The need for financial planning takes on heightened importance if you are the parent of a child with special needs. Fortunately, many children with special needs now live very independent lives; however, as a parent you may still wish to ensure that your child has your financial support as an adult, even after you are no longer here to provide it in person. Providing that financial support can be problematic because gifting assets directly to your child could jeopardize eligibility …
Understanding Alzheimer’s Disease
For most seniors, one of the most frightening aspects of growing older is the thought of developing Alzheimer’s disease. Whether you are nearing your “Golden Years” yourself, or you have a loved one who is, you need to understand Alzheimer’s disease. Toward that end, the Long Island elder law attorneys at Eghrari Wealth Training Firm help you to understand what you should know about Alzheimer’s disease. What Is Alzheimer’s Disease? Most people associate Alzheimer’s disease with dementia …
LGBT History Month Is a Great Time to Review Your Estate Plan
Every year in October, the LGBT community and their supporters celebrate LGBT History Month. If you will be among those who are celebrating the importance of LGBT history this October, you should also take the time to review and revise your estate plan. LGBT History Month reminds us that while great strides have been made in the fight for equality, protecting yourself, your assets, and your loved ones through comprehensive estate planning remains essential. With that in mind, the Long …
Are You Prepared for the Possibility of Incapacity?
When you think of estate planning you likely think about executing a Last Will and Testament to ensure that your estate assets are distributed according to your wishes after you are gone. While planning for the distribution of your estate assets is certainly one important aspect of a comprehensive estate plan, it should not be the sole focus of an estate plan. On the contrary, a well-thought-out estate plan should include a variety of additional inter-related components, including an incapacity …
Where Should I Keep My Estate Planning Documents?
Although your initial estate plan may consist of nothing more than a Last Will and Testament, that plan will likely grow and expand over the years to include numerous estate planning documents. Where you keep those documents is more important than you may realize. Your safety deposit box may seem like the logical choice if you keep other valuable documents there; however, that is not the best place for your estate planning documents. The Long Island estate planning attorneys at Eghrari Wealth …
What Happens during a Will Contest?
You are undoubtedly counting on the provisions in your Last Will and Testament to direct the distribution of your estate after you are gone. Ideally, that is what happens. If, however, someone successfully contests your Will, your wishes will not be honored. A better understanding of how a Will contest works can help you to decrease the odds of a successful challenge to your Will. With that in mind, the Long Island estate planning attorneys at Eghrari Wealth Training Firm explain what happens …
How a Trust Can Help You Make Gifts to Grandchildren
If you are fortunate enough to be a grandparent, you understand the joy a grandchild brings into your life. Becoming a grandparent may also prompt you to want to include your grandchildren in your plan. While there are many ways to do that, some options work better than others. To better explain, the Long Island estate planning attorneys at Eghrari Wealth Training Firm discuss how a trust can help you make gifts to your grandchildren. Why a Last Will and Testament Is Not the Best …
Are You Passing Down Your Legacy in Your Estate Plan?
Did you know that you can also pass down your legacy along with your material assets? The idea behind the concept of legacy planning is to take estate planning to the next level. Legacy planning allows you to incorporate your ideals, beliefs, values, and faith into your estate planning endeavors. Instead of simply leaving behind assets, legacy planning lets you leave behind much more of who you are and what made you the person you were during your lifetime. A Long Island legacy …
Steps to Take If You Suspect Elder Abuse
As we age, so do our parents, grandparents, and other older family members. At some point, a role reversal often occurs, where you become the protector and your older family members become vulnerable. As a result of physical and/or mental deterioration, your older family members may eventually need additional assistance around the house or may even need around-the-clock care in a long-term care facility. Despite your best efforts to ensure that the people caring for your loved one …
Does Your Estate Lack Liquidity?
Deciding how your estate assets are to be distributed after you are gone may be a primary estate planning goal; however, it should not be your only goal. Making sure that your loved ones can access those assets when they need them after your death, for example, should be an equally important estate planning goal. To achieve that goal, your estate needs sufficient liquid assets. Toward that end, the Long Island estate planning attorneys at Eghrari Wealth Training Firm explain the need for …
Estate Planning for Parents with Young Children
Estate planning is important for everyone, especially parents with young children. As a parent, you undoubtedly want to protect your children and provide for them. A well thought out and constructed estate plan ensures that you can continue to do both if something happens to you. With that in mind, the Long Island estate planning attorneys at Eghrari Wealth Training Firm discuss estate planning for parents with young children. How Is Estate Planning Different When You Have Minor …
What You Need to Know about the New York Medicaid Estate Recovery Program
Failing to include Medicaid planning in your estate plan can put assets at risk if you need to qualify for Medicaid down the road. What you may not realize, however, is that your assets might still be at risk after you are gone. To help ensure that your assets are safe, the Long Island Medicaid planning attorneys at Eghrari Wealth Training Firm explain what you need to know about the New York Medicaid Estate Recovery Program. What Is the Medicaid Estate Recovery Program? The Medicaid …
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