Re bank

Guide to

Real Estate, Banking & Finance

A Blank Slate Media / Litmor Publications Special Section • May 27, 2016

40 real estate, banking & finance • News Times Newspapers, Friday, May 27, 2016

Things to consider before buying an investment property Real estate can be an incredibly fruitful investment. Buying a property at the right time can provide investors with a substantial return when they decide to sell, and that opportunity compels many men and women to consider investing in real estate.

While there’s no denying real estate can yield a great return on buyers’ initial investments, there’s more to making money in real estate than simply buying a property and waiting for its value to rise. Buyers who are thinking of investing in real estate should consider a host of factors before purchasing an investment property.

Price trends Recent sale activity in a given town or neighborhood is something prospec-

tive real estate investors should study before buying an investment property.

Would-be real estate investors can explore real estate websites such as Zillow.com for recent sale information, which may also be available through local government agencies. Such data can be invaluable, showing potential investors which neighborhoods are in demand and which may be in decline.

Taxes Investment properties are not eligible for as many tax benefits as primary residences. However, landlords can write off repairs, management costs and other fees associated with rental properties. But it’s not just their own tax bill prospective investors should consider before buying an investment property. Many potential buyers down the

road may prefer a property in an area where property taxes are relatively low, so even if you can afford the tax on the investment property, you may find buyers are unwilling to assume that burden when you put the property up for sale in the future.

Location Prospective real estate investors no doubt know the value of location with regard to real estate, but if you can’t afford to buy in a neighborhood that’s currently hot, that does not necessarily mean you can’t still capitalize on that area’s popularity. When a town becomes popular, its property values rise, and many buyers find themselves just barely priced out. When that happens, the surrounding towns tend to become the next hot neighborhood, as these areas are nearly as

close to the attractions that make the initial neighborhood so desirable. Buying on the outskirts of a hot neighborhood can set you up to benefit nicely when that area gets too pricey.

Schools School systems should be examined even if you do not have children. In a recent Trulia.com survey of American home buyers, 35 percent of respondents with children under age 18 indicated they want to live in great school districts. GreatSchools.org has profiles of 200,000 public, public charter and private preK12 schools. Investors can use the GreatSchools.org search engine to find information about local schools and school systems so they can better position themselves to buy properties in areas that will appeal to buyers down the road.

News Times Newspapers, Friday, May 27, 2016 • real estate, banking & finance

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42 real estate, banking & finance • News Times Newspapers, Friday, May 27, 2016 ADVERTORIAL

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Understanding life insurance

Life insurance is a product few people want to think about. That’s perfectly understandable, as life insurance forces men and women to consider their own mortality.

But life insurance is not something adults should avoid, especially if they have dependents.

Many people should consider life insurance when estate planning so they can provide security for their loved ones. But life insurance is a purchase unlike any other, and people may be confused or intimidated when attempting to purchase life insurance policies.

Deciding if you need coverage While life insurance seems like the kind of thing every person should have, that’s not necessarily the case. For example, single men and women with no dependents and no tax or debt concerns generally do not need life insurance. If you are single but have tax issues or a considerable amount of debt, then a life insurance policy can be used to pay those debts upon your death.

Adults with dependents, such as a spouse and/or children, should consider purchasing life insurance, which can help your surviving dependents maintain their quality of life and pay their bills in the wake of your death.

Buying life insurance Much like various other types of insurance, life insurance can be purchased from an insurance agent or via an insurance company’s website. When choosing a company from which to buy a life insurance policy, look for a company with a strong rating, as no one wants to end up being burned by a life insurance provider who goes out of business. Some people prefer to work with independent brokers who can share information about products from various providers rather than just the

ones offered by the firm company-affiliated agents work for.

Choosing coverage When choosing coverage, you will no doubt be asked if you prefer term insurance or permanent insurance. Term insurance is the least expensive life insurance, and such policies only last for a predetermined number of years. Men and women may purchase life insurance policies if they only want life insurance until they retire or until their children reach adulthood. Permanent insurance is more expensive and will last from the moment you purchase the policy until your death. Many people choose permanent life insurance policies so the money their beneficiaries receive upon their death can be used to pay estate taxes.

In addition, there is an investment component to permanent insurance policies, as a portion of the premiums on such policies is invested (policies will spell out how the money is invested) and allowed to grow tax-free so long as the policy is open. Term insurance only provides protection with no investments.

When choosing how much coverage to purchase, it’s easy to go overboard and aim for as much as possible. However, many financial advisors suggest purchasing enough coverage to pay for funeral costs and a level of income replacement you can comfortably afford. If your spouse does not work, you should consider purchasing enough coverage so he or she can afford to pay the family’s day-to-day cost of living expenses.

Life insurance merits serious consideration, and adults should do their homework and fully understand a policy before signing any contracts.

News Times Newspapers, Friday, May 27, 2016 • real estate, banking & finance ADVETORIAL

What to look for in your first home.

What to look for in your first home. When people buy their first home most buyers focus on kitchens and baths. So people who flip homes make sure they look new. More important than these things are location, nearness to transportation and livable space.

Although putting new kitchen and bath may save immediate expenditures!

Checking that the house has been well taken care of and maintained are very important.

Basements can be a joy or a horror if water leaks are present or basement walls show deterioration or there is asbestos on pipes, leaks from pipe connections or fitting or symptoms of mold all can be expensive and difficult to fix.

Checking for recent upgrades in electricity appropriate, Roof, nearness to trees and school also can cause problem.

Most people really do not know what they really like. If you have young children a cape home may not be a good idea because the children will be on different floors than the parents. are stairs a problem to some members of the family?

Then a cape home with a bedroom on the first floor can be perfect. Ranches work well for young families and older people who have trouble with stairs. Colonials are great for keeping children away from company. After children go to bed, the noise and activities will not bother them.

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seems like a great idea with a split level home, the bedrooms are only half a flight from living areas. Again stairs can be a problem, but it gives lots of space for a growing family!

When buying a home people have to keep in mind what stage of life you are in. for a couple starting out with one or no children a starter home or coop will get you started with a real estate investment that can grow so as you move along with your life. you will be able to change your property to match your life style with appreciation of that property when you are at the next stage!

Buying a house very far from your work requires really thinking through all it will entail not just for commuting,but if children or

spouse should get sick or need continued assistance. convenience to work, schools, stores, forms of transportation. should be factored in besides space for the whole family.

Another big consideration is school district. Check to see that the district you buy in has special service for year children's needs. How well the district fairs on state tests, and the number of graduates that go on to higher education upon graduation. Special interest like art and music programs, sport programs may impact your children.

Also pre-school programs; after school programs, after school programs, gifted programs, Special education programs all make a district more desirable.

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44 real estate, banking & finance • News Times Newspapers, Friday, May 27, 2016 ADVERTORIAL

What You Need to Know About Estate Planning Today

By Stephen J. Silverberg, Esq. / The Law Office of Stephen J. Silverberg, PC When it comes to estate planning and Elder Law, there isn’t much that our office doesn’t see. Because of my background in advanced estate planning, including extensive experience in tax planning and complex wealth management, we serve clients with everything from estate planning basics – preparing wills, power of attorney, health care proxies – to complex, multi-million dollar, multi-generation plans that incorporate tax planning and wealth transfer.

This wide perspective informs everything that we do. When we work with a family on creating an estate plan, we can offer them advice and counsel based that advances their financial and tax planning. Financial planners and CPAs enjoy working with the firm because they need not instruct us on how these matters must be handled. Often, we can advise them about changes in the law and how they intersect with changes in financial rules.

Here are the top ten things you need to know today about estate planning.

Estate Taxes The federal government has been raising the exemption on the federal estate tax for many years, and for 2016, the exemption is $5,450,000. In New York, the New York estate exclusion is $4,187,500 from April 1, 2016 and March 31, 2017. By January 1, 2019 it will be equal to the federal exclusion.

If your New York taxable estate is over 105% of the Basic Exclusion Amount, your estate tax exclusion drops to $1 million and the New York estate tax is between 10% and 16% of the estate in excess of $1 million. If your estate is over the federal exclusion amount, the combined federal and New York estate tax rate is approximately 51% of the estate in excess of the federal exclusion Owning a house on Long Island, having a retirement account, life insurance and an interest in a business can easily take you over the exclusion amounts. Even if your estate is below the estate tax threshold, there are numerous income tax issues. If these issues are properly addressed, the tax burden can be substantially decreased.

Why You Need a Will By now you have probably read several articles about Prince and how his failure to prepare a will has resulted in public drama and stress on the family. Had Prince drafted a will, he would have given his family the privilege of privacy. The court battle over his estate and distributing assets will more than

likely be public knowledge. If you are a private person and prefer to keep your estate private, proper planning must be done in advance.

Also, if your will has not been updated in the last three years, it may be out of date. There have been changes to the law in recent years and there will be opportunities you and your family will miss out on. If your will is ten or twenty years old, then you definitely need to update it!

Young Families and Guardianship Concerns Preparing estate planning documents is usually the last thing anyone wants to do when they are busy welcoming a new family member. But absent these documents, children’s lives will be altered if tragedy strikes.

If you are a parent, you owe it to your children to create a plan to establish guardianship for your children. If you do not, the court will oversee your children’s financial affairs until they become eighteen years old. Every expenditure and investment will require court approval.

Blended Families If you have a blended family, you really need an estate plan and in the best of circumstances, conversations with family members. Your estate planning attorney can guide you in addressing the legal, financial and emotional concerns that come into play with blended families. Think of it this way – you likely devoted many years to blending the family. Not having a clear estate plan can easily undo all of your efforts.

Who Gets The Soup Tureen?

If you have adult children, you need an estate plan to distribute your assets and possessions in the manner you wish, and to prevent squabbles that can build into splits. When parents die, even the most unlikely possessions can become battle grounds during a highly emotional time. By planning in advance, you can make these decisions and circumvent an additional layer of acrimony. You may know your heirs better than anyone else, but we have seen many surprises when adults are presented with a vague will and Mom’s Thanksgiving serving platter becomes the center of a family struggle. Spare your family this petty squabbling so they can focus on what matters – taking care of each other during a time of grief.

Special Needs Families This law firm has an extensive Special Needs practice. We focus on

providing for the needs of loved ones with disabilities so that when parents are no longer alive, their legal, financial and care needs are taken care of.

An estate plan for Special Needs families also includes preserving your family member’s eligibility to receive care from federal and /or state benefit programs. This may include Support Trusts and Special Needs Trusts.

Why “I Love You” Wills Just Don’t Work Out An “I Love You” Will simply leaves all assets to the surviving spouse. True, the estate tax marital deduction results in no estate tax after the first spouse’s death. But this arrangement could cause federal estate tax after the death of the second spouse to die, if his or her assets exceed the exempt amount.

The solution is to have each spouse’s Will transfer the exempt assets to a “Bypass Trust.” The Bypass Trust is so named because the assets “bypass” the taxable estate of the surviving spouse after the surviving spouse’s death, even though the trustee can make distributions to the surviving spouse during his or her lifetime.

The federal estate tax law provides for “portability” of the unused federal estate tax exclusion to the surviving spouse. However, the law establishes set rules that must be followed or the unused exclusion amount. On top of that, the New York estate tax law does not follow the federal law and there is no portability available; if the first spouse does not use their entire New York estate tax exclusion, the remaining exclusion is lost. This can make the New York estate tax due in the estate of the surviving spouse substantially higher.

You Need a Plan for Incapacity Estate planning usually includes preparation for the possibility that you become incapable of making medical and financial decisions for yourself.

Execute documents that authorize someone else to act on your behalf if your incapacity occurs. Without these documents in place, court proceedings to name a guardian may be required, no matter how costly and unpleasant for all concerned.

You Also Need a Power of Attorney A Power of Attorney is a document by which an individual grants another person the authority to make certain decisions and transactions on his or her behalf. The person granting the authority is called the principal, and the person receiving the power is called the principal’s agent or attorney-in-fact. If

properly drafted, the Power of Attorney will give the agent a very broad range of powers to act on behalf of the principal in many contexts. Obviously, the principal must exercise great care in the choice of person to be named because of the sweeping powers granted by the document. Typically, each spouse names the other as their attorney-in-fact. The principal may, but is not required to, appoint an alternate agent.

Why You Need a Durable Power of Attorney A Power of Attorney is effective immediately upon execution. However, if it contains no provision it remains effective upon the incapacity of the principal, it is revoked by law. If the Power of Attorney contains the proper provision, it is referred to as “Durable” because it remains in effect after the principal is incapacitated. This allows a trusted person to act for you when you can’t act for yourself. Often, intrafamily transfers by an individual who has suffered a catastrophic illness or injury may provide tax or asset protection benefits to the family. Without a Durable Power of Attorney in place, the individual’s incapacity could eliminate the ability to make such transfers.

This would require a lengthy and expensive guardianship proceeding and the court will supervise the guardian for the life of the incapacitated person.

Stephen J. Silverberg is nationally known as a leader in the areas of estate planning, estate tax, asset preservation and Elder Law. A past president of the prestigious National Academy of Elder Law attorneys, he has been named a Super Lawyer from 2007 to 2015 and holds the highest rating from legal publisher Martindale-Hubbell, among many professional accolades. He heads up Roslyn-based The Law Office of Stephen J. Silverberg, PC www.sjslawpc.com 516-307-1236.

News Times Newspapers, Friday, May 27, 2016 • real estate, banking & finance

Law Office of Stephen J. Silverberg, PC Elde r L aw - E s tat e Pl a nning How do you know if the lawyer you have selected is truly capable of being entrusted with your legal matters?

ASK QUESTIONS: • How long have you been practicing Elder Law? • Have you handled matters similar to mine?

• Are you a Certified Elder Law Attorney (CELA)?

• Do you attend Continuing Legal Education (CLE) programs?

• Do you know the tax ramifications of Elder Law planning?

After all, wouldn’t you want to know that your doctor is board certified?

Are you an active member of a professionally recognized not-for-profit organization of your peers?

For Elder Law attorneys, the most prestigious organization is NAELA – the National Academy of Elder Law Attorneys.

Don’t fall victim to the amateurs selecting amateurs to serve amateurs theory: People’s natural tendency is to help others, but the results aren’t always pretty. When one person has a problem, everyone has an opinion. But Elder Law issues are very complicated, and the facts in every situation are different, even if they might seem the same.

Consider this – Medicaid in New York State is administered on a county-by-county basis.

What works perfectly for one family in Nassau County may be a financial disaster for a family in Suffolk County.

I have a deal with the tellers at my bank.

They don’t give legal advice, and I don’t accept cash deposits.

When you need an Elder Law attorney, ask the right questions.

If you have questions about Elder Law or Special Needs issues, please call me at my office to learn more at 516-307-1236.

(516) 307-1236 185 Roslyn Road Roslyn Heights, NY 11577

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46 real estate, banking & finance • News Times Newspapers, Friday, May 27, 2016

How to protect yourself from theft Anyone who has had their home broken into or been the victim of identity theft understands just how unsettling it can be to have their privacy invaded. To think that a stranger has rooted through your stuff may be even more upsetting than losing the stolen items.

Data from various sources, including the U.S. Bureau of Justice Statistics, points to identity theft as one of the fastest-growing crimes in the United States. Approximately 15 million U.S. residents have their identities used fraudulently each year, with financial losses totalling upwards of $50 billion. Perhaps thanks to the prevalence of Web-based accounts and transactions, as well as reliance on digital services, identity fraud and other types of theft have increased in frequency. According to a 2013 report from Javelin Strategy & Research, an incident of identity fraud occurs every three seconds.

Just about any individual or business is vulnerable to an identity/data attack. It’s crucial that individuals and businesses take steps to protect themselves from identity theft and other forms of theft.

Limit sharing on social media Many people have no qualms about posting personal data via social networking sites, even though they aren’t taking the precautions necessary to keep that in-

Use only secured wi-fi networks Avoid sharing personal information when using unsecured networks, such as those available at restaurants or coffee shops.

It’s easy for someone to hack into your accounts when they don’t have to go through firewalls and other security features.

Exercise caution with email Opening emails or clicking on attachments and links could initiate spyware, and doing so may even infect your computer with a virus. Also, don’t be fooled by emails requesting personal information.

Such messages are typically sent by fraudulent people masquerading as legitimate businesses, such as credit card companies looking to “verify” account information.

formation safe. Always keep your privacy settings at the highest level, and never share sensitive personal information such as your birth date, address or financial information.

Invest in security software Invest in or upgrade your spyware and security applications. In addition, install any security updates authorized by your

operating system or the apps you use.

Create strong passwords Skip those easy passwords that just about anyone who knows a little about you can guess. Instead, choose complex passwords that feature a combination of letters, numbers and symbols. Many passwords are case sensitive, so use a combination of uppercase and lowercase letters as well.

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Keep personal belongings out of sight Be mindful of personal items and information at all times. Shred mail that contains account numbers, and store checks and bank account paperwork and files where they can’t be seen. Avoid logging on to personal accounts in public and when your sensitive information might be visible to others.

Theft can be scary, and anytime personal belongings or information is stolen, it can make a person feel violated. Start taking steps to better safeguard your personal data.

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News Times Newspapers, Friday, May 27, 2016 • real estate, banking & finance

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48 real estate, banking & finance • News Times Newspapers, Friday, May 27, 2016

How to find a financial planner Managing money can be a daunting task. Monitoring retirement and investment accounts can sometimes seem like a fulltime job, and that’s in addition to the responsibilities many men and women already face with regards to their careers and families.

To combat the sometimes confusing and intimidating nature of money management, many people enlist the help of financial planners. Financial planners can help men and women navigate the plan for retirement and help them prepare for unforeseen events that can affect their finances. Finding the right financial planner can be similar to finding a physician; just like you don’t want to trust just anyone with your health, you also don’t want your finances in the hands of someone you don’t trust.

The following are a handful of tips for men and women as they look for financial planners who they can be comfortable with for years to come.

Choose a certified planner. Many financial professionals claim to be planners, but only those men and women who are certified financial planners, or CFPs, are licensed and regulated.

CFPs must take various classes with regard to financial planning and pass an exam administered by the Certified Financial Planner Board of Standards. In addition, a requirement to maintain their designation as CFPs is that, once certified, CFPs continue their education so they can stay abreast of the latest industry trends and developments. While CFP status does not guarantee a given planner will meet your needs, it’s a good place to start.

Consider how a CFP earns his or her living. How a CFP earns his or her living is another factor to consider. Commissionbased financial planners earn commissions when buying or selling a stock, while fee-based planners earn a percentage of

your annual assets. Many people starting out prefer planners who earn hourly fees, feeling that such a pay structure makes them more comfortable and gives them time to build up a relationship with their planners.

Work with a fiduciary. Financial planners are held to two standards: the fiduciary standard and the suitability standard. The latter requires that planners give advice that suits investors’ objectives, while the former requires planners to give advice that puts their clients’ best interests ahead of their own. So what’s the difference? A planner beholden to the suitability standard can recommend the least suitable investment option (which may earn him or her more money) among a handful of suitable options, without having to report to his or her client any conflicts of interest, whereas a fiduciary is obligated to recommend the option that is best for the client.

Be wary of boasts. Some planners will try to impress prospective clients with boastful talk of beating the market. Such boastfulness should raise a red flag, as it suggests a planner is more likely to roll the dice with your money than

make sound investments.

Finding a trustworthy financial planner is a great way to grow your money. But who to work with is a decision that requires careful thought and research.

Get the best deal on an auto loan selves time and easing nerves some buyers may have about the car-buying process. Prequalifying with a bank, credit union or online lender does not lock buyers into those terms, leaving them room to secure even better deals by asking the auto dealer to beat the terms of their existing financing deals. Be careful not to apply for too many loans when loan shopping, as each application will lower your credit score.

Thanks to the high costs of new automobiles, many drivers now take out loans when replacing their existing vehicles. Such loans make it possible for drivers to purchase new vehicles they may not have the cash to buy outright, and making car payments on time each month is a great way for consumers to build their

credit.

Drivers want to find great deals on their cars, but they also should make an effort to secure the most consumer-friendly auto loan they can find. Doing so can save drivers substantial amounts of money over the course of their loans, and finding a great deal is not as difficult as it may seem.

• Go to your lender first and foremost. Loan shopping before car shopping, as opposed to relying on dealers to arrange the loan once you find a car you want, can help drivers secure better terms.

By prequalifying for a loan, consumers can then go to the dealership knowing exactly how much they can spend, saving them-

• Clean up your credit.

Creditors take many things into account when determining loan terms, but perhaps no variable is more important than an applicant’s own credit history. If your credit history is bumpy or you are currently carrying substantial debt, pay off as much of your debt as possible before applying for an auto loan. Even if your credit history is not great, you may be in line for better loan terms if you have paid off your consumer debt and recently indicated you are capable of making monthly payments for an extended period of time.

• Comparison shop. Lenders compete with one another, and

consumers can use that to secure the best possible loan terms. If one lender gives you loan terms that you find attractive, resist the temptation to sign on the dotted line right away. Sleeping on it and taking the terms to the lender’s competitors or even auto dealers may ultimately result in you landing even better terms.

• Know the terms of the loan before you drive off the lot.

Some financing terms may be classified as “contingent,” which means the terms can change even after drivers take cars off the lot. That may mean higher interest rates or lengthier loans, which can cost drivers considerably more money in the long run. Drivers can avoid that fate by waiting until the terms have been finalized to accept the car and take it home.

Auto loans make it possible for millions of drivers to purchase new and reliable automobiles. Savvy borrowers who take the time to secure the best loan terms can save themselves substantial amounts of money and still drive the cars of their dreams.

News Times Newspapers, Friday, May 27, 2016 • real estate, banking & finance

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50 real estate, banking & finance • News Times Newspapers, Friday, May 27, 2016

How to save on your cable bill

A

s the cost of cable and satellite television continues to rise, more and more consumers are cutting the cord with such pay television services. A 2014 study from Experian Marketing Services found that the number of households that no longer subscribe to cable or satellite television service has increased by 44 percent since 2010. Much of that can be traced to streaming services such as Netflix and Hulu Plus, both of which provide a host of content at a fraction of the cost of traditional cable and satellite providers.

Lighthouse Financial Network, LLC is independent of Signator Investors, Inc. Registered Representative/Securities and Investment Advisory Services offered through Signator Investors, Inc., Member FINRA, SIPC, a Registered Investment Advisor.

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But as much as the revolution against cable and satellite television providers is gaining steam, many consumers are still finding it difficult to entirely abandon this traditional, and, some might say, antiquated way to enjoy their favorite content. However, many of those who count themselves among the masses who can’t quite cut the cord with cable or satellite are looking for ways to reduce the costs of these increasingly costly luxuries. The following are a handful of ways to do just that.

Negotiate, negotiate, negotiate.

Recognizing the threat that popular streaming services pose to their bottom lines, many traditional content providers no longer mandate that new customers sign contracts that lock them in at given rates for predetermined periods of time. That concession gives cable and satellite customers more room to negotiate, which they

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should do as often as possible. Contact your service provider whenever promotional deals expire and negotiate for that deal to continue or inquire about better deals. Contrary to popular belief, cable and satellite companies will negotiate with their customers in an effort to help them find better rates. But the onus is on consumers, and not the companies, to initiate such negotiations.

Assess your needs. If a large chunk of your cable or satellite bill is going to pay for premium channels, reassess your viewing habits to determine if you really need these often costly channels. Thanks to streaming services, many television viewers now prefer to binge watch their favorite programs. If you fall into that category, stop paying for premium channels and patiently wait for your favorite shows to be made available on DVD or streaming.

Stay calm. Cable and satellite providers do not have the most stellar reputations with regard to customer service, so it’s common for dissatisfied customers to enter discussions with their providers with a chip on their shoulder.

When calling your provider, remain calm and, rather than threatening to cancel your subscription, explain that you want to stay but need to reduce your monthly bill. Such an approach is more likely to meet with positive results than one that is aggressive and antagonistic.