National Grandparents Day Is Cause for a Real Celebration
August 31, 2009
(Great Neck, N.Y.) September 13th is a special day for most families as they celebrate National Grandparents Day. It is celebrated the first Sunday after Labor Day in the United States and Canada.
The kids may make hand drawn cards, the parents are thankful for the help and advice the Grandparents provide and the Grandparents enjoy watching their grandchildren grow up and are glad to volunteer to babysit and love to cheer for their grandchildren’s Little League team or watch their first concert performance. For some families, this day takes on an extraordinary meaning because they have not been able to celebrate this day in previous years. Life takes some unusual twists and turns and sometimes grandparents are separated from their grandchildren in ways they never expected to be.
Losing visits with a grandchild can be the result of a bitter divorce where the parent with custody won’t let the parents of the ex-spouse visit with their grandchildren. Sometimes one or both of the parents aren’t able to parent and may even be in jail. There may be drugs or child abuse involved. Someone is taking care of the children and makes the decision that a break from the whole family is better for the child. Sometimes children get lost “in the system” for awhile. Sometimes a child dies, and the spouse moves on and starts a new life with a new spouse and doesn’t see where a grandparent fits in anymore. It can be that a grandparent and parent have a fight and the parent uses the grandchildren as a pawn in their disagreements.
There are a variety of situations that can occur with a grandparent losing visits with their grandchildren. This sometimes causes the grandparents to seek help within the legal system. There are even instances where grandparents seek custody of their grandchildren because the parents are unfit or the children have been abandoned or neglected.
One of the attorneys at our family law firm, John Virdone, has been very active in representing grandparents in New York State. He attends Grandparents Support Group meetings in Nassau County and Suffolk County on his own time as a guest speaker or to answer any legal questions that the Grandparents may have. He has traveled to Albany and also to Washington D.C. to advocate for the rights of children and grandparents. Mr. Virdone has helped many grandparents with these types of cases and has developed an expertise in this area of family law. We also prepare newsletters for grandparents providing lots of interesting information like tips for grandparents who are raising their grandchildren, protecting grandchildren on the Internet, and financial information that may be helpful to the grandparents.
The law firm of Wisselman, Harounian and Associates was established in 1976 and is dedicated to serving Long Island, Queens and Metro New York clients and the community on legal matters that arise during the course of raising a family and growing a business. It is the firm’s purpose to help protect clients’ legal interests throughout the many phases of their family lives. This can include handling matrimonial or family law concerns, buying or selling a home, running a business, and estate planning. http://www.lawjaw.com/
Financial Options for Cash Strapped Seniors
January 7, 2009
(Greak Neck, N.Y.) In today’s troublesome economy, many seniors are affected by rising prices and are no longer able to make ends meet with their limited fixed incomes. A severe medical condition or emergency household repairs can be fiscally devastating to those who do not have significant savings on hand. Attorney John Virdone explains that “Seniors need creative options to deal with financial problems as they arise. There are a number of alternatives which are available to those seeking aid.”
The most obvious solution for seniors who own a home is to refinance and use the equity that they have built up over many years for their immediate needs. However, many seniors would not qualify for a home equity loan because of their limited income. Fortunately, reverse mortgages are available. Any one who is 62 years old or over can qualify for a reverse mortgage if they own and reside in the same home. A portion of the equity in the home can be turned into cash. Reverse mortgages are different than traditional home equity loans or second mortgages because no repayment is required until the senior no longer uses the home as his or her primary residence. One to four family homes, townhouses, condominium units, and now even cooperative apartments are eligible for reverse mortgages. The amount that can be borrowed depends on Senior’s age, the interest rate and the appraised value of the home or the FHA mortgage limits for the area, whichever is less. Generally, the more valuable the home, the older the senior, and the lower the interest rate, the more that can be borrowed.
Another option for seniors is life settlements. Seniors who have life insurance policies may not realize that they can sell them for cash at a fair market value. There are financial institutions and investors that will actually purchase life insurance policies for more than their cash surrender value. These purchasers become the new beneficiaries of the policies when they mature and are responsible for all remaining premiums, if any. A senior interested in conducting a life settlement should first consult with an advisor in order to come to a decision as to whether to sell his or her policy. Second, the Senior and advisor decide whether to work with a broker or to go directly to providers. Next, the Senior and advisor submit the policy and release medical information to several providers for valuation. If the policy meets the providers’ criteria for a life settlement, the providers make offers directly or through the broker. Afterwards, the Senior and the advisor review the offers and the Senior accepts the best one. Next, the Senior and advisor complete the chosen provider’s closing package, and return essential documents. The provider places the cash payment in escrow and submits change of ownership forms to the insurance carrier. Finally, the paperwork is verified and the funds are transferred to the Senior.
Finally, another option that seniors may have in a difficult economy is commonly called a “pension loan.” However, this transaction is not actually a loan, but rather the sale of a portion of the Senior’s right to receive his or her future pension payments for an up front lump sum cash payment. There are only a few investors that will conduct these types of transactions; therefore Senior’s have less opportunity to negotiate a better price. Nevertheless, for some seniors who do not own a home or have life insurance, this transaction may be the only method where they can obtain a lump sum cash payment for their particular emergency needs.
Whichever method you choose to pursue, it is important to consult with a professional who can help you understand the financial and legal implications of each of these alternatives.
This information was provided by John Virdone, an Associate with Wisselman, Harounian & Associates who specializes in Grandparent Rights, most often working with Grandparent Custody, Grandparent Visitation and Grandparent Adoption issues.
The law firm of Wisselman, Harounian and Associates was established in 1976 and is dedicated to serving Long Island, Queens and Metro New York clients and the community on legal matters that arise during the course of raising a family and growing a business. It is the firm’s purpose to help protect clients’ legal interests throughout the many phases of their family lives. This can include handling matrimonial or family law concerns, buying or selling a home, running a business, and estate planning.
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