Debt Collectors Misled Borrowers
Court Finds that Debt Collectors Misled Borrowers
A debt collection agency recently sent a letter to borrowers telling them that their student loan debts could not be discharged in bankruptcy, and must be paid. The truth is, student loans CAN sometimes be discharged in bankruptcy, although it is uncommon. Read more about this topic here.
Debt collectors misled borrowers often, judging from the number of successful Fair Debt Collection Practices lawsuits against them. If you have been harassed, lied to, contacted at unusual hours, or otherwise abused by debt collectors, you may be entitled to compensation.
Long Island Litigation Attorneys
The attorneys at The Law Firm of Vaughn, Weber & Prakope, PLLC can help in these matters. Call (516) 858-2620 today for a free consultation!
Aggressive Debt Collectors
This article seems to suggest that they are. Although this is bad news for borrowers, the law, fortunately, protects borrowers from overly aggressive debt collectors. Debt collectors that harass borrowers, contact borrowers at odd hours, or contact borrowers’ employers may be violating the Fair Debt Collection Act. If so, those debt collectors may be forced to pay borrowers $1,000 in damages. Additionally, without proper documentation, the debt may be discharged.
If you believe that you have been harassed by aggressive debt collectors, the Law Firm of Vaughn, Weber & Prakope, PLLC is here to help! Call (516) 858-2620 for a free consultation.
Gift Taxes and Estate Planning
Gift Taxes and Estate Planning
Individuals can give tax-free gifts to an unlimited number of people each year, as long as the value of each of those gifts does not exceed a certain limit. Additionally, spouses are each personally entitled to give gifts up to the tax-free limit, even if they give gifts to the same person.
Tax-free gifts can benefit any estate large enough to be subject to estate taxes. By giving yearly gifts, up to the tax-free limit, individuals can avoid estate taxes on that portion of their estate. If these gifts are given to the same people that the estate would go to anyway, gifts can lower the tax liability estate heirs may face. In some instances, these gifts may reduce the estate below the estate-tax level, meaning gifts could potentially save an estate a great deal in taxes.
The limit on tax-free gifts has changed often over the past several years, and could change again. It is important to consult with an attorney or tax specialist when using tax-free gifts as part of an estate planning strategy.
If you have questions about this or other legal issues, call the Law Firm of Vaughn, Weber & Prakope, PLLC at 516-858-2620 to schedule a free consultation.
Use Will to Appoint Guardian
Use will to appoint guardian for your minor children.
It’s hard to plan for the worst, but failing to do so may only make things harder. When drafting a will, it is all too easy to imagine that it will only be used when our children are grown, perhaps with families of their own. But thinking this way may cause us to focus too narrowly on deciding who gets our property. What if things don’t happen according to this timeline? What if you die before your children are able to take care of themselves? Who will care for them? Who would you like to make this decision – yourself or a court?
New York’s Domestic Relations Law allows parents to use wills to appoint guardians for their minor children. Guardians can be appointed to take physical custody of children, and to look after the finances and assets that are left to those children. Further, parents can choose a different guardian for each of these tasks – one to look after the child, one to administer the child’s finances. When a guardian is appointed, courts will generally respect the parent’s decision (although a court could find that the guardian is unfit). However, if a parent doesn’t appoint a guardian, the court will make this decision itself. If you feel uncomfortable about leaving such a decision in the hands of a court, The Law Firm of Vaughn and Weber can help you draft a will that appoints a guardian for your child.
If you have questions about this or other legal issues, call The Law Firm of Vaughn, Weber & Prakope, PLLC at (516) 858-2620 to schedule a free consultation.
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