THE LAW OFFICE OF DALE J TAMBURRO, PC

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The Law Office of Dale J Tamburro, PC  web site offers Internet users a common place to obtain important legal information that could help them with a number of issues including purchasing a home,  planning for retirement or planning for their estate. An entire section of the web site, called “Legal News”, is dedicated to providing monthly updates on these types of legal issues that hit close to home for many residents.  Visitors to the site are encouraged to sign up for the free electronic newsletter which automatically delivers updated information from the web site’s “Legal News” section.

The Law Offices of Dale J Tamburro PC offer a range of legal services with a special focus on Estate Planning, Real Estate and Small Business Law.  Initial consultations are FREE of charge.  In addition to the legal services, The Law Offices of Dale J Tamburro offer free seminars on Estate Planning and Real Estate. 



ESTATE PLANNING BASICS

Whether you are married with children or a single adult, you should have four of the following five fundamental legal documents drawn up to protect your assets, loved ones and personal care in the future:
 ·        A Will
·        Durable Power of Attorney
·        Health Care Proxy
        
Will

A Will is a document which, among other things, directs how your property will be disposed of after your death. The Will also allows you to choose the person or persons who you want to manage your Estate. If you do not have a Will, your property will be distributed according to the Statutory Laws of the Commonwealth, which may or may not be in accord with your wishes. Additionally, virtually anyone, including your creditors could petition the Probate Court for permission to administer your estate if you have not appointed an Executor. However, the Court usually looks to a spouse or other family members to appoint as the Executor.

 
Durable Power of Attorney

The Durable Power of Attorney is a written document which allows you (the Principal) to designate someone you trust (the Attorney-in-Fact) to make Personal, Business and Financial decisions for you in the event of illness or incapacity. The Durable Power of Attorney allows you to name someone who could take over your personal finances, pay your bills, sign a deed or bill of sales, sign you in or out of a hospital or rehabilitation hospital, make gifts, deal with the IRS, deal with your insurance company or stockbroker, purchase an annuity or engage in Medicaid or long term care planning on your behalf. A well-drafted Durable Power of Attorney will enable your Attorney-In-Fact to do anything you could as if you were personally present.

 

A Durable Power of Attorney can be broadly defined or it can be very specific. It depends upon what one wants or needs.

 

A Durable Power of Attorney does not necessarily take effect at the time of signing. A Power of Attorney "springs" into effect upon the principal's incapacity or disability whether sudden (an accident or a stroke) or gradual (Alzheimer's disease or mental weakness/illness).

 

A Durable Power Of Attorney should be signed while one is in good health. It is preferable to have discussed the Durable Power of Attorney beforehand and make sure the Attorney-In-Fact named in the document agrees to serve and understands what he or she is expected to do. A Durable Power of Attorney needs to be witnessed and be signed in the presence of a Notary Public.

 
Health Care Proxy

A Health Care Proxy is a relatively straightforward legal document that one signs designating another person to make any and all care decision for him/her in the event of illness or incapacity. The person who is appointed is called a health care agent. The agent is authorized to act only if the attending physician determines in writing that you lack the capacity to make or communicate health care decisions. The decision-making authority includes the authority to make decisions about life sustaining treatment.



FOR MORE INFORMATION ABOUT THESE DOCUMENTS AND MORE SOPHISTICATED ESTATE PLANNING TOOLS SUCH AS LIVING TRUSTS, MEDICAIDE PLANING AND ASSET PROTECTION SEE OUR LEGAL NEWS ESTATE PLANNING WEB PAGE
REAL ESTATE

Whether buying or selling, an Attorney from the Law Office of Dale J. Tamburro PC is there to help you through the process of purchasing a home from start (offer to purchase) to finish (closing). So where does this process start?


Once all parties have signed an offer you have started the process. All Offers for the purchase and sale of real estate should be in writing. Once a Buyer has placed an offer in writing to a Seller, each party has certain rights and duties from that day forward. Depending on the contract, the next step for a Buyer after an offer has been accepted, is to have a home inspection and then sign the purchase and sale agreement. It is important to contact an attorney to assist you in the negotiating of your offer, as well as the Purchase and Sale Agreement.


The Offer forms are usually generated in blank to favor the Seller. Therefore as the Buyer it is especially important that you have included proper conditions which can effect when and how you can get out of the contract depending on things such as the home inspection and financing. As a Seller, you are customarily responsible for drafting the initial purchase and sale agreement and the deed to the new owner.   


If you are financing the transaction you should have included in your offer to purchase as well as the purchase and sale agreement a date upon which you shall secure your financing and the amount that you intend on borrowing. This financing date is usually the last time that the Buyer can pull out of the deal and it is only if the Lender can not secure a loan for the borrower.


Prior to closing, you will get a settlement sheet showing all costs to both parties. This is when you also need to be sure the proper deductions have been charged for the closing costs, fees, taxes and insurance. You should also be sure that you have a final walk through of the property prior to closing to be sure the property is in the same condition as it was at the time of the offer, reasonable wear and tear being accepted.

Ideally you want to meet with your attorney before you sign anything otherwise the best an attorney can do is provide damage control or enforce the rights and duties contained within the contract.  The Law Office of Dale J. Tamburro PC shall assist you in all aspects of the transaction as described above with detailed information and guidance.

 

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