Although your initial estate plan may consist of nothing more than a simple Last Will and Testament, you will undoubtedly want to expand on that plan as your life becomes more complex throughout the years. A common addition to the average estate plan is a trust agreement. If you decide to create a trust you will need to choose to create a living trust or a testamentary trust. To help get you started, the Long Island trust attorneys at Eghrari Law Firm discuss why you might want to include a …
Understanding the Surviving Spouse Right of Election in New York
Generally speaking, a Testator has the right to choose estate beneficiaries and to decide what share of his/her estate each beneficiary will receive in the Testator’s Last Will and Testament. One important exception to that general rule in New York is the surviving spouse’s right of election. Whether you are creating your own Will or are a beneficiary of an estate, understanding the right of election is important. With that in mind, the Long Island estate planning attorneys at Eghrari Law Firm …
What Can I Do to Prevent Sibling Disputes?
For most people, one of the primary reasons to create an estate plan is to ensure that their estate is distributed according to their wishes after they are gone. Another reason is to reduce the likelihood of confusion and conflict after they are gone. If you have adult children, you undoubtedly want to do all you can to prevent disputes between them as well. With that in mind, the Long Island estate planning attorneys at Eghrari Law Firm discuss what you can do within your estate plan to prevent …
How Estate Planning Can Help with Probate Avoidance
Having at least a basic estate plan in place is better than no plan; however, having a comprehensive estate plan should be the goal. For example, an estate plan that ensures your estate assets are distributed according to your wishes when you are gone is important, but a plan that also ensures your estate will avoid probate is even better. With that in mind, the Long Island estate planning attorneys at Eghrari Law Firm discuss how estate planning can help with probate avoidance. What Is …
Tips for Adult Children: How to Bring Up Estate Planning with Parents
It can be extremely difficult to watch your parents go through the mental and/or physical deterioration that accompanies the natural aging process. When a parent’s aging makes them vulnerable, a role reversal often occurs. The parent becomes the child, and the child becomes the caregiver. This, in turn, can create several problems that an adult child doesn’t know how to approach, much less resolve. With that in mind, the Long Island elder law attorneys at Eghrari Law Firm discuss how to bring up …
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 …
An Overview of Estate Planning for Blended Families
We always emphasize the fact that personalized legal attention is the key to a properly constructed estate plan. Every case is different, and there is no cookie-cutter, one-size-fits-all approach that is right for everyone. This definitely enters the picture when it comes to estate planning for blended families, and we will provide six pieces of insight in this post. A simple will won’t cut it. On the day that you are getting married, you are naturally going to be optimistic about the …
This Veterans Pension Can Defray Long-Term Care Costs
You have to try to accept some inconvenient truths when you are planning ahead for the future. After your active retirement years start to wane, it may become harder and harder for you to go about your activities of daily living. At some point, assistance may be needed, even if it is hard to envision it right now. Just over 50 percent of seniors need some type of paid care eventually, and many others get the help they need from unpaid family members and friends. When it comes to the …
Can You Modify a Living Trust?
Before we drill down to the specific subject of this blog post, we should explain some of the benefits that living trusts provide. A lot of people think that a last will is the right transfer device for anyone that is not a multimillionaire, but in reality, this is a total misconception. The distribution process is not as simple and straightforward as it may appear to be on the surface when a last will is utilized. If you were to create a last will, you would name an executor in the document …
Estate Planning Advice Gone Awry
There are some folks that have a tiny bit of knowledge, and this can be dangerous, especially when they want to share it with others. This dynamic can definitely enter the picture when it comes to estate planning tips. At the end of the day, there is no substitute for qualified legal counsel, but some families pay a heavy price to learn this lesson. Downloads and Worksheets Several companies on the internet sell downloads and worksheets that you can use to create different types of legal …
Do You Pay Capital Gains Taxes on Inheritances?
The capital gains tax can be imposed when you sell assets that appreciated after you acquire them. This is called “realizing a gain,” and there are short-term gains that are realized less than a year after the acquisition, and long-term gains are realized more than a year after you obtain the assets. Long and short-term gains are taxed at different rates. A short-term gain is taxed at your regular income tax rate, and long-term gain rates are based on your income. People that claim $40,400 or …
Why Would You Use a Trust?
There are many different tools that can be utilized when you are planning your estate. As a layperson, there is no reason for you to have knowledge of all the devices that are available to you and why you may want to use one instead of another. With this in mind, we are going to look at five different situations that would call for the utilization of some type of trust in this post. Protection From Future Creditors People that are in high-risk professions and some business owners have to be …
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