As people get older, they may lose the ability to manage their money. When this happens, a younger family member may have to stop in. As Long Island elder law attorney Mark Eghrari explains in this recent Forbes article, the process of assuming control over an elderly relative’s financial situation can be tricky.There are a few key steps that need to be taken when you are in a position where you must take control over the finances of an elderly relative. For example, the necessary steps can … [Read more...]
Who Should Get Help from a Long Island Inheritance Attorney?
A Long Island inheritance attorney can provide help to people whose estates will be subject to taxes in New York. If you stand to inherit and you are concerned your inheritance is going to be reduced as a result of estate taxes, we can also provide you with assistance. Mark S. Eghrari & Associates PLLC offers the advice that clients need to make smart choices about asset protection. We know that estate taxes can significantly affect the value of an estate which heirs should be able to … [Read more...]
What Are Advance Directives for Health Care
What Are Advance Directives for Health Care from Mark Eghrari The creation of a last will or a trust may be the thing that comes to your mind when you think about estate planning. This is part of the equation, but you should adopt a broader perspective if you want to be comprehensively prepared. … [Read more...]
Don’t Overlook Advance Directives for Health Care
The process of estate planning should ideally be viewed from a comprehensive perspective. There is more to a well constructed estate plan than the creation of a last will or a trust to facilitate postmortem asset transfers.While it is true that you have to address things that will happen after you are gone when you plan your estate, you should also consider the period of time that will precede your passing. Though this is certainly not a very pleasant prospect to consider, you may become … [Read more...]
Will My Power of Attorney Be Effective After My Death?
Before we look at the question that serves as the title of this post, we should provide some general information about the value of a power of attorney.Our firm focuses on elder law and estate planning matters. Elder law attorneys help individuals who are preparing for their senior years. In our field, durable powers of attorney are often used to proactively address latter life incapacitation.A surprisingly high percentage of elders become unable to handle all of their own … [Read more...]
Do You Lose Control When You Create a Power of Attorney?
The incapacity component is an important thing to address when you are planning your estate. Of course you want to prepare for things that will take place after you are gone, but unfortunately, many people go through a period of decline before they pass away.We have all heard of Alzheimer's disease, but it gets your attention when you find out how widespread it has become during our current era. The Alzheimer's Association is a good source of information about the disease. According to their … [Read more...]
Who Handles My Affairs If I Become Incapacitated?
When you are looking ahead toward your twilight years, you should be pragmatic about possible incapacitation.People are living longer and longer lives, and it is likely that you will live into your eighties if you are fortunate enough to celebrate your 65th birthday. Once you reach an advanced age, incapacitation can enter the picture.Alzheimer's disease alone is enough to get your attention. The Alzheimer's Association does a lot of fantastic work educating the public about this … [Read more...]
What Are Advance Directives for Health Care?
You should think comprehensively when you are devising a plan for aging. Clearly, you want to leave behind a suitable legacy after you are gone. At the same time, you should prepare for the eventualities of aging. This will involve the execution of advance directives for health care.People often become unable to communicate medical decisions during the end of their lives. To account for this, you can state your wishes when you create your incapacity plan.An incapacity plan will include … [Read more...]
Why Do I Need a Power of Attorney?
In the legal field, powers of attorney are used for various different purposes.When you are perfectly capable of handling your own affairs, you may want to use a power of attorney to allow someone to act on your behalf in a legally binding manner for one reason or another.There are general powers of attorney, and limited powers of attorney. With a general power of attorney, you give someone the power to act on your behalf in a sweeping manner. The agent or attorney-in-fact that you … [Read more...]
Who Can Act as an Agent Under a Power of Attorney?
The legal device known as the power of attorney is used for a number different purposes across different legal specialties. In the estate planning field, a particular type of power of attorney is used to account for the possibility of incapacity.With a power of attorney you name someone else who is legally empowered to act on your behalf. This person is referred to as the agent or attorney-in-fact.A power of attorney that is not specifically designated as durable would not remain in effect … [Read more...]
