McKernan Law

Law Firm specializing in business, real estate, wills, trusts, and estates as well as criminal law esp DWI cases.

03/30/2023

What are Special Needs Trusts for? Pros and Cons of SNTS
A SNT is a type of specialized trust designed to enable a person with a disability, the beneficiary, to receive benefits from a trust (i.e., distributions from the trust for the purchase of personal needs) without affecting their eligibility for government benefits such as Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), HUD/Section 8 Subsidies, Medicare, and Medicaid.

Pros of Using a SNT:
➡️Preserve Eligibility for Government Benefits
➡️Enhance Quality of Life
➡️Give the Beneficiary Financial Independence
➡️Protect Assets Entitled to Beneficiary
➡️Support a Loved One Throughout Their Life

Cons of Using a SNT:
➡️Set-Up and Annual Cost
➡️Repayment Rules
➡️Administrative Responsibilities

Is a Special Needs Trust Right for Your Needs?
Ultimately, purpose of a Special Needs Trust is to protect the financial future of a loved one the with a disability.

03/29/2023

Fresh Kills Park in Staten Island, New York, was once the largest landfill in the world, but has now been transformed into a 2,200-acre public park offering various recreational activities such as hiking, cycling, kayaking, and birdwatching. The park features diverse landscapes, including grassy meadows, wooded trails, marshlands, and wildlife. It is a testament to human ingenuity and the resilience of nature, showing how mistakes can be corrected to create something beautiful. Visitors can explore the intersection of nature and history while escaping from city life, making Fresh Kills Park an excellent destination for outdoor recreation, nature, and history enthusiasts. I recently went on a 5-mile hike through the park, and it was a fantastic experience.

The official website for Fresh Kills Park in Staten Island, New York is https://www.nycgovparks.org/parks/freshkills-park. This website provides information about the park, including its history, events, activities, facilities, and rules. It also offers a calendar of upcoming events, interactive maps, and guides for visitors.

03/28/2023

Every nonprofit organization in the US needs an Employer Identification Number (EIN), which is a unique number used to identify an organization to the IRS. Nonprofits require EINs for various tasks, including filing tax forms, opening a business bank account, hiring employees, and applying for business licenses and permits. Nonprofit founders or initial board members can apply for an EIN either online or by downloading the IRS Form SS-4. Obtaining an EIN is free, and nonprofits should take care not to lose it as it is needed for various activities. To learn more about EINs and how they impact nonprofit organizations, read the blog "Employer Identification Numbers: What Nonprofits Should Know."

Read the blog for more insight on what these requirements entail: https://kmckernanlaw.com/blog

03/23/2023

A revocable trust provides several advantages, including avoiding court intervention, ease of administration, direct distribution of assets, flexibility for future planning, and privacy. By placing assets in one operating base, you can direct how assets are distributed, specify who will manage finances in the event of disability or incapacity, and limit access to the trust document. It's important to note that only assets placed in the trust will be subject to its rules, and you should work with an attorney to determine which assets to transfer for maximum effectiveness.

Read the blog for more insight on what these requirements entail: https://kmckernanlaw.com/blog

03/22/2023

The SIBOR MIXER event at the Marina Café on Wednesday, March 15, 2023, was a lively affair filled with festive St. Patrick's Day-themed activities and exciting networking opportunities. Real Estate professionals, including members of the Staten Island Board of Realtors (SIBOR), gathered to socialize and share ideas.

The event, sponsored by McKernan Law, was a huge success, giving attendees a valuable opportunity to network, learn, and have fun!

03/21/2023

CYBER INSURANCE ASSESSMENT READINESS CHECKLIST:
Insurers may ask the following:

Identifying your risk…
🔴 How do you identify threats, vulnerabilities, and risks?
🔴 How do you educate employees and vendors about cybersecurity?
🔴 Do you maintain inventories of hardware, software, and privileged accounts?
🔴 Do you use Multi-Factor Authentication to validate who is accessing your systems?

Protecting your assets…
🟠 Do you automate password management?
🟠 Have you implemented Privileged Access Management (PAM)?
🟠 What kind of malware defense have you deployed?
🟠 If an attack renders your privileged accounts and passwords inaccessible, do you have a backup plan?

Detecting risk and breaches…
🟡 Do you have endpoint security in place?
🟡 What type of credential monitoring have you implemented to track privileged account usage?

Responding to cyber attacks…
🟢 Do you have incident response plans, and how often are they tested and updated?
🟢 What type of incident response tools do you have in place to detect privileged account attacks?

Recovery after an attack…
🔵 If a cyber incident occurs, how would you fix the security gaps that made your organization vulnerable?

03/16/2023

4 REASONS TO UPDATE YOUR WILL:

First, let me clarify. You've probably heard of the term "codicil." This is a legal document that is used to supplement an existing will and may suffice if you are making minor changes.
You don't have to change the original will if your attorney adds a codicil, and the codicil is probated along with the will.

Codicils, on the other hand, are less common.

In any case, your codicil or revised will must follow the same legal procedures as the original will (including signature witnesses).

When to take action…

🔵Births, deaths, marriage, or remarriage
🔵New executor
🔵Revalidation
🔵Tax law changes

Specific reasons for a will revision may also apply to you, such as if you become estranged from a family member or a beneficiary acquires significant wealth and you do not believe he or she requires additional assets from you. However, such issues should be discussed with your estate planning advisors.

Above and Beyond Your Will:

Many people find that they need more than a will (or even an amended will) to achieve their estate goals. For example, you may wish to designate beneficiaries for assets that extend beyond your will (such as retirement accounts), or set up one or more trusts to avoid probate and help minimize current taxes.

03/15/2023

On 2-28-23, I attended the Chamber of Commerce mixer, which was an event organized by the local Chamber of Commerce to provide networking opportunities for community business professionals. The event was held at Sally's Southern, a popular restaurant known for its delicious Southern Cuisine.

03/14/2023

Individuals who own 25% or more of a limited liability company, partnership, or other small entity that owns real estate or runs a small business, or who have substantial control over any company, will be required to register in a new federal database beginning in 2024.

Personal information such as name, date of birth, residential address, ID number, and a photograph of the document proving that number will be included in the registration.

Companies existing as of January 1, 2024, will need to register by the end of that year, while newly created companies will need to register within 30 days after creation. Law firms may also face new requirements for handling the paperwork necessary to create companies.

Read the blog for more insight on what these requirements entail: https://kmckernanlaw.com/blog

03/09/2023

SOCIAL SECURITY-RELATED SCAMS:

Recognize the four basic signs of a scam:

Scammers pretend to be from a familiar organization or agency, like the Social Security Administration. They may email attachments with official-looking logos, seals, signatures, or pictures of employee credentials.

Scammers mention a problem or a prize. They may say your Social Security number was involved in a crime or ask for personal information to process a benefit increase.
Scammers pressure you to act immediately. They may threaten you with arrest or legal action.

Scammers tell you to pay using a gift card, prepaid debit card, cryptocurrency, wire or money transfer, or by mailing cash.
They may also tell you to transfer your money to a "safe" account.

Ignore scammers and report criminal behavior.

03/08/2023

McKernan Law is excited to announce our sponsorship of the SIBOR MIXER, a networking event for Staten Island Board of Realtors members (SIBOR). This month's mixer will be held at the Marina Café on Wednesday, March 15, 2023 from 5 p.m. to 7 p.m.

This event, held on the third Wednesday of each month, provides a unique opportunity for real estate professionals to come together, connect, and build meaningful relationships in a relaxed atmosphere.

As a law firm that specializes in real estate law, we understand the importance of networking and building strong professional connections within the industry.
I am honored to be a part of this event and look forward to meeting and connecting with fellow SIBOR members.

03/07/2023

EMPLOYER ALERT – COMMONPLACE SEVERANCE AGREEMENT CLAUSES VIOLATE LABOR LAWS, NLRB RULES:

The National Labor Relations Board (NLRB) has issued a ruling that employers cannot include confidentiality or non-disparagement provisions in severance agreements that would require employees to waive their rights under the National Labor Relations Act.

The ruling means that employers should review and update their template agreements to avoid violating labor laws. Employers should remove any provisions that may be interpreted as restricting Section 7 rights and ensure that any restrictions are as narrow as possible. Employers should also include "severability" language and be aware that the ruling only applies to non-supervisory roles.

Read the blog for more insight on what these requirements entail: https://kmckernanlaw.com/blog

Address

503 Mosely Avenue, Suite 2
Staten Island, NY
NY10312

Telephone

+17183172996

Website

https://kmckernanlaw.com/

Alerts

Be the first to know and let us send you an email when McKernan Law posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Practice

Send a message to McKernan Law:

Want your practice to be the top-listed Law Practice in Staten Island?