In an era of impersonal, national chains and franchises, there are still a handful of local businesses that proudly serve their communities in a sincere, direct fashion. The attorneys and staff here at the Eghrari Law Firm do everything possible to embody that sense of community right here in Smithtown, NY.
We chose this area because of the people. It is certainly a great place to live! Residents have access to just about everything your heart could desire at your fingertips. At the same time, the true identity of a place is defined by the residents themselves, and we genuinely enjoy working with our neighbors here in Smithtown.
Mark S. Eghrari Speaks Your Language
Since we are locals with deep roots in Smithtown, we have long-standing connections with countless people in the area. If we don’t already know you personally, we are probably acquainted with someone that you are close to.
We develop long-term relationships with our clients, and in many cases, we serve multiple different generations. When you walk through our front door, you will immediately feel a sense of comfort as people greet you warmly.
You will feel completely at ease when you discuss your estate planning goals with us, and all of your questions will be answered thoroughly. Nothing will be left to chance, and you will be fully equipped to make intelligent, informed decisions.
Do You Need A Trust In New York?
There is a popular misconception that people buy into that is counterproductive. Many people are under the impression that a will is the only logical choice as an estate planning tool unless you are very, very wealthy. In fact, this is far from the truth.
A will is a very limited estate planning document that ties your hands in many different ways. First and foremost, if you use a will, the inheritors receive lump sum inheritances all at once. This may not be the way that you would like the assets to be distributed in a perfect world.
Some people are better at managing money than others, and you may have concerns about the way that some of your loved ones will handle their inheritances. This is fully understandable, and you can have it your way if you use a living trust as an asset transfer vehicle instead of a will.
With a living trust, you would name a trustee to administer the trust after you are gone. This trustee would manage the assets in the trust, so the beneficiary would not be able to make bad decisions. Through the inclusion of a spendthrift provision, there would be a certain level of asset protection, and you could allow for limited distributions over an extended period of time.
This is one type of trust that can be useful, but there are numerous different types of trusts that can satisfy any number of underlying estate planning objectives. As Smithtown, NY trust attorneys, we can explain all of your options to you so that you can make the right choices.
Medicaid Planning in Smithtown, NY
One of the things that many people don’t understand about the process of estate planning is that nursing home costs could consume everything you wanted to leave to your loved ones. It is likely that you will live into your eighties if you live long enough to collect your full Social Security benefit, and almost 25 percent of people in this age group reside in nursing homes.
Medicare won’t pay for long-term care, and the average annual charge for a year in a Long Island nursing home is well over $100,000. A few years in a nursing home at the end of your life could do a lot of damage to your legacy.
The good news is that Medicaid will pay for long-term care, and it is the solution for a very significant percentage American elders. However, program rules are complex, and you cannot qualify if you have significant assets in your own name. We help clients who want to aim toward future Medicaid eligibility without losing anything in the process.
Get in Touch with an Experienced Estate Planning Attorney in Smithtown
If you live here in the Smithtown area, we would be glad to discuss your estate planning objectives with you in person. It is gratifying for us to help our neighbors preserve their legacies, and we treat our clients the way that we like to be treated. You can call us at (631) 265-0599 to set up a consultation or send us a message. We look forward to serving the Smithtown community!