Ray Charles was a prolific songwriter while he was still with us, and he was well aware of the fact that the publishing rights to the songs that he wrote would have value into perpetuity. He started a charitable foundation that is funded, at least in part, by the income derived from the use of the songs that he composed.

According to an article that was recently posted on the CNN website, the Ray Charles Foundation is suing seven of his 12 children for $500,000 each. The foundation says that these individuals attempted to renegotiate copyrights to 51 of their father’s songs. They had no legal grounds for doing this according to the foundation.

The alleged damages involve the value of the songs being reduced because of this attempt to seize control of the copyrights.

It should be noted that each of the 12 children were given a trust fund valued at $500,000 by Charles, and according to CNN they were asked to never make any future claims against the estate in return for accepting the trusts.

One thing that you can take away from a situation like this is the fact that people sometimes don’t want to accept your wishes after some time passes and they formulate their own opinions about what is fair.

For this reason it is important to engage the services of a highly experienced and dedicated Long Island estate planning lawyer when you are making plans for the future. Your attorney will gain an understanding of your long-term intentions and do what is necessary to create a truly ironclad estate plan that will stand up to any challenges that may arise.

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

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Getting advice from an experienced, savvy Long Island estate planning attorney can make a huge difference when you are planning for the future.

There are many different areas of the law, and few if any attorneys are experts in all of them. Understanding the tax code can be a lifelong endeavor in and of itself, so tapping into the expertise of a truly focused professional is extraordinarily important when the stakes are high.

When you are speaking of high stakes the wealth of Facebook founders Mark Zuckerberg and Dustin Moskovitz could certainly enter into the conversation. People who are successful enough to have far more money than they are going to need throughout their lives have to think about asset transfers.

The form of your assets has a lot to do with how you would optimally proceed, and in the case of the Facebook founders their shares in the company prior to an IPO being offered presented the ideal opportunity to utilize the zeroed out GRAT strategy.

According to Forbes Zuckerberg and Moskovitz placed significant shares into grantor retained annuity trusts back in 2008. Funding the trust is considered to be a taxable gift because with these trusts you name a beneficiary who would assume ownership of any remainder that exists in the trust after its term expires. Anticipated appreciation is calculated by the IRS using the Section 7520 rate that is in place when you create the trust.

The grantor receives annuity payments out of the trust annually. So, to “zero out” the trust you take annuity payments equal to its total taxable value over the trust term.

Highly appreciable securities may earn more than the rate tacked onto the principal to account for interest by the IRS. This will certainly be the case with Facebook shares. When this takes place, there is a remainder left in the trust that is passed on to the beneficiary free of taxation.

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

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Obviously the Grim Reaper does not send anyone an RSVP and there are no guarantees regarding how long you can expect to live. This is one of the reasons why Long Island estate planning lawyers will emphasize the importance of making preparations for all eventualities regardless of your age. As soon as you are a responsible self-supporting adult estate planning is relevant to you.

The above having been stated, the fact is that most people do live into their senior years. So when you are making long-term financial plans you need to have a general idea of how long you can expect to live if your lifespan winds up falling within the average range.

There is a good tool available on the Social Security administration website that you can utilize to determine your life expectancy. You plug in your age and your gender to find out your projected lifespan at any given time.

Getting a general idea about how long you can expect to live will assist you as you are budgeting for the future. And, your life expectancy can also impact when you decide to apply for your Social Security benefit. You don’t have to wait until you are eligible to receive your full benefit, and this is something to keep in mind.

If you’re interested in developing a long-term plan that leads to a comfortable, secure future expert advice is invaluable. The first step toward total peace of mind is to sit down and discuss all of the eventualities of aging with a licensed, 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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If you want to be able to retire someday you are going to have to recognize the need to plan ahead. As the baby boomer generation reaches retirement age a lot of people are coming to the stark realization that they are unprepared. In fact, many of these individuals will never be able to retire and this predicament would fall into the “don’t let this happen to you” category.

One way that you can start saving for retirement is to participate in a 401(k) plan that is offered at your place of employment. If you are fortunate your employer may offer a matching contribution. This is an offer that should be taken advantage of and it would be advisable to contribute at least as much into the 401(k) plan as the employer is willing to match.

You may have concerns about what would happen to your 401(k) retirement account if you were to lose your job. One option that you could exercise would be to cash out the account, and this may be tempting given the fact that you are suddenly unemployed.

However, doing this could derail your retirement plan, and you have to pay a 10% penalty in addition to the 20% tax that will be imposed.

Alternately you may be able to keep the 401(k) account even after you separate from the employer. The problems with this are that you may have to pay for administrative fees that were previously paid for by the employer and it may be difficult to obtain help with your account.

Rolling your account over into a qualified individual retirement account or into the 401(k) at your next job (if possible) is another option, and it may be the best choice if you are serious about building a retirement nest egg.

To learn more about how to make a 401(k) account part of a comprehensive plan for aging simply take a moment to arrange for a consultation with a good Smithtown NY retirement planning lawyer.

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

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If you are a serious minded individual who wants to be optimally prepared every step of the way you have to understand the fact that estate planning is not a single event. Things can happen both in your own life and in the world around you that can be relevant to your estate planning efforts and you must be ready to make adjustments along the way.

This is one of the reasons why it is advisable to develop a solid working relationship with a good Long Island estate planning lawyer. Your attorney will become cognizant of your wishes and gain an understanding of your financial profile. And then when things take place that make revisions necessary your attorney will be able to implement them efficiently and effectively.

An event that can have an impact on your estate plan is looming at this very moment. The estate tax exclusion is going down to $1 million and the rate is rising to 55% when the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 expires at the end of this year. So if your estate is valued in excess of $1 million and you have made no plans to gain estate tax efficiency you may have to take action.

It should be noted that the above-mentioned figures can be altered if there were legislative changes implemented before the end of the year and this is something that the estate planning community will be watching closely.

If you’re interested in discussing these pending changes with an expert, take action right now to arrange for a consultation with a licensed Nassau County estate planning lawyer.

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

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Estate planning involves attending to a number of details if you want to be comprehensively prepared for any and all eventualities. Some of them are quite obvious, and others could potentially fall through the cracks. With this in mind you should consider what will become of your pets if you were to pass away before they do.

Younger people may assume that they will outlive their pets, but you should remember the fact that estate planning can be precautionary in nature. The average lifespan is over 78 years, so the odds would say that you will live into your senior years. But if you are truly responsible you will make sure that your family is provided for even when you are a relatively young adult because there are no guarantees.

It is useful to view pet planning in the same way. Though you probably won’t predecease your pets, it is better to be safe than sorry and making plans for them in advance will provide you with a certain modicum of peace of mind.

There are a couple of famous American female television personalities who have certainly taken the above advice to heart. Oprah Winfrey has multiple dogs, and she has reportedly placed $30 million into a trust fund for their care. The popular actress Betty White has set aside $5 million for her best friend for life Pontiac, a golden retriever.

While you may not be interested in making your dog a millionaire, it is important to provide for your pet sensibly. If you would like to do just that, the first step is to sit down and discuss pet planning with 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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You hear a lot of talk about “taxing the rich” coming from some individuals, but the truth is that they may not be aware of just how high taxes are for people who have achieved extraordinary success throughout their lives.

For proof look no further than the case of the recently deceased television legend Dick Clark. The precise details of his estate have not yet been made available to the general public because of the recency of his passing, but it is being suggested that he passed away with wealth that could be measured in the hundreds of millions of dollars.

The estate tax exclusion this year is $5.12 million. So, assuming Clark took no particular steps to gain estate tax efficiency virtually all of these hundreds of millions of dollars would be taxable.

In 2012 the rate of the estate tax is 35%. To use a hypothetical example, if the taxable value of his estate was say $600 million his family would be presented with a $210 million tax bill.

This is in addition to all the taxes that Dick Clark paid throughout his life, and when you make the kind of money that he did you would certainly have paid quite a bit over the years.

Even if you are not in the rarefied financial stratosphere of someone like Dick Clark the estate tax can dramatically reduce the value of your estate as it is being passed on to your loved ones. To have an expert analyze your unique situation, simply take a moment to arrange for a consultation with a licensed and experienced Smithtown NY estate planning lawyer.

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

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It is not advisable to proceed with blinders on in a day-to-day manner when it comes to the way that you handle your financial affairs.

The intelligent course of action is to work with a good Long Island financial planning attorney to devise a cogent long-term strategy. There is no one-size-fits-all plan, so it is important to tap into professional expertise on a one-to-one basis so that you are acting appropriately given your unique circumstances.

With this in mind you would do well to consider asset protection, especially if you are exposed to potential lawsuits and actions filed by creditors due to the nature of your work.

If you position your resources wisely you can shield them from those who may be seeking redress at some point in the future and gain the peace of mind that goes along with knowing that your personal wealth will remain intact come what may.

Depending on the nature of your assets and your specific long-term intentions there are a variety of financial planning instruments that could be appropriate. Among them would be family limited partnerships, limited liability companies, family savings trusts, and qualified personal residence trusts.

Making sure that you are prepared for any and all eventualities that may come your way is the wise course of action. If you recognize the need to protect your hard earned assets, take action right now to arrange for a consultation with a licensed and experienced Long Island financial planning lawyer. Your attorney will become apprised of your situation and make the appropriate recommendations.

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

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When you are engaged in the process of estate planning you are going to have a lot of things on your to-do list, and while you are it you may want to make sure funeral arrangements are on the list.

If you make no preparations you will be leaving it all up to your loved ones, and they are going to have a lot on their minds in the immediate aftermath of your passing. You will be making things much easier on those that you love if you have taken care of this, and in addition you will be able to go forward with the peace of mind that comes along with knowing that your own wishes will be carried out.

For added incentive, in addition to the simple fact that it is a hassle to run around town making these arrangements at a time when they will be grieving family members do not always agree on exactly how to go about things. Your family should be pulling together in support of one another at such a sensitive time, and you can remove one potential cause of stress by making your own arrangements in advance.

It is possible to pick out everything that you want and pay for your funeral while you are still alive, and these prepayment options are very attractive to some people because of the turnkey simplicity that they provide.

Should you be interested in devising a comprehensive estate plan that includes final arrangements, don’t hesitate to pick up the phone to arrange for a consultation with 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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You may assume that you should use a last Will to transfer assets to your loved ones because it is a simple tool that seems pretty straightforward. It is just a matter of putting your wishes into writing and allowing things fall into place after you pass away.

In fact, it is not quite that easy. When you use a last Will to direct final asset transfers your estate is going to be hung up in the probate court for some time. The court examines the will to determine its validity and subsequently supervises the administration of the estate.

Because of the probate process your heirs will not receive their inheritances right away. Exactly how long it will take depends on the situation. In some cases it takes years to sort things out, and even in relatively simple cases it is going to take months.

There are also considerable expenses that are incurred during the probate process. There will be an executor who is entitled to payment, a probate attorney, and perhaps a tax accountant, an appraiser or even multiple appraisers. Plus, the court itself imposes a fee.

In addition to the above, probate is an open proceeding. The goings-on become a matter of public record and for one reason or another some individuals would prefer that their final final affairs be conducted in private.

Sometimes the solution that seems simplest on the surface may in fact entail more than meets the eye. There are ways to get your assets into the hands of your loved ones in an efficient manner outside of the probate process. If you would like to explore these possibilities, take a moment to arrange for a consultation with a good 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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