There are many different very good reasons why you would do well to work with an experienced Long Island estate planning lawyer when you are making provisions for your loved ones. The fact that the typical layperson is not aware of all the options that may be available is perhaps at the top of the list.

If you did not know any better you may go forward with the overly simplistic belief that the only sensible choice for you would be to have a last will drawn up. While it is of course possible to do so, it is best to have your situation evaluated by an expert before you make any decisions.

Depending on the size, scope, and form of your assets any number of approaches may be optimal. Getting the resources into the hands of your heirs quickly and efficiently is part of the equation, but making sure that little if anything is lost while doing so is also an important consideration.

With the above in mind, a revocable living trust can be a very viable alternative to a last will because of the efficiency that these vehicles provide. However, you have to be certain that the resources that you place in the trust are administered appropriately.

You don’t want to appoint a trustee who is not prepared or qualified to handle the fiduciary responsibilities involved. There are professional entities that can be brought in such as a trust company or the trust section of a reputable financial institution.

Should you be interested in working with an expert to potentially create a trust and arrange for its administration, take action right now and make a convenient appointment to speak with a seasoned and savvy 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 do not leave behind instructions with regard to how you feel about certain medical procedures your family members may be asked to make difficult decisions. For example, consider the matter of being kept alive via the use of artificial life-support measures.

There are those who feel as though they would like to be kept alive for as long as possible regardless of what it takes even if they were to be in a terminal condition with no realistic hope of recovery. On the other hand, there are others who would prefer to let nature take its course and refuse life-support under these circumstances.

Only you know how you would want to proceed. If the decision was to fall into the hands of family members there could be disagreements at a time when your loved ones should be pulling together to support one another. We all saw an example of this during the highly publicized Terri Schiavo case that was in the news several years ago.

You can remove the possibility of disagreements and be certain that your wishes are carried out by executing advance health care directives. One of these is a living will with which you state your preferences regarding matters such as the use of life-support systems.

To alleviate any potential disagreements among family members you can also put a durable power of attorney for health care in place.

With this document you state who it is that you are empowering to make medical decisions in your behalf should it become necessary. You would have presumably discussed your general point of view with your attorney-in-fact so that this individual would be acting in accordance with your wishes.

These important documents are a must for anyone who wants to be comprehensively prepared for all eventualities. Putting the wheels in motion is as simple as picking up the phone to set up an appointment 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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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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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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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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Though estate planning is something that people of all ages should engage in, the truth of the matter is that a lot of people don’t give it much thought until they start to see their retirement years come into focus. If you are one of the many who hasn’t looked into it very deeply, you may simply assume that estate planning involves drawing up a last will to direct the transfer of your assets.

While you can certainly use a last will to detail your wishes, it is not your only choice. You may have heard about trusts but assumed that they are only useful for people who are extraordinarily wealthy. In reality the creation of a trust such as a revocable living trust can be a good option for people who would not consider themselves to be rich by any means. One of the reasons why these trusts hold appeal is because they enable the transfer of assets outside of the process of probate.

Your estate must be probated when you use a last will as your primary vehicle of asset transfer. The heirs to the estate do not receive their inheritances until the estate has been probated and closed. Probate can take quite a bit of time and just how long it takes will depend upon the jurisdiction in question and the relative complexity of the case. The infamous Anna Nicole Smith battle with the Marshall family went on for some 15 years, outliving both of the original combatants. But even simple, uncontested cases can take several months.

The time factor is just one of the reasons why probate is often avoided. There are expenses involved in the process and the goings-on are a matter of public record. Many people would like to keep their final affairs confidential.

Revocable living trusts are quite popular and as you can see they enable the avoidance of some rather unappealing circumstances. If you’d like to learn more about these trusts, simply take a moment to arrange for a consultation with an experienced Smithtown, NY estate planning attorney.

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

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There is a lot of information available on the Internet these days.  Because of this easy access to information, you can take care of many things on your own that used to require the assistance of others. This is clearly a positive development, but there are people who try to take advantage of the broad reach that the Internet provides in ways that could be perceived as inappropriate. To this end, Internet marketers sometimes make claims that are enticing but perhaps a bit incomplete or inaccurate.

The above is something to take into consideration if you come across websites that want you to believe that estate planning makes for a very simple do-it-yourself project. They state that all you have to do is fill in the blanks on a one-size-fits-all document that they will provide you with for a fee and you’ll then be good to go. The legacy that you have shaped throughout the entirety of your life will be seamlessly transferred to those that you love in one fell swoop with no legal guidance necessary.

The truth is that every individual is different and there are various ways to transfer assets to your loved ones. The course of action that is best for you may not be right for the next person. Some people are exposed to the estate tax and some are not. And of course there are things to consider other than the transfer of assets, such as planning for the possibility of incapacity.

Additionally, the estate plan that you initially devised is probably going to be have to be updated as time passes and your life situation changes in various ways. Are you prepared to make these changes on your own?

When something sounds too good to be true in virtually every instance it is just that. Estate planning is a serious matter and it is not something that makes for a suitable do-it-yourself project.

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

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The lives of famous people are often put on display by the media for public consumption, and though this can be difficult for the targets of the attention we can sometimes learn from the successes and failures of others.

This is certainly true when it comes to estate planning and we have seen many instances of high profile individuals leaving behind a mess for their family members due to a lack of proper planning.

On the other end of the spectrum, there was a recent case involving a famous individual doing a good job planning her estate.

Because of the fact that Singer Amy Winehouse was known for a rather freewheeling lifestyle many people would assume that she would be someone who would not have her financial house in order. In fact, British newspapers have reported that she did have an ironclad estate plan in place that left behind her fortune to her parents and her brother.

The thing about the Winehouse estate that is particularly instructive is the fact that under British law her former husband, Blake Fielder-Civil, could have been in line for an inheritance had Winehouse not executed the proper estate planning documents.

Clearly, changes in marital status are just about always going to necessitate an estate plan update. If your estate plan needs revising or if you have not yet made any plans for the future, right now would be a good time to take action and arrange for a consultation with a licensed and experienced Long Island estate planning attorney.

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

Visit my website for full links, other content and more!