Category Insurance

Are You and Your Business Prepared to Handle Long-Term Disability?

by Bryan Lane Berson, Esq. Disability of a key executive can destroy a business. Disability of any worker can strain a family. Before age 65, one is much more likely to suffer a long-term disability (“LTD”) for six months or longer than one is to die. Fortunately, this risk can be insured. A company or […]

Incorporating Long-Term Care Insurance into an Elder Law Plan in NY

by Bryan Lane Berson, Esq. As life spans have increased, so have chronic ailments associated with aging and the demand for personal care. Alzheimer’s disease and organic cognitive impairment (senility) are the leading causes for personal care needs. Costs for this care are exorbitant. The New York State median cost for a private room in […]

Avoiding Estate and Gift Taxes with Life Insurance Trusts

by Bryan Lane Berson, Esq. Contrary to what many people think, the proceeds of life insurance policies are not tax free. That does not necessarily mean that an estate will have to pay tax on the proceeds though. An irrevocable life insurance trust (ILIT) is a useful estate planning tool to reduce tax liabilities. ILITs […]

Contractor Agreements and Accident Reports

by Bryan Lane Berson, Esq. Property owners hire many types of contractors (e.g., custodians, snow removers, repairmen), and their actions or negligence may cause accidents. Injured parties will likely sue property owners and the contractors. Thus, owners should insist that contractor agreements contain insurance and indemnification provisions. Owners should insist that before work begins, they […]

Insuring Against Property & Casualty Losses

by Bryan Lane Berson, Esq.  With regard to their businesses, entrepreneurs and executives should think carefully about risks to people and property.  They should eliminate and avoid as many risks as possible and insure against the ones that remain. This column will focus on property & casualty insurance and water damage.  Property – structures, equipment, […]

Managing and Insuring Automobile Risks

by Bryan Lane Berson, Esq. A company may own a fleet of vehicles, supply some employees with a car as part of their compensation, or cover the cost a rental for a business trip.  Accidents can result in personal injury and medical expenses, long-term disability, death, and property damage. Thus, organizations should develop a system […]

Avoiding and Managing Risks with Insurance

by Bryan Lane Berson, Esq. Risk can’t be discussed in general terms.  Risks are specific in nature.  Executives, entrepreneurs, and consumers should identify and describe risks as articulately as possible.  Usually, they involve some risk of loss.  Where possible, risks should be avoided.  Risks that cannot be avoided should be managed by transferring or insuring […]