Recently retired? Proud parent of a newborn? Graying hair and want to pass your savings on to the next generation? Attorney Brian Gallagher can guide your Estate planning with advice on wills, trusts, succession planning, powers of attorney, tax minimization, and life-time use deeds on the family home.
Attorney Brian Gallagher has over 25 years’ experience in probate law including estate administration and litigation. He can guide you on life-use deeds on the family home, health care proxies, funeral pre-plans, estate taxation, capital gains, IRA’s and 401(k)’s, pensions, annuities, charitable gifts, life insurance, stocks and investments. He is well versed regarding nursing home spend-downs, powers of attorney, joint bank accounts, tax avoidance including gift taxes, Medicaid planning, and guardianships.
Under current laws, mutual funds, stock, and investment/rental real estate which you have owned for a long time can have large capital gains accrued in them. (Your primary residence is usually an exception). If, while you are alive, you make gifts to your children of assets containing a lot of accrued capital gains, the children acquire the capital gains and may pay significant taxes when they sell. On the other hand, you might leave the asset to the children when you die, and the capital gains are wiped out (“stepped-up basis”). The risk of waiting until you die is that the nursing home may get the asset instead of your children. Giving the asset to a charity during your lifetime is another way avoid the capital gains issue.
Are you a first-time homebuyer? Are your elderly parents downsizing and selling the family home? Attorney Brian Gallagher has handled residential and commercial real estate transactions for over 25 years, including title searches, drafting deeds, purchase and sale negotiation, capital gains tax minimization; environmental issues; oil and gas leases; solar power leases; mortgage foreclosures; tax foreclosure; municipal permits and zoning, business organizations and start-ups.
Attorney Brian Gallagher has been a Southern Tier real estate attorney for almost three decades, handling real estate closings in several counties. Presently he performs title searches in Broome County and Tioga County. At one point his real estate practice included Nantucket Island in Massachusetts, where he searched titles back into the pre-Revolutionary War colonial period.
Gallagher Law Office provides expert representation in contested matrimonial and Family Court cases, including divorce, custody and visitation, family offenses and abuse and neglect. Attorney Brian Gallagher has over 25 years’ experience in matrimonial matters, including many years as an attorney for children/law guardian. He advocates strongly for maximum divorce asset divisions as part of equitable distribution.
Attorney Gallagher’s services can include: client meetings for case analysis, drafting pleadings, legal research, net worth statements, discovery phase of contested divorces including pre-trial depositions, settlement negotiations, trials, and preparing qualified domestic relations orders (QDRO’s).
Attorney Brian Gallagher is experienced in entity formation (LLCs, partnerships, corporations). He handles contract drafting and negotiations, commercial real estate transactions, mortgages and financing, and tenant issues.
Attorney Brian Gallagher has worked for over 25 years with businesses and companies regarding their legal structures, records keeping, finances and litigation. He has formed and advised 501(c)(3) not-for-profits, and has represented religious and educational corporations. He has served as corporate officer/director and as general counsel.
Advance planning can protect your savings from a nursing home. Elderly persons may be dealing with serious health issues and mental decline. Attorney Brian Gallagher can help prevent a nursing home “spend-down” of savings and loss of the family home. He has over 20 years’ experience in advising families on Medicaid’s “five-year” rule and the legal options to protect family assets, including saving real estate from Medicaid liens.
A common elder law strategy is real estate deed with the children’s name on it. Since the new owner is already on the deed, no new deed is done when you die. In most cases your child just submits a death certificate to the County tax assessor and they remove the deceased parent’s name from the tax bills. A “life use” deed with a “special power of appointment” clause is the preferred type for most families that Attorney Gallagher works with. The parents can switch a particular child off and name a different close relation if the need arises. The parents have full control of the house as long as they live, and they still qualify for the STAR exemption.
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