A living trust may seem necessary only for the wealthy or those with complicated estates. But a living trust can be advantageous for many people:

Know what it is.

A living trust is an arrangement under which one person — a trustee — holds legal title to property for another person — the beneficiary. You can even be the trustee of your own living trust

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Know the advantages.

A living trust averts the delay and additional expense of probate (a very public legal process that examines someone’s estate after the person dies.)

A living trust allows for suitable control of assets should a person become unable to make his or her own decisions.

Terms of the trust and information concerning income and assets are generally not public in states that don’t require court supervision of trust administration. “Court files for probate proceedings can generally be reviewed by anyone who cares to take the trouble to go to the court house and look through the file,” says Chicago attorney Gregory Norwell.

Last, living trusts are generally no more expensive to draw up than a conventional will. There are also software programs and books that can walk you through a do-it-yourself process.

You may have purchased New York homeowners insurance as financial protection for the loss of the possessions inside your home, and fitted strong locks on windows and doors to keep out burglars, but how safe are the possessions you store in your garage or shed?

Burglars are attracted to valuable portable items that can be sold quickly. Of course jewelry, laptop computers and smart phones that are stored in your home fall into that category – but so do the power tools, sporting equipment and bicycles that you store in outbuildings.

Your garage or shed may be less secure from burglars than your residence.  Make sure that doors and door frames are strong enough to withstand attack by a burglar, and are secured by strong locks or padlocks. Pay attention to window security, too: consider replacing glass panels with shatterproof material, fitting strong window locks and window grills. As secondary security within outbuildings, make sure that ladders and bicycles are padlocked.

Items stored in your shed or garage are likely to be expensive to replace if they are stolen. Read the terms of your New York home owners insurance policy if you are not sure whether items stored in outbuildings are covered by insurance, and talk to your agent or insurer if you need to increase coverage or take out separate insurance for property that is stored outside your home.

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For the 9^th year, Bethpage Federal Credit Union, Long Island’s largest community financial institution, will help low to moderate-income households on Long Island prepare their tax returns for free, by offering the government’s Volunteer Income Tax Assistance (VITA) program at 12 of its branch locations.

Bethpage’s Farmingdale branch has started offering VITA, and will continue through April 11, 2012.  One hundred and fifty IRS certified volunteers, including bilingual tax assistors, will be available to meet with eligible taxpayers with 2011 incomes of $49,000 and below.  One need not be a Bethpage member to qualify.  VITA services will be available on Wednesday evenings and Saturday afternoons in 12 Bethpage branches including Freeport, Hempstead, Massapequa, Elmont, Westbury, Roosevelt, Bay Shore, Farmingdale, Central Islip, Patchogue, West Babylon and Riverhead branches.

For specific times and branch addresses, go to www.lovebethpage.com  or call (800) 628-7070.

Householders who automatically renew New York homeowners insurance or auto insurance coverage every year may be missing opportunities to reduce their insurance costs. Rather than simply writing a check for insurance premiums and then forgetting the matter for another year, consult our insurance agency; we’ll be happy to obtain a variety of insurance quotes for you and help you to compare offers and find ways of reducing insurance premiums.

Shopping around for insurance is the best way to ensure that you get good value. For example, some groups of policy holders are considered to be low risk by different insurers and may be offered incentives that can reduce insurance costs.

• Retired homeowners who spend a lot of time at home are considered to be at lower risk of burglary than people who leave their homes empty when they go to work.
• Motorists with flawless driving records are considered to be safe drivers and may qualify for discounted auto insurance premiums. 
• Homes that have modern electrical wiring are considered to be less likely than older homes to suffer fire damage as a result of electrical faults.
• Purchasing homeowner’s coverage from the same insurer that provides your auto insurance may qualify you for a multi-policy discount.

We can help you by identifying opportunities for credits, discounts and other incentives that could reduce the cost of New York homeowners insurance and auto insurance. Call us today, and we can start working with you to get the best homeowners and auto insurance deals!

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Every policyholder can include one or more properties in their Business Insurance NY policy. There are three types of property that the named insured can select and add to the insuring declarations, depending on the business owner’s specific insurance needs:

·         Building – this refers to the buildings specified in the policy’s declarations and all finished adjacent structures, indoor and outdoor fixtures, equipment and machinery on the premises.

·         Business Personal Property of the insured business owner inside the insured building, on its premises or in close proximity to the premises. Commercial building insurance covers all kinds of personal property used for the purposes of the business, such as fixtures, computers, furniture, different appliances and machinery, etc. In addition, any improvements made to the building or part of the building, are also covered under commercial building insurance.

·         Personal Property belonging to others, which the insured is in control or care of, is also covered.

·         A number of extra coverages are also included in a commercial building insurance policy. Examples of situations covered under commercial building insurance, include removal of debris expenses, the cost of restoring electronic data, removal of pollutants expenses, property preservation and increased construction costs.

The commercial building insurance coverage can also include other property provided that the policy declarations include a coinsurance provision of at least 80 percent. The following types of property extensions can be additionally applied:

·         Outdoor property;

·         Property located off the main premises;

·         Property that has been constructed or acquired after the policy has come into effect;

·         Recovering of valuable records and data, etc.

young single person moving to New York has much to look forward to. This stage of your life is an important time to lay the groundwork for your future financial security.  You’ll be talking to banks and other financial institutions of course, and it’s worth making contact with an insurance agency; New York is an exciting city but it’s important to have financial protection from some of the risks of Big Apple life.

Have you arranged for renters insurance for your belongings? Although you may think that you don’t have many possessions worth insuring, how much would it cost to replace them quickly if they were lost in a burglary, fire or other catastrophe? Don’t forget that renters’ insurance offers other benefits, including protection for legal costs if someone is injured while visiting your home. Review your renters’ insurance regularly and adjust coverage so that you are fully insured for new possessions you acquire.

Health insurance may seem unimportant to someone who’s young, healthy and single but it’s far from irrelevant. Don’t take the risk of going without health coverage when you’re no longer covered by your parents’ health insurance.

The choices you make about insurance and other financial matters are likely to have far reaching implications; for example, establishing a sound credit history and a good insurance record may be advantageous when you buy your own home and purchase home insurance. Contact our insurance agency in New York and we will guide you through the process of obtaining renters’ insurance, health insurance and other insurance coverage that you need. 

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You probably have a list of contact numbers for utility services, 24 hour plumbers, emergency electrical contractors and your New York homeowners insurance provider. Do you have a handyman or maintenance service you can call on for those small jobs that don’t warrant a specialized, licensed contractor?

Small maintenance jobs like a dripping tap in the bathroom, a wobbly power outlet in the study or a droopy garden gate all tend to accumulate and before you know it there is a long list of repairs waiting to be done. It makes sense to outsource these tasks to a service that employs competent staff who are able to tackle a variety of different repair jobs at the same time.

Word of mouth referral is a good way to find a good maintenance service. You could also try looking in the phone book or online for local businesses that offer these services.  Call around and ask each service about callout charges and hourly rates, and whether they are available after normal business hours. Check that they carry workers’ compensation and liability insurance, and ask for contact details of satisfied clients. Be sure to call these references to check that repairs were done promptly, competently and at a reasonable price.

A maintenance service that can do all that you are looking for, and offers friendly customer service as well, should go to the top of your emergency contact list! Talk to your agent or insurer if you are unsure what types of household damage are covered by New York homeowners insurance.

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