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Welcome to Our Law Office
Welcome to the Law Offices of Valerie A. Shivers, P.C. From the purchase of your first home to planning your estate for your grandchildren – we strive to be your family attorney. In this monthly newsletter we will focus on relevant changes in the law that may affect you personally, or your business. We will help detail how these changes may affect you, how you may take advantage of new changes in the law, as well as provide you with things to consider as you approach different milestones throughout your life. This newsletter will also serve as an outlet to keep you informed on all that is happening with Valerie A. Shivers, P.C.
What’s new? - On the move…
We are proud to announce the expansion and relocation of our law firm to 1399 Franklin Avenue, Suite 103, Garden City, NY 11530. The expansion was motivated by a need to hire additional staff at Valerie A. Shivers, P.C. Perhaps the most exciting news surrounding the move, aside from its’ prestigious address, is the fact that it will now be located in the same building as the Elizabeth Arden Red Door Spa. So the next time you are getting a stress relieving massage – stop in to Valerie A. Shivers, P.C. and see if we can help to alleviate some additional stress caused by any legal matters you may be encountering. The firm will continue to focus on the areas of Estate Planning, Estate Administration, Elder Law and Residential & Commercial Real Estate. | |
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About Us
Valerie A. Shivers, P.C. is a full service law firm that specializes in legal issues related to protecting your family assets, as well as growing your personal wealth & real estate. We pride ourselves in ensuring that there is a plan in place to properly secure your estate and prevent unnecessary tax penalties when acquiring new assets or transferring your current assets to your beneficiaries. | |
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 What’s New with VAS, P.C.?
This is the first installment of the Valerie A. Shivers, P.C. (VAS, P.C.) E-Newsletter. We will use this newsletter to communicate with our current and future clients, friends and family.
Future releases of this newsletter will contain:
- Updates and upcoming speaking engagements from VAS, P.C.
- Information on new developments in the law and useful resources
- Interesting case law, and how it may affect you or someone you may know
- Details on how VAS, P.C. can help you
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Elder Law Spotlight
Protecting the house from Medicaid – Life Estate versus Irrevocable Trust
I often tell people that 60 is a magic number. When an individual or parent turns 60 years old, it’s important to begin thinking about transferring certain assets to protect them from future Medicaid recovery and to survive the “5 year look back period.” The largest concern of most individuals is protecting their biggest asset – the home. There are two options available to individuals looking to protect their home – a deed transfer retaining a life estate and a deed transfer to an Irrevocable Trust. A life estate is the simplest alternative to protecting the home from estate recovery. An Irrevocable Trust provides the same protection as a life estate, however, offers more flexibility.
Contact us any time to discuss the pros and cons of each option.
For more information on Medicaid and the various options and penalties, check out this article:
http://www.elderlawanswers.com/elder_info/elder_article.asp?id=701
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Estate Planning & Administration Spotlight
Naming a Guardian for your children…
No parent wants to imagine that they might die while their children are still young. As a result, many parents procrastinate when it comes to drawing up a Will. Many times parents don’t feel comfortable choosing between grandparents, family members or friends. It’s important to remember that choosing a guardian for your children isn’t a popularity contest, nor should you choose someone to act as guardian, simply because they would be angry or hurt if you chose someone else. You as a parent know who is best suited to act as guardian of your children if you and your spouse die.
Here are some issues you may want to consider when appointing a guardian for your children:
- Is the person mature enough to take on such a responsibility?
- Would the person be willing to serve as guardian?
- Does the person have a good relationship with your children?
- Is the person financially stable?
- Does the person share your ethics, beliefs, values and morals?
For more information on the importance of a Last Will and Testament see:
http://www.elderlawanswers.com/resources/article.asp?id=7390&Section=4&state= |
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Real Estate Spotlight
Another Extension of the First Time Home Buyer's Credit…
Last week the Senate voted to give first-time home buyers an additional 3 months to complete their purchases and qualify for the first-time home buyer’s credit. The House must still pass approval, but that is likely to happen before June 30th as part of an emergency spending bill.
The latest extension would apply only to individuals who had a purchase and sale agreement in place by April 30th.
United State Military Exception… the home buyer’s credit is extended until April 30, 2011
The act, in its current state, already extends the credits for another year for qualified service members (members of the United States Military or the Foreign Service and employees of the intelligence community) who have served outside the United States for at least 90 days between Dec. 31, 2008 and May 1, 2010. For those who qualify, the tax credit applies for the purchase of a primary residence on or before April 30, 2011, and applies to members who have signed sales contracts with closing dates prior to June 30, 2011.
Check out this article for more information: http://readingeagle.com/article.aspx?id=222123
For the rest of us… the real estate market is still very attractive
Despite the end of the first-time homebuyer tax credit for most, the nationwide housing crisis is still opening doors for purchasers throughout New York State to purchase an affordable home. Extremely low mortgage rates combined with high inventories and affordable prices make right now an excellent time to purchase a home or an investment property. Happy house hunting!
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