A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a grantor trust and situations in which it might be useful.Grantor Trusts Provide Flexibility and Ease … [Read more...] about Grantor Trusts Provide Flexibility and Ease
Choosing the right Agent under a Power of Attorney is one of the most important choices. This article discusses the qualities of an ideal Agent and qualities to avoid in selecting an Agent. Read on to learn more.Selecting an Agent … [Read more...] about Selecting an Agent
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful.Nongrantor Trusts Can Be Very Useful in Certain Situations … [Read more...] about Nongrantor Trusts Can Be Very Useful in Certain Situations
There are many tools in the state planning toolkit. Personalized attention is key, because there is no one-size-fits-all, cookie-cutter estate plan. Every situation is unique, so your estate plan should be custom crafted to suit your needs.For some folks with very limited resources, a simple last will can be the right choice. However, it is really not the best option for most people that have a reasonably significant store of assets to pass along to their loved ones.One of the problems … [Read more...] about Is It Better to Have a Will or a Trust?
There are many positive benefits that are realized if you utilize a revocable living trust as the centerpiece of your estate plan instead of a last will. Many people are pleasantly surprised when they hear that you do not lose control of assets that you convey into this type of trust. Of course, from the name of the trust, they know that it can be revoked. However, there are other forms of control that are retained when the trust is intact.If you were to establish a revocable living trust, … [Read more...] about Does a Living Trust Provide Asset Protection?
There are many different tools in the estate planning toolkit. Trusts of various kinds can be utilized to satisfy a number of diverse objectives. This is why it is very important to connect with an estate planning attorney when you are thinking about your legacy. Legal devices may be available to you that you are not aware of, and a lack of knowledge can sometimes be costly.Estate Tax EfficiencyIf you have been very successful from a financial perspective, you have to be aware of the looming … [Read more...] about Trusts Can Satisfy Varied Objectives
A Long Island estate planning attorney will provide invaluable help in making plans to ensure your future is secure and your family is protected and provided for in case something happens to you. You should make certain that you get legal advice from an experienced attorney as soon as you can to put an estate plan in place. You never know when something could happen to you that leaves you unable to take action to take care of your heirs or beneficiaries or to address issues that arise if you … [Read more...] about What Can Happen if You Don’t Have a Long Island Estate Planning Attorney?
If you are thinking ahead about your future, you may wonder about the difference between estate planning vs legacy planning. While with estate planning and legacy planning involve thinking ahead about what will happen after you pass on, there are important differences between the two processes that you should think about when you decide what approach you want to take towards putting plans in place. Mark S. Eghrari & Associates, PLLC can provide you with help. We can explain the … [Read more...] about What is the Difference Between Estate Planning vs Legacy Planning?
An elder law attorney at Mark S. Eghrari & Associates, PLLC can help seniors to take steps to protect their assets. There are many different potential sources of loss seniors face, from the potential for high nursing home care bills to the risk of their estate owing substantial taxes when they pass away. Seniors are also especially vulnerable to being scammed and are often targeted by thieves who behave in a dishonest way to try to get elderly people to give up their hard-earned … [Read more...] about Beware of Scams Involving New Medicare Cards
Smithtown estate planning lawyers at Mark S. Eghrari & Associates, PLLC will help you to make plans for the future and to make effective use of legal documents and tools to put those plans in place. There are many different issues that you should address as you prepare for the future. In addition to considering what your legacy will be after you are gone, it is also important to think about what could happen if you become very sick or sustain a serious injury. Advanced directives can … [Read more...] about Smithtown Estate Planning Lawyers Explain Key Reasons to Make Advanced Directives