Adamsky Law Offices Blog

NATIONAL TAKE BACK INITIATIVE PELHAM POLICE DEPARTMENT - COMMUNITY ROOM APRIL 30, 2011 10:00 AM - 2:00 PM The "Take Back" initiative addresses a public safety and health issue. More than seven million Americans currently abuse prescription drugs, according to the 2009 Substance Abuse and Mental Health Administration’s National Survey on Drug Use and Health. Each day, approximately, 2,500 teens use prescription drugs to get high for the first time according to the Partnership for a Drug Free America. Studies show that a majority of abused prescription drugs are obtained from family and friends, including the home medicine cabinet. In an effort to address this problem, DEA, in conjunction with state and local law enforcement agencies conducts National Take Back Day to provide a venue for persons who wanted to dispose of unwanted and unused prescription drugs. At the last event in September, the American Public turned in more than 121 tons of pills. DEA has scheduled the second

Whenever you give someone more than the annual (yearly) exemption amount, you are supposed to file a gift-tax return. There is a tax on the givers of gifts. Or course, there is a lifetime exemption of $5 million so until you give more than that, you won't owe any tax (it used to be $1 million and could revert back to that if Congress lets it happen in 2013). But, you still have to file a return if you give someone more than $13,000 in any one year. Most people don't make large gifts, so they don't have to worry about gift-tax returns. But many people do give away their home or land (or add their child's name to the deed as a co-owner). If you put your home in joint ownership with your child, you effectively gave that child half of the value of your home. Unless your home is pretty small it's probably worth more than $26,000, so you should file a gift-tax return. Now, the IRS is cracking down on this issue. They have targeted several states and demanded that the stat

Who should get the old dining room table that came from Grandma’s house? Who should get mom’s diamond ring? What about those Civil War relics from Grandpa’s side of the family? What about the family photos? Dividing up family heirlooms can be a touchy subject. If you leave the decision until after you die, your children may end up fighting over simple personal possessions. Most of the Wills I write for clients say to split the assets equally among the children. That will be easy for the cash, stocks and bonds, but not so easy for the stuff. In many families, the actual division is handled by the children, and done with fairness. In other families, the little things cause no end of trouble. Years of bitter feelings can come from the thoughtless actions of one child after the parents are gone. To avoid these problems, you should plan ahead and talk things over with your family. By bringing children and others in to the conversation, you can make things easier for them later. Children ne

My wife and I recently took a Winter vacation and went to the Christmas Farm Inn in Jackson, New Hampshire. We had a great time. The Inn was very nice as were the new managers. The food was good, the room was very nice, and the spa was wonderful. It was very snowy up north and Jackson looked like a winter wonderland. At night it was all lit up with lights. Nearby Nestlenook Farm was very pretty. We didn't go there, but heard it is a nice place too. There is much more than I thought there was up in the White Mountain region of New Hampshire. We found great restaurants and fantastic shopping in N. Conway. But, the best part was the peace and quiet, the wonderful outdoors with mountain views, and snowy vistas, and of course the time alone with my wife. http://www.christmasfarminn.com

The New Hampshire Probate Court is now posting online, the notices of probate matters such as appointments of executors and administratators. These are regularly published in local newspapers, but the online listings will give notice to anyone with internet access. This is great for those seeking information on estates in distant locations. It's also a worry for privacy purposes (although Probate has always been public, it's a little less public when it's not online). If you want to check out the notices, go to the link below. http://www.courts.state.nh.us/probate/legalnotices/index.htm

Apparently, the concept of trusts that go on forever (and are not subject to the Estate Tax at each generation) does not sit will with some in Government. They may feel that this is an unfair system that will protect the wealth of the super rich. Many others use the so-called "Dynasty Trusts" so this issue may affect those other than the rich. New Hampshire allows perpetual trusts, so those who don't have one now, may want to consider their use before the tax laws are changed. You can set one up in New Hampshire even if you don't live there. Consider seeing your Estate Planning attorney if you need guidance on this issue. For more information read the Wall Street Journal article at the link below: Tax Report: Dynasty Trusts Under Attack - WSJ.com