Many people remember Anna Nicole Smith as a reality television show star who passed away in 2007. However, the event in her life that helped catapult her into the public consciousness was her court battle with the son of her late husband over his estate.

Smith was a former Playboy Playmate Of The Year who was working in a Houston area gentleman’s club back in 1991. She met a billionaire oil tycoon by the name of J.Howard Marshall who became enamored of Smith. A relationship of sorts ensued that culminated in the two getting married in 1994. At the time J.Howard Marshall was 89 years of age and Anna Nicole Smith was 26.

Marshall died a little over a year after the marriage. Smith claimed that Marshall wanted her to have half of his fortune, but his son E. Pierce Marshall disagreed. This led to a long and acrimonious legal battle that actually wound up continuing on after the deaths of both Smith and the younger Marshall.

The Supreme Court finally put the matter to rest last summer after some 15 years of legal wrangling when they found in favor of the estate of E. Pierce Marshall.

This situation underscores the reason why it is important to update your estate plan when you get married, making your wishes absolutely 100% clear.

If you are currently unprepared or if your existing estate plan could in any way be construed as ambiguous, protect yourself by taking action. Pick up the phone right now and make an appointment to sit down and record your wishes in a legally binding manner with the assistance of a licensed and experienced Long Island Estate Planning lawyer.

Mark S. Eghrari & Associates, PLLC is a member of the American Academy of Estate Planning Attorneys.

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A lot of senior citizens would prefer to stay in their homes even after they require living assistance. There are a number of reasons for this, and one of them is the fact that it can be comforting to remain in familiar surroundings rather than entering an assisted living community or a nursing home.

Another motivation that you may have to stay at home would be the fact that long-term care is extraordinarily expensive these days. When you combine the average length of stay with the typical costs you may be looking at a bill that is somewhere in the vicinity of a quarter of a million and perhaps more before it is all said and done.

Part of the plan if you want to remain in the home would be to engage the services of an in-home health aide. The national average cost for this type of professional caregiver is $21 an hour. If you don’t need around-the-clock assistance you can decide how often you need care and manage your financial outlay judiciously.

In addition to this you could alter your home to accommodate your physical limitations by installing things like grab bars, handrails, walk-in showers, step chairs, and other relevant improvements.

It takes foresight to be ready to handle all the contingencies that you may face as you reach an advanced age. If you’re ready to get started planning for the future the intelligent first step is to sit down and devise a course of action with the assistance of a licensed, experienced Long Island elder law attorney.

Mark S. Eghrari & Associates, PLLC is a member of the American Academy of Estate Planning Attorneys.

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The best way to be totally prepared for the future is to recognize that there are different phases that we all go through as we age. There are a number of things to take into account, and if you anticipate them in advance you can steer clear of some unpleasant surprises.

One thing leads to another and it is a good idea to think this way and plan comprehensively in a step-by-step manner. The first thing to take into consideration will be your active retirement years.

Far too many people find themselves unprepared when the typical retirement age starts to appear over the horizon. It can take time, focus, and a good deal of discipline to accumulate the necessary financial resources and it is never too soon to get started.

After this period of time you may enter what are called the twilight years which could include incapacity or the need for living assistance. There are certain steps that must be taken to prepare for these eventualities, such as the execution of durable powers of attorney and the implementation of a plan for handling long-term care expenses.

And of course the last stage will be passing along your legacy to your loved ones when that time arrives.

If the above makes sense to you, the intelligent first step would be to set up an appointment to speak with a good Long Island estate planning attorney who will assist you as you develop a long-term, holistic plan for the future.

Mark S. Eghrari & Associates, PLLC is a member of the American Academy of Estate Planning Attorneys.

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Check your local newspaper.  We guarantee one or two estate sales will be held this weekend.  Estate sales are often used by family members to dispose of personal property so the funds generated can be distributed in accordance to their loved one’s wishes.  In general, estate sales can be useful – but estate sales can also yield unfortunate consequences.  In some cases your estate sale could turn into a treasure hunt for someone other than your family, with the hunter benefitting.
Say you own something rare:  A vase, a painting, a collection, etc.  You know the value but your children do not.  If that item is sold during an estate sale it could go for pennies on the dollar.  Who benefits?  The buyer does, not your heirs.

There are two simple ways to avoid this situation:

1.    Specify who will receive any personal items of value that you own.  Don’t let them all into the “estate sale pile.”  (And make sure the recipient understands the value of that item.)
2.     If you don’t plan to leave the item to anyone in particular, make sure your estate planning documents include information about valuable items:  Worth, provenance, etc.  That way your agent can ensure the item is properly valued ahead of time and can be sold for close to its actual value.
The key is to never assume your heirs or beneficiaries know what you know.  If in doubt, put it in writing!

Mark S. Eghrari & Associates, PLLC is a member of the American Academy of Estate Planning Attorneys.

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A conservatorship is a court proceeding in which a judge appoints a responsible person called a Conservator to care for another adult who cannot care for either themselves and/or their finances.  Conservatorship may enter the lives of senior citizens when they become unable to handle the decisions regarding their health and money, meaning they lack the capacity to make these decisions on their own behalf.

How would I know if someone needs a conservator?

If a person lacks the capacity to handle their finances or personal care, it may be time to consider assistance.  But conservatorship should be a last resort, as it restricts the protected person’s rights.  Talk with a Guardianship or Conservatorship attorney to explore options that are less restrictive or to assist you with this legal proceeding should that be the best option.

How do I request a conservatorship for a loved one?

You will need to fill out and file court forms. There will also be an investigation and a court hearing.  If the court approves the conservatorship, you will have to fill out and file forms after the hearing, as well as provide reports on a regular basis. Also, an investigator will visit the conservatee and conservator periodically.  An attorney specializing in conservatorships is helpful to advise and assist in the proceedings.

What does the Conservator do?

The court will decide what the Conservator can do. Usually, the court puts the Conservator in charge of the protected adult’s “person” and/or “property”.   The same person may handle both tasks.

● Conservator of the “person”: The Conservator decides where the disabled adult will live and will probably make medical decisions as well.

● Conservator over the estate: The Conservator handles the protected adult’s financial affairs. The Conservator must use the protected adult’s money to care for the protected person only, it may not be used to benefit the Conservator.

What is an alternative to Conservatorship?

Many aspects of estate planning handle situations that may come up later in life.  A Medical Power of Attorney is an option that is often used to establish a health care agent to handle medical decisions on a person’s behalf should they become incapacitated.  Creating a Living Trust can handle the management of finances and property in the event of incapacitation.

To find out the best method for avoiding Conservatorship and other aspects of elder law in estate planning, contact an estate planning lawyer to discuss your specific needs.

Mark S. Eghrari & Associates, PLLC is a member of the American Academy of Estate Planning Attorneys.

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A Durable Power of Attorney is a powerful estate planning tool used to ensure that someone may act on your behalf in the event of incapacitation – but how do you make sure that your financial institutions will honor it?

Many banks carefully scrutinize Power of Attorney documents, and rightfully so.  But there have been cases in which a bank refused to accept a Power of Attorney involving one of their customers.  In fact, a recent Florida ruling awarded a gentleman $64,000 after his father’s bank refused to release funds to him from a joint account of his father even though he had a valid Durable Power of Attorney document.  At that point, a friend of his father’s, who was also listed on the account, withdrew the funds from the account.  The bank was ordered to repay the funds to the gentleman as the jury found they should have honored the legal document.

Careful planning may have avoided this situation.  Banks are trying to protect their customers’ interests as well as their own.  They are concerned they may be sued if the Power of Attorney document is found to be invalid or fraudulent.  To prevent this situation, contact your financial institution when your Power of Attorney is executed and ask what is needed to ensure the document is accepted. 

To make sure your estate planning documents are legal, valid documents, work with an estate planning attorney to ensure that not only will they be acceptable when they are needed, but that they meet your needs and goals.

Mark S. Eghrari & Associates, PLLC is a member of the American Academy of Estate Planning Attorneys.

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Do you plan to leave the funds in your IRA to multiple beneficiaries?  If so, consider dividing your IRA into a separate account for each beneficiary.   (Your IRA can be divided into separate accounts before your death, obviously, but also by the end of the year following your death.)

Here’s why: Say your husband is the sole beneficiary of an IRA.  When you pass away, he can roll over the IRA into his name, name his own beneficiaries, and put off taking distributions until he reaches age 70 ½.  But the only way to roll over an inherited IRA is if you are the sole beneficiary.

Or say you wish to leave your IRA to your two children.  When an inherited IRA has more than one non-spouse beneficiary, distributions must be taken based on the life expectancy of the oldest beneficiary.  Split the IRA into two separate accounts and each child can take distributions based on his or her life expectancy instead.

Think of it this way:  While it may be easier for you to keep up with one IRA account, it will be much easier for your beneficiaries to make smart choices regarding the funds you leave in an IRA after you pass away if you create separate accounts for each beneficiary.  Isn’t that your ultimate goal?

Mark S. Eghrari & Associates, PLLC is a member of the American Academy of Estate Planning Attorneys.

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Asset protection is a key consideration in estate planning.   Most people seek to protect their assets through liability insurance – but what if you no longer have liability insurance in place?

A standard homeowners insurance policy typically includes some form of general liability insurance – like if a guest falls down the stairs or a friend slips in your kitchen.  Liability insurance is designed to protect you from claims made when you are in some way considered to be at fault.

That’s great – but say you or your parents decide to move to a retirement community or apartment.  Once the home is sold homeowners insurance is no longer in effect… but you could still be at risk of claims or even lawsuits.

Liability insurance policies tend to be relatively affordable.  Shop around and take the time to fully understand the terms, the situations that are covered, and the limits of the coverage you will receive.

Downsizing is a great financial move for many people; plus it can make daily life a lot simpler.  Just make sure you take care of the details:  Sometimes downsizing in one area requires a little bit of upsizing in another.

Mark S. Eghrari & Associates, PLLC is a member of the American Academy of Estate Planning Attorneys.

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Great estate plans accomplish a number of goals.  Chief among them is avoiding probate.  Owning property jointly is one way to avoid probate, and designating someone as the beneficiary is another.  You can even designate a beneficiary for property, using strategies like Transfer on Death and Payable on Death provisions.

Designating a beneficiary is a good way to avoid probate.  Setting up a Living Trust is a better way.  Why?

• Timing. Living Trusts allow you to specify when the beneficiary can access funds or take control of property.
• Creditor protection. Structured properly, a Trust can help prevent creditors from tapping assets held in the Trust.
• Ease of management. If you are disabled or incapacitated, a Trust can allow the trustee to take over management of assets so decisions can be made on your behalf.
• Avoids probate. If your beneficiary passes away before you do, you’ll have to name another beneficiary – or the asset(s) in question will need to enter probate.

Living Trusts are flexible estate planning tools; beneficiary designations are not.  Contact us to see how a Living Trust can accomplish a number of goals – both while you are living and after you pass away.

Mark S. Eghrari & Associates, PLLC is a member of the American Academy of Estate Planning Attorneys.

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First a definition:  A disclaimer is a legal method of turning down a gift that was made to you.  For estate planning purposes, disclaimers are a legal way to turn down either a gift or an inheritance.

For example, say your wife survives you.  Among other bequests, you leave a sizable bank account to your wife.  She is the primary beneficiary of the account, and your two children are the contingent beneficiaries.  So far so good, but what if your wife doesn’t need the money in the bank account, and wants to avoid paying estate taxes?  She can sign a legal document disclaiming the account; when she does, the account passes to your two children since they are the contingent beneficiaries.

The alternative is for your wife to accept the account and then give it to your children.  The problem with that approach is that the funds are counted in her estate, and gift taxes may be due as well.

Disclaimers can be a great estate planning tool under specific circumstances.  Contact us for more information on whether a disclaimer is the right way to ensure your wishes are carried out.

Mark S. Eghrari & Associates, PLLC is a member of the American Academy of Estate Planning Attorneys.

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