trust to handle your affairs, after all, and the best way to do that is by hiring someone early on so you have the time to build that trust. We believe in building lasting relationships with you, your friends, and your family, so that we can serve you to the fullest.
Our seasoned attorneys will put together a thorough plan and help you with any questions you may have every step of the way. Whether it's estate planning to make sure your loved ones are taken care of after you're gone or calming your fears about the possibility of foreclosure, we will be there with you through thick and thin.

Give us a call today, and we’ll help you determine which services best suit your needs.

Elder Law and What it Can Do For You

Thu, 18 Aug 2022 16:00:37 GMT

The pandemic years caused a seismic shift in lifestyle for everybody all across the world. Everyone suddenly found themselves in a situation where everything was different, where nothing quite made sense.

Everyone had to live life in a new way and function accordingly. If you can relate to any of these statements, then you know what the elderly have to go through.

Even without a global pandemic to shut everything down, elderly people are at a disadvantage because the world is literally changing all around them. They have to adapt to and adopt new technologies that make little sense to them just to stay relevant. Just to function in day-to-day life.

Luckily, the law office of Joe Marino specializes in elder law, helping the elderly with everything they have to do. We’ll take a glimpse at how it all works in this article.

Home Health Care

American healthcare isn’t the easiest vine to untangle. Most young people find the process challenging, so you can imagine the hardships the elderly face. They need to find out what sort of packages they qualify for, how to book home health care, and where to find the right place.

It’s just too much. Consulting an elder law practitioner solves all these problems. These specialists will point you in the direction you need to go so you never have to run from counter to counter trying to figure out what you need to do.

Estate Planning Made Easy

The idea of dispensing one's wealth and possessions after death is a major source of anxiety for elderly people. This is actually a matter of grave importance, and thus very deserving of some forethought. If you choose an attorney with experience in elder law, you may rest assured that your representative will understand the complexities of wills and testaments and see them through.

They will help you plan in advance and make your will and testament in the exact way you see fit.

Guardianship and Conservatorship Services

Do you have family members who will look after you when you no longer can? This might seem harsh, but it’s a question you must have asked yourself at times. Elder law allows for the appointment of someone you trust to look after you. This is called guardianship. In the event that ill health or old age starts chipping away at your mental faculties and you can’t make financial decisions properly, you can appoint a conservator to make these decisions for you well in advance. It will give you the peace of mind you seek.

What the Law office of Joseph Marino Can Do

After living a long and productive life, we believe that the only surprises life should throw the way of the elderly are birthday presents and lottery wins! However, that is wishful thinking and so we have a team prepared to help you deal with every eventuality of a negative kind that might come your way. If you’re in the Sayville area, the Law Offices of Joseph Marino, PC is ready to help you triumph.

What Is Fractional Investing in Real Estate?

Fri, 15 Jul 2022 18:52:53 GMT

What Is Fractional Investing in Real Estate?

There are numerous methods of investing in real estate nowadays. Did you know that you don’t have to buy a property outright in order to reap the benefits of investment? That’s right—with fractional investing, you can purchase shares in commercial or residential property and earn passive income.

How Does It Work?

When you invest fractionally in real estate, you’re purchasing a “fractional share” of property from a company. Sometimes there are just a few investors, and other times there may be hundreds. Investors receive a portion of the cash flow from rent paid by the leesees. It is truly passive income, as you don’t have to deal with property management duties—those are the company’s responsibility.

Commercial vs. Personal Property Investments

As a fractional investor, you can choose to invest in commercial or personal property. You are likely already familiar with the personal property model: in most cases, it’s a vacation property, and the investors receive either time or space occupancy. You own the property alongside other owners, and you all benefit from its appreciation. In other words, it’s a timeshare purchase.

Commercial fractional investing, however, is quite different. You don’t receive any time occupancy; rather, you get the rights to a prorated amount of the property’s rent cash flow.

Pros and Cons of Fractional Investments

P ros -

Low entry barrier: it just costs a fraction of what you would pay to purchase a property outright.
Passive income: You won’t have to actively work to earn income on the property. The company takes care of all property management duties.
Availability in competitive markets: Real estate hotspots like Seattle and LA price many buyers out of the market. With fractional investment, you can now own parts of properties in even the most expensive areas of the country.
High returns: Historically, investors have gotten great returns from real estate holdings. Rent prices have been increasing steadily, which leads to larger payouts for fractional investors.

Cons-

Risk: Although real estate investments have high returns, on average, there is still inherent risk with every investment. There are factors out of your control: non-paying tenants, declining property value, a crashing market, etc.
Long Timeline: Typically, you can expect a required investment timeline of 5-10 years.
Fees: The companies that offer fractional shares will charge fees. Each company has its own rules, so it’s important to pay attention to the fine print. In addition to standard management fees, you may also have to pay a redemption fee if you withdraw from the investment early. It would be well worth it to receive legal consultation before making a fractional investment in property.

Have More Questions About Real Estate?

The Law Office of Joseph Marino, PC is here to help guide you through complicated real estate dealings, whether you’re buying or selling. We provide sound advice in many specialized areas of residential and commercial real estate. Give us a call today to learn more about how our law office can tackle legal challenges you might be facin g.

Five Tips for Making an Offer on a Home

Mon, 06 Jun 2022 19:32:00 GMT

Five Tips for Making an Offer on a Home

After going through the struggle of searching for a property you love, hoping that the property will fall within your budget is a silent prayer you pray. If you are a first-time buyer, you may have made the mistake of giving a specific budget to your agent. But this might mean that you miss out on seeing the property of your dreams because it falls a little outside of your budget.

A better way to go about it is to have the agent give you several property options across different price points, and you then make an offer.

However, making an offer can be daunting and could entail a lot of back-and-forth. We recommend preparing yourself before you make that offer. To learn how, read on! We'll be dishing out five tips to make an undeniable offer on a home.

Do Market Research

When it comes to acquiring a property, you should have a preferred location. The reasons why you pick a location are best known to you, but it's essential. Once you figure out the location, you should research the area. From the local research, you'll gather lots of info, but one that matters most is the prices of houses around (In the world of real estate, this is called comps).

With this information, you can confidently submit a reasonable offer without being unfair. Likewise, you will easily know when the asking price from the seller is unreasonable.

Do Not Give Info About Yourself

Buying a house is a transactional activity, not a friendly activity. Unless you want to buy a property from a close friend of yours, the seller doesn't need to have too much information about you.

Information is power, and when the seller knows simple facts like where you work and how much you earn, they may give prices above usual.

Have a Budget

Your agent or seller does not need to know the exact maximum amount you are willing to spend. But since you are in charge of your finances, you need to have a specific budget.

One common guideline is the “28% Rule,” which dictates that your mortgage shouldn’t be more than 28% of your monthly gross income.

Figure Out the Down Payment

If you love a property and have the financial backing to buy it out, you can do so after taking advice from experts. However, if you don't have the funds immediately, you can always start by making a down payment. A down payment is the initial cost you pay for the home, but not a full payment.

Before now, a 20% down payment was the most common type of down payment, but in recent times, it has gone lower. In fact, in 2 019, the median down payment for houses was down to 6%.

Take Action

If you want to close a deal, the best way to show seriousness is to take action. Of course, that will mean making a down payment. If you do not have the money immediately, you may want to look into a

Federal Housing Administration Mortgage Loan (FHA) or any other kind of housing loan that would apply

to make the down payment.

Speak to an Expert

Offering to buy a home is not as simple as naming a price — it is a technical task. With the tips in this guide, you should be able to make a great offer for a home.

However, because the agents can be more experienced in this field, it's always better to speak to an expert.

At The Law Office of Joseph Marino, we help you with real estate planning and management.

Our team has the best experience in real estate to handle all buying and selling business while you sit back. Let's help you deliver your dream home with no stress call our office a t 631-502-5650

COVID and the affect on the Housing Market Now

Sun, 15 May 2022 19:07:19 GMT

The Affects of Covid 19 on the Housing Market Now!

The COVID-19 pandemic has irrevocably changed the lives of many. It has caused disaster on a global scale, killing millions and causing border closures, political unrest, and economic upheaval.

One economic area that has been severely impacted by the pandemic is the housing market. As the world slowly begins to recover from COVID-19, the global economy is also beginning to stabilize. However, individuals are still struggling to make ends meet.

This article will discuss how COVID affected the housing market in the U.S. and will explain how its impact can still be seen.

Decline in Rental Demands

When the virus hit, low-income households were among those most sorely affected. Many of these households are largely composed of retail or hospitality workers—industries that were left crippled by COVID-19.

These people lost their jobs, and as a result, it became more and more difficult to keep up with rent prices.

Many people decided to move back in with family to try and keep their heads above water.

As a result, there was a steep decline in demand for rental properties at this early stage in the pandemic.

Greater Demand for Homes in Affordable Areas

With cafes, restaurants, museums, and theaters all closing in metropolitan cities, many locals decided to move out of these areas into more affordable locations.

With such amenities no longer open, there was little reason to continue to pay such high prices to remain in such expensive accommodation.

As a result of this, there was a massive increase in housing demands in more affordable city areas.

Homeowners Struggling to Pay Bills

As thousands of people throughout the country lost their jobs as a result of the COVID-19 pandemic, it became more and more difficult for them to keep up with bills, rent, and mortgages.

The Federal Housing Administration (FHA) introduced COVID-19 Loss Mitigation options for people who couldn’t afford to pay their mortgages. These borrowers could ask their mortgage providers for forbearance, which would allow them to temporarily halt or lower their mortgage payments.

Forbearance periods do not go on forever, however. They will be brought to a stop by September 30, 2022, or half a year following the end of the Presidentially Declared COVID-19 National Emergency—whichever of these dates comes later.

Do You Need Help With Your Mortgage?

If COVID-19 has impacted your ability to pay off your mortgage and you’re unsure of what action is available for you to take, the Law Office of Joseph Marino, PC, can help resolve your issues.

Among our various services, we offer l oan modifications. This allows you to permanently alter the original terms and conditions set out in your mortgage.

A loan modification is not the same thing as refinancing; it does not pay off whatever remains of your loan. It simply changes the terms of the loan themselves.

If you want to take back control of your life and your finances following the COVID-19 pandemic, get in touch today for a free consultation, Call 631-502-5650

Your Estate Planning Checklist

Fri, 15 Apr 2022 17:20:48 GMT

Estate Planning Checklist

Estate planning is the process of deciding who will inherit and manage your assets after your death. You should have several important legal documents on hand as part of your estate planning. Not sure where to begin? Follow this checklist to ensure you've covered all bases.

List Your Belongings

Everything you own is considered part of your estate. Taking note of your assets is the first step to protecting them. You may feel you don't need estate planning — but, then again, you likely have way more tangible and intangible possessions than you might originally estimate.

So, take a look around and list everything. Tangible assets might include houses, cars, jewelry, and other personal items. Intangible assets include checking and savings accounts, stocks, bonds, and mutual funds. After inventorying your tangible and intangible assets, value them.

Create an Estate Plan

Prepare for your meeting with an experienced estate planning attorney like from the offices of Joseph Marino PC. By answering some critical questions about how to handle your assets:

Which kin should inherit your wealth, and how much of it?
Who should look after your children?
How much do you need to care for and educate your children?
In the event of your incapacitation, who should manage your finances?
Who should be in charge of the distribution of your assets?

Financial and Insurance Policies

All of your insurance policy documentation, including those for life, health, car, and house, should be kept in one place. Maintaining a list of all your financial accounts and your methods to access them is also a good idea. Everything from credit cards to mortgages to tax refunds to pensions to retirement benefits to investment portfolios is included in this category. As part of your estate planning preparations, you may want to keep track of this information in an Excel spreadsheet or a notebook.

Identity Documents

Keeping all of your proof of identity in a single location makes it easier for your attorney to locate them. The documents you'll need to prove your identity include your driver's license, passport, birth certificate, marriage certificate, divorce decree, and any service discharge documents.

Implement Your Estate Plan

Consult an estate planning attorney to write your will, medical and financial powers of attorney, and trust paperwork. Consider the following suggestions.

Set up a trust and fund it quickly. If you don't, the agreement is nullified, and your assets may not go to your intended beneficiaries.
Review and update your beneficiaries on all investment accounts.
Be sure to retitle all assets you intend to include in the trust and retain copies of the required documents to reflect this ownership change.

Keep Your Estate Plan Up to Date

As your circumstances change or current regulations change, you should review and update your records and accounts. To ensure that your assets are dispersed per your desires, ensure that your beneficiary designations are updated.

Conclusion

Ignorance is the biggest estate planning enemy. Without effective planning, estate taxes might be paid in excess, causing family disputes, asset theft, and extended court battles. So, start planning today!

The Law Offices of Joseph Marino, PC, are a great choice if you're looking for a Long Island attorney. Whether you need help with a real estate transaction or an elder law case, our Sayville and Long Island elder law attorneys have over 25 years of experience.

All You Need to Know About Pour-Over Wills- The Law Office of Joseph Marino

Wed, 16 Mar 2022 02:57:05 GMT

All You Need to Know About Pour-Over Wills

If you have done any research into making a revocable living trust so that you can avoid probate, you may have encountered the term “pour-over will.” Pour-over wills are essentially a special kind of will that can be used alongside a trust-based estate plan. This article will explain exactly what pour-over wills are and how they work.

By the way, if you are in the Long Island area and need further advice regarding your final will and testament, the Law Office of Joseph Marino, PC, offers free legal consultation. You can contact us on our website to find out more.

What Are Pour-Over Wills?

To understand what pour-over wills are, one must first have an understanding of revocable living trusts. In short, revocable living trusts—the most popular kind of living trust—act as replacements for wills. People mainly use them in place of wills to avoid probate costs and delays.

Pour-over wills are used in conjunction with revocable living trusts. They state that, upon a person’s death, property that passes through their will should be “poured into” the trust to be shared among its beneficiaries.

Pour-over wills are beneficial because they are private documents and also because they take care of any properties or assets the person did not transfer to their trust before their death.

How Do Pour-Over Wills Work?

Simply put, this kind of will helps direct the distribution of properties and assets that are not in a person’s living trust already when they die. When drafting a pour-over will, one should not list assets that are already included in their living trust.

In your will, you will name a residual beneficiary; this is the person who will receive any assets or properties that were not transferred to your living trust before death.

You will also have to name a trustee in your will. This is the person responsible for managing your trust and distributing its assets according to the terms set out in your trust document.

Finally, you will have to name a will e

Is a Pour-Over Will the Right Option for You?

When it comes to deciding whether or not this kind of will is the right option for you, it’s important to do all your research before coming to a decision. This can be a daunting prospect when you do not have a background in law. You want to make sure that you make the best decision available to you, with judgment unclouded by jargon and complicated legal terminology.

If you are in the Long Island area and would like advice or support in making this decision, contact the Law Office of Joseph Marino, PC, for a free consultation.

How to Negotiate a Landlord-Tenant Dispute

Tue, 15 Feb 2022 20:09:00 GMT

Landlord-Tenant Dispute?

Whether you're the tenant or landlord, a dispute with the other party can cause stress and financial problems. If you’re in the middle of one, read on to get some tips on resolving the issue!

In most cases, a dispute between a landlord and tenant comes from money or a value proposition. For instance, as a tenant, you expect that since you have paid your rent, your landlord ought to do some everyday maintenance to make living easy. When the landlord turns a blind eye to these repairs, it becomes unbearable for the tenant. That is when a back-and-forth argument starts, and in the end, it may lead to a case of tenant eviction or taking the landlord to court.

Evicting a tenant or bringing in a court case brings more trouble; instead, you can settle the case out of court. If you want to settle a landlord-tenant dispute, you can follow these steps;

Determine What You Want

Most tenants mistake not knowing exactly what they need before attacking their landlords. When a landlord notices that there is no specific need, it’s reasonable that they don’t make repairs or changes. Before you think of any action with your landlord, determine what you need, and ensure that your request is a reasonable one.

Know Your Contract Stands

Before renting any property, there must have been some necessary agreements. These agreements come in handy when you need to settle disputes. You may need to revisit the leasing contract to understand many things. From an overview of the contract, you can confirm if the request is reasonable or not.

Write a Letter Indicating Your Need

Sometimes, all a landlord needs is a clear understanding of what their tenants need. For documentation purposes, you should submit these requests in writing. Also, ensure the letter clearly states your needs in alignment with the contract agreement.

Meet With the Other Party

If the situation persists, the next thing is to have a formal meeting with the other party in the dispute.

Come prepared with a copy of the leasing contract, and no matter how upset you might be, leave the hostility behind. Try to observe and listen attentively to the reactions and words of the other party; after listening without interruption, offer a solution.

The two of you can do your best to come to a compromise.

Agree and Sign

Although it's a verbal meeting, do not let any agreement be in spoken word alone! Make sure the full agreement is written, signed, and documented by both parties.

Conclusion

If you follow the steps above, settling a landlord-tenant dispute wouldn't be a huge problem. But some landlords and tenants can be tricky with the law and agreements. In this case, you will need an experienced hand to help settle such disputes.

At The Law Offices of Joseph Marino, we can help you settle any dispute between you and your tenant or landlord. Our attorneys have decades of experience offering real estate services and understand how important it is to keep such problems out of court.

We’d love to help you smooth things out and come up with a mutually-agreeable solution.

Just give us a call! 631-502-5650

Everything You Need to Know About Net Leases

Mon, 10 Jan 2022 20:08:32 GMT

Everything You Need to Know About Net Leases in this New Year!

Real estate goes beyond buying or renting a property and signing a couple of agreements. It involves many deals and terms that may be complex to you if you haven’t studied the industry for years. For instance — net leases.

A net lease is usually compared to a gross lease, but they're not the same. With a net lease, the landlord waits until other expenses are cleared before receiving rent. Conversely, a gross lease requires the payment to come first to remove additional costs. For this guide, we'll be explaining what net leases are, how they work, and their types.

What Is a Net Lease?

A net lease is a lease agreement between two parties; the lessor and the lessee. In this agreement, the lessee pays the usual rent for the property but adds more dues in the form of insurance, property taxes, amongst other real estate costs. Typically, a net lease will require the tenant to pay all the real estate costs coming with the property. But in recent times, net leases now have forms where you get to pay part of the taxes, as well as the rent. It's still complex; let's get to how net leases work!

How Does a Net Lease Work?

The usual rental agreement requires you to pay your rent while your landlord covers other costs. In this case, you are only a tenant, and you are aware that you don't own the property. But with a net lease agreement, you pay all the bills, including your rent.

Once you rent a property on a net lease, you are responsible for all other bills. Usually, most net leases are not short-term agreements, and more times than not, the property owner reduces the rent because of the additional costs paid by the tenant.

Types of Net Leases

Net leases have been existing for a good number of years, and it's not stopping anytime soon. There are different forms of net leases widely in use today. Initially, a net lease meant the tenant was paying all costs classified as either taxes, maintenance, or insurance. But today, there are several types of net leases, including;

Single Net Lease

In the single net lease, the tenant or lessee has an obligation to pay only one of all three classified costs.

For instance, the tenant may cover taxes while the landlord covers maintenance and insurance. This type isn't prevalent because it still places plenty of stress on the landlord.

b . Double Net Lease

In the double net lease, the tenant has an obligation to pay for two classes of the additional costs, while the landlord covers one.

c. Triple Net Lease

In this deal, the tenant pays for all three classes of the additional cost. This type of net lease is

usually for an extended period.

Get Legal Advice for Your Real Estate Needs

The concept of net leases has been explained in this guide above, but before you propose or accept any net lease agreement, you need to be careful.

It's usually better to involve an expert, so there are no mistakes. If you need an expert, look no further than The Law Offices of Joseph Marino. Not only do we have astute experience in real estate, but we also have professionals that are ready to help you succeed! Give us a call, and we’ll provide a consultation.

A Look at the Current Housing Supply

Thu, 19 Aug 2021 00:07:53 GMT

The United States's housing market is now suffering a severe housing scarcity that has never been experienced before. For years, a lack of home supply has been a thorn in the side of an otherwise strong housing market. The supply of both new and existing houses for sale is at an all-time low.

The housing supply has not been able to keep up with growing household demand for various reasons.

What Do The Numbers Say?

Lack of available construction labor (cited by 81 percent of construction firms surveyed by the Associated General Contractors of America in 2020), land use regulations, zoning restrictions preventing supply from picking up in areas with the highest demand, NIMBYism (Not in My Backyard), lack of land developers, and an absence of affordable housing are just a few of the most commonly cited reasons for housing shortages.

The current housing scarcity is severe and growing, owing in part to the COVID-19 pandemic's impacts. According to Freddie Mac, the shortfall had grown by 52%, from 2.5 million in 2018 to 3.8 million in 2020. We can expect the scarcity to persist in the foreseeable future, given the cheap mortgage interest rate environment, increasing demand, and the need for extra room. The drop in supply at the entry-level is considerably more significant than the total deficit. The proportion of entry-level dwellings in total development has decreased from 40% in the early 1980s to about 7% in 2019.

Because many individuals are spending more time at home, the United States is now seeing a surge in housing demand that is much beyond what record-low mortgage rates would normally generate. This strong demand has exacerbated the housing supply shortfall, causing property prices to climb by more than 12% from a year earlier. A decline in home demand soon may not occur, particularly given the demographic tailwind. Given the huge number of young adults entering the housing market, demand for entry-level single-family houses is expected to continue strong for the remainder of the decade.

Due to a combination of low supply (especially entry-level) and high demand (especially entry-level), entry-level prices are rapidly rising well above overall prices, causing buyers to face affordability issues and require even larger down payments.

Put It in Context

So, if you are a seller, what does this mean to you? Just because things are starting to get back to normal doesn't mean you lost out on the ideal selling opportunity. You should take advantage of today's sellers' market and make your next move with increasing equity and cheap loan rates.

Even though the housing supply is beginning to rise, it remains at record lows. Therefore, a good time to sell your home.

Connect with our expert lawyers at the Law Offices of Joseph Marino, PC, about how you may sell your home today and take advantage of the low inventory to receive the best terms available.

What to Expect From Summer 2021’s Housing Market

Thu, 10 Jun 2021 23:44:09 GMT

Are you prepared for the changes in the housing market this summer?

What to Expect From Summer 2021’s

Housing Market

Purchasing a home is similar to participating in a competitive sport. But before you even set

foot on the fields, you need to know the rules - only then will you stand a chance at winning.

In 2021, “winning” means figuring out how you line up against investor credentials, getting

ready to deal with other borrowers, and negotiating a socially isolated homebuying process

before the pandemic is over.

To help you prepare, we’ve highlighted a few key house shopping trends for Summer 2021.

1. Housing prices are expected to rise.

According to real estate analysts, home prices are expected to rise in 2021, but not as quickly

as they did in 2020. According to Freddie Mac , current house prices are expected to rise 6.6%

in 2021, followed by 4.4% in 2022. Seasonal pricing varies, but what you purchase will affect

how much you spend.

2. Mortgage rates are likely to remain low.

Economists expect mortgage rates to stay low in 2021 after sliding to record lows in 2020.

The average 30-year loan rate fell to 2.97 percent in the most recent results, closing in on the

record low 2.65 percent set in January.

In a word, these rates are incredible. And they won't last indefinitely, but they're likely to

remain low during 2021, particularly given the economy's continued sluggishness at the start

of the year. And if the average 30-year mortgage rises to 3% later this year, it would always

be a very tempting moment to lock in a mortgage.

Even though interest rates are generally poor, it's always a good idea to look around for a

mortgage. The investor and your financial situation will determine the interest rate you're

offered. Contact a few different lenders to match mortgage rates and fees and choose the best

price.

3. The use of technology will increase.

Buying a home is made possible by the use of digital technologies. During the COVID-19

pandemic, virtual home visits, e-closings, smaller open houses, and Zoom meetings have

helped keep the market running by keeping people safe.

During the COVID-19 pandemic, virtual home visits, e-closings, smaller open houses, and

Zoom meetings have helped keep the company running by keeping people safe. Online

resources that make the home buying process easier, on the other hand, will outlast the

pandemic.

4. Shopping for a lender is always important.

A typical home buying error is to look for a home before looking for a lender. Before you

start looking at houses, get your finances in order and find a lender. Check your credit reports

and challenge any errors you spot, as well as your credit score, before applying.

Prepare to submit information about your wages, mortgage, work, and financial accounts to

be preapproved. A mortgage preapproval is an agreement by a lender to lend you a certain

sum of money under certain conditions. It won't ensure a final loan clearance, so it will

demonstrate to real estate brokers and buyers that you're serious about purchasing a home.

Want a helping hand throughout the home buying or selling processes? Our lawyers at the

Law Offices of Joseph Marino, PC, are well versed in real estate transactions. Reach out to us

for free a free legal consultation - we’re sure we’ll be your perfect fit!

Elder Law: Healthcare Part 3

Mon, 10 May 2021 15:36:53 GMT

Welcome to the final part in our trilogy of posts about Elder Law! We have previously tackled a variety of topics as it pertains to Elder Law, but in this article, we have decided to focus on one of the most important needs in the twilight of our lives: healthcare. More specifically, we will look at how you can use wills and directives to control your end-of-life decisions regarding healthcare. How does it all work?

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Using a Living Will to Direct Healthcare

As we have seen before, writing a will to give someone else the power to make decisions is nothing new. You can do this when it comes to healthcare as well. You can write a living will, otherwise known as a healthcare proxy, to appoint someone to make decisions related to healthcare when you are no longer capable of doing it.

Engaging an elder law professional allows you to make plans in advance about unexpected occurrences. At your advanced age, you are more vulnerable to ailments. In addition, accidents never announce themselves. It is best to prepare yourself and know, in advance, everything you can do and take the necessary steps.

What Can the Holder of a Living Will Do?

So, you may have decided to give more thought to a healthcare proxy. First things first, you need to know the limitations of this. What can your chosen representative make decisions about?

First of all, your living will can state whether you even want to receive treatment during certain circumstances. There are many reasons why you would want to go with this, and it is always an option. However, for those appointing a representative, they can make decisions about the following things:

Surgery and related diagnosis
Medicine
Availability to past medical records
Appointment and discharge of doctors, medical aid providers, and other personnel

Admittance and discharge from hospitals and nursing homes

What Can the Law Office of Joseph Marino, PC Do to Help?

Living wills are very complex documents and need an attorney to make proper sense of them and draft them. You might have religious, cultural, or even personal beliefs that need to be taken into consideration before a treatment plan can be agreed upon.

We at the Law Office of Joseph Marino, PC, employ attorneys whose main specialization is elder law. The healthcare part of elder law goes hand in hand with estate planning and other services, so only specialists should be allowed to handle your affairs. This is what we have to offer.

And with that, we wrap up our trilogy of posts related to elder law. We hope that you learned everything you needed to know about the topic - what works, what you can do, and how and where you can get help from. It is a necessity in today’s world, so we would urge all our readers to seriously consider looking into these services at the earliest.

A Look at the Need for Elder Law Advocates - Part 2

Mon, 12 Apr 2021 15:18:26 GMT

In a previous article, we talked about the facets of elder law, including how representatives can help you navigate home health care, estate planning, guardianship, and conservatorship, and assigning power of attorney.

In this article, we will pick up where we left off and take a look at how elder law professionals help you deal with the probate process, as well as what to keep in mind when you are looking for an elder law representative.

How Can Elder Law Help With the Probate Process?

Do you know what the probate process is? When someone passes away, even if they kept meticulous records and everything is in order with their wills and last testaments, nobody automatically gets what they have been promised. There are further legal affairs to attend to. This is the probate process, and it happens in specific probate courts.

Why do you not get access to assets as outlined in the will? It’s because banks are not considered legal experts when it comes to estate planning and asset management. This is why they may refuse to simply hand over the assets mentioned in the will to the loved ones of the person who has just passed on.

Instead, the matter is moved to the probate court, where the inheritor needs to file a petition. Then, the court will hear any claims issued by other challengers and claimants, and then it distributes the assets as dedicated in the will.

Courts anywhere are expensive, but probate courts promise to make the process messy for all parties involved. Hiring an elder law professional early on can ease you through the hassle faster and make sure you get what has been promised in the will.

Tips for Picking the Right Elder Law Professional for You

Start Early

There is nothing wrong with engaging an elder law professional before the passing of the elder. In fact, we recommend it. Taking care of wills takes trust, and the sooner you engage a professional, the more time you have to build trust and get to know one another.

Be on the Lookout

Engage professionals who have also been employed by people you know and trust. This way, you know you can trust them. Otherwise, you can rely on word of mouth, but it can be misleading.

Interview Prospective Attorneys

A reputable elder law attorney will transparently answer questions about fees and services. Not every attorney will be a perfect fit, so be sure to ask how long they have been in practice, what percentage of their practice is devoted to elder law, and what information is necessary for the initial consultation.

Elder Law Services From the Law Offices of Joseph Marino

That wraps it up for this article! Remember, it is your family who will have to deal with the hassle of the probate court after you pass. Make it easier on everyone by using services from the well-established law offices of Joseph Marino. Reach out for a consultation today.

A Guide to Elder Law – Part 1

Thu, 11 Mar 2021 01:23:29 GMT

A Guide to Elder Law – Part 1

Elder law is a growing legal field aimed at helping the elderly, as well as their family members, friends, and caretakers. The primary purpose of the elder law field is to assist elderly persons in financial planning and preparations for long-term care options. In this guide, we’ll take a look at the different facets of elder law.

Home Health Care

The labyrinthian road of American healthcare is one we all know and dislike. It is especially vexing for elderly people to know what plan they qualify for and to book home health care - which is free from the usual bureaucratic strings surrounding other forms of health care. Consulting an elder law professional early on in the process can save you a lot of long queues and headaches. Elder law specialists can direct you towards exactly what you need, so you don’t have to waste any time.

Estate Planning

A leading cause of stress among the elderly is thinking about what will happen to their assets and money after they pass. Because of the importance of this decision, it requires prior, comprehensive planning. If you use the services of an elder law attorney, though, you can be sure that your chosen representative will be well-versed in the uniqueness that usually surrounds wills and testaments.

Guardianship and Conservatorship

This is somewhat related to the last point: the guardianship and conservatorship facet of elder law revolves around whether you have family members you can count on to look after you. Yes, this is a loaded question and is going to seem invasive, but it is a question people need answers to. In the event that sickness and/or poor health leave you incapable of making your own decisions, elder law professionals can choose a family member to be your guardian (in case you need any assistance at all) or a conservator (for financial decisions only).

Power of Attorney

Unlike guardianship and conservatorship, which take away your decision-making powers for good, a power of attorney is a more limited form of that. Through this, you can assign a family member to make decisions for you - either in all matters or very specific ones (like simply signing checks). Basically, an elder law attorney ensures that you regain your autonomy when you get better instead of letting it all go.

How the Law Offices of Joseph Marino Can Help

Here at the Law Offices of Joseph Marino, PC, we firmly believe that the only surprises in your golden years should be reserved for your birthdays and anniversaries. For surprises of every other kind, we will work with you and find a solution that works for you and all your loved ones.

Whatever the issues that may arise, The Law Office of Joseph Marino, PC has helped numerous people around the Sayville area cope with all their elder law issues, and we are ready and willing to help you, too! For more information on Elder Law, keep an eye out for Part 2 of this blog series.

Click Here to Schedule a Free Consultation or call us today at 631-750-5305

Safe and Convenient Estate Planning Sessions via Zoom

Wed, 10 Feb 2021 06:54:04 GMT

We Offer Safe and Convenient Estate Planning Sessions via Zoom

The Law Office of Joseph Marino, PC, offers Zoom meetings for consultations, estate planning sessions, and more. The recent standard has been to virtualize or "zoom" through our everyday jobs for all of us. More people are working from home than ever, thus creating opportunities to change and virtualize more industries and organizations.

In sectors worldwide, including the real estate sector, COVID-19 has triggered a seismic change. Therefore, we need to have a deeper, systemic perspective to consider how we can use online resources and our respective real estate tasks to remain together. The technology is still there in many ways; so many people have smartphones, laptops, and tablets.

It has never been easier to reach out to others, wherever they are. And in all of this, there's a silver lining. Usually, it takes a lot of time, pollution, and resources to physically communicate with someone – but this is reduced because much of what is done in a meeting will happen through a Zoom call. You can be amazed by the hours you save and how much more you can get done in a day.

Why We Are Offering Virtual Estate Planning Sessions via Zoom

Zoom meetings are easy to attend for both parties. For a long time, video conferencing involved program installation, learning how to set it up, and complex dial-in procedures. However, using Zoom is pretty much as easy as FaceTime. Just click on the Zoom link in the invitation, and your meeting will start. The Law Office of Joseph Marino, PC, will create the invitation link and send it to you. If the Zoom app is not enabled, you'll be asked to download and install it. It's fast and easy, which means it's something that can be done by even the least tech-savvy of us.

Secondly, meetings can be carried out on any operating system, whether on your notebook, iPad, iPhone, desktop, or Android smartphone. That means Zoom can be used by almost anybody and anywhere with an internet connection. Zoom's aspect of making things convenient is another reason why the virtual platform is preferred by the Law Office of Joseph Marino to provide clients with online consultations, estate planning sessions, and more.

We respect the privacy of our clients, and all Zoom meetings are kept fully confidential. All our sessions are attended only by individuals who receive the invitation link, and for others, the discussion is kept locked. An important point to note is that we value client experience. The virtual meetings will be engaging, informative, and full of real value for clients.

Zoom also allows the option of recording a meeting and viewing it later.

So, let’s stay safe together! If you have a need for estate probate, estate planning, or more, just fill out our contact form. Our team of legal experts will get back to you with details on setting up a Zoom meeting.

What Will the Housing Market Look Like in 2021?

Fri, 08 Jan 2021 22:32:34 GMT

What Will the Housing Market Look Like in 2021?

In 2020, the housing market was on fire, with mortgage rates at record lows and an unexpected number of people relocating after a transition to remote work.

Today, we’ll be wrapping up our COVID housing market series - read on to learn if it is still worth buying a new house in 2021.

Is It a Good Idea to Buy a House During the New Year Holidays?

Before we begin, it is important to note that although Christmas and New Year holidays are generally not considered the best time of the year to be making property deals, 2020 has changed the trend.

Surely, Covid-19 restrictions have played a huge role in this. Since house-hunting currently faces additional restrictions for health purposes, realtors have become far pickier about who they will let on the property. Some estate agents screen potential buyers before any house viewings, so they won’t have to waste their own time on those who are not ready to make an actual deal.

This gives serious house-hunters a great opportunity to get through the door on hot properties first and hopefully get to extend their holidays by throwing a housewarming party in January.

Expert Housing Market Predictions for 2021

Speaking of the new year, the expectations for the housing market as a whole are positive. First, interest rates, which motivated many buyers in 2020, are expected to remain low. Low mortgage rates will continue to provide greater purchasing power, especially for those who buy a house for the first time.

Nevertheless, it is Covid-19 that is affecting many areas of our lives these days, including the housing market. While the US may manage to have vaccinated most of the Americans by the end of 2021, it may still remain difficult for many other countries to distribute vaccines.

Therefore, the global economy will probably take longer to recover, compared to the US economy, making US mortgage-backed securities attractive to international investors.

Moreover, when the pandemic is finally over, Americans will keep buying homes that fit their new way of life better. As a result, it is expected that more properties will be sold in 2021 than in any other year since 2006. Annual sales growth will reach over 10% in 2021, increasing from 5% in the last year.

Rising prices for already existing homes will encourage more buyers to consider purchasing a new one. In addition, as land in suburban and rural areas is cheaper than in big cities, more buyers are now willing to purchase a property there. Hopefully, there will be more areas where houses can be built cost-effectively.

Stay Tuned for More News on the Housing Market

We hope you have found this three-part series useful! What topics would you like us to tackle next? Fill out the contact box below with your ideas. Have a happy New Year, and we wish you the best of luck with house hunting.

Housing Market: Real Estate This Holiday Season With COVID-19

Tue, 08 Dec 2020 23:01:59 GMT

Real Estate This Holiday Season With COVID-19

The holiday season usually invokes images of family gatherings, pictures with Santa,

and visits with close friends. This year, however, COVID-19 has made holidays tricky to navigate.

With lockdown rules being in effect throughout the US, we are currently

entering a holiday season unlike any in recent decades.

So, how do these changes from COVID affect the housing market?

Well, the holiday season is typically considered to be a bad time to list property.

The majority of buyers want to be settled during the holidays and not have to worry about going through the hassle of moving. However, with the effects of the pandemic, interest rates are lower than ever, and competition has been slashed - thus, you have a greater chance of reaching prospective buyers.

And if you are looking to purchase a home, you can negotiate an excellent deal.

As we make our way towards the end of the year, people are eager to put the pain of 2020 behind them. In particular, many individuals are ready to move forward from the pandemic by moving from rental situations to homeownership. Becoming a landlord is now more affordable than ever - and having a stream of rental income can protect you in case of a future disaster.

How We Can Help

With the anticipated boom in housing during the holidays, it’s more important than ever

to receive legal counsel when purchasing residential or commercial property.

The Law Offices of Joseph Marino, PC, is devoting the full breadth of the skills of its experts to

helping property seekers navigate the housing market in a post-COVID world.

At the Law Offices of Joseph Marino, PC, we specialize in managing all forms and processes of real estate transactions. Our customers chose us because they know that we respect their goals and give them creativity, knowledge, technological skills, consistency of guidance, and determination to efficiently and effectively get their real estate deals completed.

Real estate sales are becoming more competitive. They are rapidly cross-border, highly organized, and require -sophisticated arrangements for funding. With our expert real estate capability in all product lines, unmatched credibility in banking, and well-resourced network, the Law Offices of Joseph Marino, PC are best positioned to advise on these forms of transactions.

Furthermore, our attorneys can help you prepare for more of life’s uncertainties. While

we hope that COVID will leave our readers unaffected, it is wise to be prepared and

protect one’s assets. Reach out to us for a FREE consultation on our estate planning services.

The housing market during the holiday season this year is expected to be one of the

busiest in more than 10 years, and we will ensure that you get the best legal representation.

Whether you are selling your house, shopping around, or aiming to rent out your property, you can receive expert legal counsel from the Law Offices of Joseph Marino.

Watch this space for more posts about the housing market!

How COVID Has Affected the Real Estate Market & Why You Should Buy a House Now

Mon, 02 Nov 2020 05:19:55 GMT

You might think now is a bad time to buy a house, but contrary to the way COVID has been destabilizing everything else, it has affected the real estate market in better ways than you could guess.

The pandemic has been battering the economy in more ways than one: unemployment has reached record numbers, and stocks are hectic, to name a couple.

With stakes so severe, it leaves the general public feeling confused and uncertain - reasonably so, because COVID has pulled a lot out from under our feet. We’re trying our hardest to find traction in this new world.

You might think now is a bad time to buy a house, but contrary to the way COVID has been destabilizing everything else, it has affected the real estate market in better ways than you could guess. These effects are directly tied to why you should consider buying a house now.

Lower Interest Rates

Interest rates haven’t been so low since 1971. Just this past April, the average

30-year mortgage rate coasted under 3.5 percent.

Granted, your credit score determines what rate you can qualify for, but the chances of landing a reasonable interest rate are better now than they’ve been in the past 50 years.

Lower Competition

Historically, one of the biggest hurdles for homebuyers is the competition. With so many on the market, just as eager and determined as you are, the search for your dream house can be rather intimidating.

Nowadays, that’s barely an obstacle. Mortgage applications have slid on a

downward slope since March, dropping by a significant 35 percent, and opening options up for you.

Sellers Want to Sell—and They Want to Sell to You!

With the decrease in mortgage applications and fewer people competing against one another, sellers have less wiggle room to up the stakes.

Their motivation to sell will persist, even with homebuyers becoming fewer and further between.

What will they do? Sellers may tend toward practicing flexibility and open themselves up to negotiations they may not have previously considered.

Now is the time to be having these conversations—the odds are in your favor!

How This Works in the Midst of a Pandemic.

Even before COVID struck the world, the real estate market was already advancing toward a more remote experience. The pandemic has more or less expedited the process that was already unfurling for years.

One way these efforts turn remote is by allowing homebuyers to see the house before even stepping inside with virtual tours hosted by realtors.

This gives potential buyers a look into the

home while reducing the foot traffic through it. Of course, you’ll most likely want to actually step foot into the house before making the purchase, and we can’t blame you.

That’s where safety measures come into play. Rather than attending open houses, practice social distancing

and request private showings from your realtor.

Better Now Than Never

We are in the midst of a global pandemic. The crisis has driven away the competition and shaved down the cost of buying a home… for now. Once it passes, these elements could skyrocket again, eliminating the opportunity. Buying now might be your best move. Being a real

estate attorney in Suffolk County, NY, I’ve seen how COVID is impacting the homebuying process firsthand.

For more updates on the housing market, keep an eye out for my future

posts – I’ll be here every step of the way, analyzing market trends.

7 Reasons Why You Should Have a Will or Trust During a Crisis

Thu, 01 Oct 2020 04:37:32 GMT

In order to protect your loved ones, it’s essential to have a will or trust in place well in advance.

Upon your passing, your loved ones may not have the strength to go through and divide your possessions, nor do they know who should get what. Therefore, a document laying this out will help them through this already tough time. Google search trends show that there has been a surge in people searching, “wills

and trust attorney near me.” Read on to find out why creating wills and trust during a pandemic has become a priority.

Will vs Trust

A will is a legal document that lays out your wishes for your assets after you die. You can determine exactly who your assets will go to, whether they are family or not. You can also use the will to write out your funeral wishes, make charitable donations and appoint who you would want to be guardian of your minor children.

A trust acts similarly, but it can skip probate court. Furthermore, if you set up a revocable living trust, you are able to create, enforce, and change any aspect of it while you’re still alive. Additionally, a trust is private and can be used to transfer ownership of homes and/or other assets to a successor without having to go through a lengthy and expensive court process.

Why You Need a Will or Trust During a Crisis

Now that you know the basic difference between a will and a trust, here are seven reasons why it’s

important to have one (or both) before a crisis occurs.

1. Control over your finances: You get to determine how you want your expenses, inheritance, and

investments to be treated.

2. Control over your healthcare: You are able to choose who cares for you and exactly how you’d want their help.

3. Protection over your property: You worked hard for the property you now own; why not protect it before something happens? A Suffolk County estate planning attorney can help you with the process.

4. Business succession: You can have a detailed plan in place, appointing someone to take over your business or to close, liquidate, and distribute assets.

5. Guardianship: If you have small children, you can assign guardianship over them to ensure they are cared for by a responsible adult of your choosing. You can also leave property to your young

children and their guardian – another process our Long Island estate planning attorney can help you with

6. Pet caretaker: You can assign a caretaker for all your pets and even leave some money for them.

You can also leave specific care instructions, such as the brand of food your pet should be given,

and if they should be taken on long walks every day.

7. Name an executor: This person will help ensure your assets go to the right people. If you don’t name an executor in your will, one will be appointed by the court.

Whether you have questions about how to assign guardianship or just general estate planning questions, our Suffolk County Law Offices have the legal experts you need to guide you through the

process.

Insight from the Law office of Joseph Marino PC

5 Ways of Dealing With the Impact of a Foreclosure

5 Ways of Dealing With the Impact of a Foreclosure ﻿

What Is a Foreclosure?

The Emotional Impact of Foreclosure

Options to Help Deal with the Emotional Toll of Foreclosure

How to Find a Suitable Elder Law Attorney

As we enter the new year, the last thing anyone has on their minds is elder law—but perhaps you should make it a New Year’s resolution to sort out your affairs this year.

Carefully Consider What You’re Looking For

Meet for an In-Person Consultation

Ensure They Have Experience With Your Particular Issue

Look Into Their Credentials

Don’t Wait to Plan For Your Golden Years

The Benefits of Working With an Elder Law Attorney

As you age, it is important to plan ahead for the financial and medical issues that may come up.

Living Wills

Planning for Incapacity

Saving on Long-Term Care Costs

We Are Here to Help

Understanding the Probate Process: Elder Law Revisited

The question of what to leave your descendants is an important one, but simply writing a will and dividing your assets up is not enough. Why?

What is the Probate Process?

What the Marino Law Office Can Do

Elder Law and What it Can Do For You

The pandemic years caused a seismic shift in lifestyle for everybody all across the world. Everyone suddenly found themselves in a situation where everything was different, where nothing quite made sense.

Home Health Care

Estate Planning Made Easy

Guardianship and Conservatorship Services

What the Law office of Joseph Marino Can Do

What Is Fractional Investing in Real Estate?

Five Tips for Making an Offer on a Home

Five Tips for Making an Offer on a Home

Do Market Research

Do Not Give Info About Yourself

Have a Budget

Figure Out the Down Payment

Take Action

Speak to an Expert

COVID and the affect on the Housing Market Now

The Affects of Covid 19 on the Housing Market Now!

Your Estate Planning Checklist

Estate Planning Checklist

All You Need to Know About Pour-Over Wills- The Law Office of Joseph Marino

All You Need to Know About Pour-Over Wills

What Are Pour-Over Wills?

How Do Pour-Over Wills Work?

Is a Pour-Over Will the Right Option for You?

How to Negotiate a Landlord-Tenant Dispute

Landlord-Tenant Dispute?

Know Your Contract Stands

Everything You Need to Know About Net Leases

Everything You Need to Know About Net Leases in this New Year!

How Does a Net Lease Work?

Get Legal Advice for Your Real Estate Needs

A Look at the Current Housing Supply

What to Expect From Summer 2021’s Housing Market

Are you prepared for the changes in the housing market this summer?

Elder Law: Healthcare Part 3

A Look at the Need for Elder Law Advocates - Part 2

In a previous article, we talked about the facets of elder law, including how representatives can help you navigate home health care, estate planning, guardianship, and conservatorship, and assigning power of attorney.

A Guide to Elder Law – Part 1

A Guide to Elder Law – Part 1

Safe and Convenient Estate Planning Sessions via Zoom

We Offer Safe and Convenient Estate Planning Sessions via Zoom

What Will the Housing Market Look Like in 2021?

What Will the Housing Market Look Like in 2021?

Housing Market: Real Estate This Holiday Season With COVID-19

Real Estate This Holiday Season With COVID-19

How COVID Has Affected the Real Estate Market & Why You Should Buy a House Now

You might think now is a bad time to buy a house, but contrary to the way COVID has been destabilizing everything else, it has affected the real estate market in better ways than you could guess.

7 Reasons Why You Should Have a Will or Trust During a Crisis

In order to protect your loved ones, it’s essential to have a will or trust in place well in advance.

5 Ways of Dealing With the Impact of a Foreclosure