hen you have a substantial nest egg, you will need to decide how much money you actually want to leave to your children. While some parents assume it is best to leave their full estate to their children, you need to consider the impact that an inheritance could have on the lives of your kids. There is a big concern among wealthy parents about the possibility that a large inheritance will lead to their children losing motivation. As Long Island estate planning attorney Mark Eghrari explained …
What if Money is Left to a Minor?
Long Island probate attorneys represent families going through the probate process. As Investopedia explains, the probate process can take around a year or so to occur and to facilitate the transfer of wealth to heirs or beneficiaries designated in a last will and testament. The process can take even longer if there are complications that arise. One potential problem that could come up during the probate process: the problem of assets being left to a minor who is under the age of 18. A …
A Long Island Estate Planning Lawyer Explains in Forbes Why Equal Isn’t Always the Fairest Approach to Providing an Inheritance
When you are making your estate plan, you want to be fair to all of your heirs or beneficiaries. However, as Long Island estate planning lawyer Mark Eghrari explains in a Forbes article, this does not always mean that you want to distribute your assets equally. For example, if you have two children and you have $1 million to distribute among them for an inheritance, it may seem fairest to give each child $500,000. However, if you already paid $250,000 for your oldest child to go to college …
Why It’s Important for Your Family to Know Where Your Assets Are
Long Island estate planning attorneys can help you to create a plan to facilitate the cost-effective and timely transfer of assets to your loved ones after you pass on. Far too many people don’t have a comprehensive estate plan in place, and they jeopardize their wealth and their ability to leave a legacy because of it. For example, one common problem that arises during the probate process is that there are missing assets which the executor of an estate and heirs or beneficiaries are not able to …
In a Forbes Article, A Long Island Elder Law Attorney Advises That When You Pass Away, You Should Leave Memories Behind
When most people think of an inheritance, it is money that they think of first. However, as Long Island elder law attorney Mark Eghrari explains in a Forbes article, money is not the only important thing when it comes to leaving a legacy behind for your loved ones. Your family members will also want to know about their history, and you should make it a point to leave behind your memories so your family history is not lost forever. There are many different ways that you can tell the story of …
Long Island Elder Law Attorney Details 6 Reasons to Revise Your Estate Plan as Soon as Possible
There are many circumstances where revising your estate plan becomes important. As Long Island estate planning lawyer Mark Eghrari explained in a Forbes article, there are six key triggers that definitely necessitate an update to any plans you have made to address end of life issues or to address your legacy. The six key situations where you definitely should revise your estate plan ASAP include: When you get divorced. If you get married or remarried. When a child is born or when you …
Why Do People Procrastinate About Estate Planning?
Long Island estate planning attorneys can help you take action today to put an estate plan in place. Far too many people procrastinate about making a will or otherwise preparing plans for their futures. Unfortunately, when you wait too long, there are times when tragedy can strike and you will end up entirely unable to determine what you want your legacy to be or what you want in terms of medical care if you suffer a serious emergency. You don’t have to procrastinate or put off the process …
Long Island Elder Law Attorney Explains Guardianship and Incapacity in Forbes Article
Incapacity is not something anyone likes to think about, but as Long Island elder law attorney Mark Eghrari explained in Forbes, making a plan for incapacity is important because someone must act for you if you become incapacitated and cannot act on your own. If you don’t make a plan and you instead allow the court to appoint a guardian for you, you could lose the chance to have a say over who makes vital decisions about your health and property. You don’t want this to happen, and, as …
Why Consider Digital Assets in Estate Planning?
Long Island estate planning lawyers can assist you in making sure your estate plan is as comprehensive as it needs to be to provide for your loved ones and to ensure your hard-earned wealth is appropriately transferred to new owners. Many people make estate planning mistakes, such as not accounting for all of their assets. We can help to ensure that this does not happen. In particular, some of the assets that people often forget to make plans for include digital assets. Eghrari Law Firm can …
Do You Need an Estate Planning Attorney to Update Your Will?
A Long Island estate planning attorney should be consulted if you want to update your last will and testament. There are many reasons why you may wish to make updates to your will. Whether you've acquired new assets, sold old ones, added a new child to your life, or married or divorced, you may experience many big changes in your life that necessitate adjustments to your legacy plan. When you need to make changes to your will, you shouldn't try to do it on your own. Instead, you should get the …
How Often Should You Meet with an Estate Planning Attorney?
An estate planning attorney in Long Island helps you to make sure that you have a plan in place for your future. Everyone will eventually get older, experience the effects of aging, and pass away. You need to make sure you have planned ahead in case of illness or injury and in case you need long term care or nursing home care services. You also need to make sure that you have plans to facilitate the transfer of your assets after your death and to provide for the people you love when you pass …
Estate Planning Considerations for a Second Marriage
A Smithtown estate planning attorney helps people with many different family situations to address the estate planning issues that affect their lives. Today, there are more blended families than ever before and there are more non-traditional families than at any time in the past. The changes in the ways in which families are formed have necessitated some new changes to the ways in which people plan their estates. Eghrari Law Firm can help. Our firm knows how to make the law work for you, …
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