As you approach retirement and begin evaluating future healthcare needs, Medicaid may become an increasingly important part of your financial and estate planning strategy. Many New Yorkers spend decades accumulating assets, preparing for retirement, and building financial security, only to discover later that the cost of long-term care can quickly place significant pressure on those resources. Because Medicaid is the primary public benefits program that helps pay for long-term care services, …
Estate Planning Following an Alzheimer’s Diagnosis
An Alzheimer’s diagnosis often reshapes how individuals and families envision the years ahead. What may begin as a clinical conversation quickly becomes a deeply personal reckoning with questions about autonomy, identity, finances, and long-term care. Many families describe the period following diagnosis as emotionally overwhelming, marked by uncertainty and concern about preserving dignity while preparing for inevitable change. The progressive nature of Alzheimer’s disease compounds these …
7 Ways a Trustee Can Breach Their Fiduciary Duty
Entrusted with managing assets for the benefit of others, a Trustee has a significant responsibility to act in the beneficiaries' best interests. This fiduciary duty requires Trustees to adhere to high standards of care and loyalty. Breaches of this duty, however, can occur. To ensure proper management and accountability in trust administration, it's important for both Trustees and beneficiaries to understand fiduciary duties. With that in mind, the Long Island attorneys at Eghrari Law Firm …
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 Law Firm discuss how a trust can help you make gifts to your grandchildren. Why a Last Will and Testament Is Not the Best Option The Last Will …
Real Estate Boom Can Have Estate Tax Implications
The housing market has been white-hot for a number of years, and this has put a smile on the faces of investors and ordinary homeowners. Wealth building is a very good thing, but there is a looming threat from an estate planning perspective. Federal Estate Tax If you have enjoyed a great deal of financial success, you have to be concerned about the federal estate tax. It carries a 40 percent top rate, and it is applicable on transfers that exceed $11.7 million in value. This figure is called …
Why Would You Use an Irrevocable Trust?
There are many different tools in the estate planning toolkit, and the right course of action will depend upon the circumstances. This is why it is very important to sit down and have a meaningful conversation with an estate planning attorney when you get serious about the process. When you do this, you may find out that you should use an asset transfer vehicle that you have never heard of before. Generally speaking, there are two different types of trusts: revocable trusts, and …
How to Protect Your Parents Money from Nursing Home Costs
It is important to protect money from nursing home costs because if you do not take steps to ensure assets are safe, a nursing home can result in crippling financial loss. A nursing home costs thousands of dollars every single month and it is not covered by Medicare or by most private insurance providers except in very limited circumstances such as when skilled nursing care is required. In the vast majority of cases where custodial care is needed -- which means help is needed for …
Housekeeper Charged With Stealing Jewelry at Assisted Living Facility
A nursing home lawyer can help you to research nursing care facilities where you can receive high-quality care. Finding the right nursing home is of vital importance because at far too many care facilities, nursing homes fail to take basic steps necessary to protect their residents and to provide the highest possible quality of life. For example, many nursing homes are understaffed, do not provide adequate training and supervision of staff members, and do not ensure that their staff members have …
Can I Protect My Inheritance With a Special Needs Trust?
People with disabilities are often unable to earn much income on their own. As a result, they have limited resources, and they qualify for need-based government programs. Medicaid is a health insurance program for people with financial need, and Supplemental Security Income is a source of modest financial support that can be used to pay for basic needs. If a person with a disability who is enrolled in these programs was to receive a direct inheritance, this would result in an improved …
Estate Administration: Consider Practical Realities
The process of estate planning can on the surface seem like a matter of executing legal documents. It is indeed important to draw up a last will or create a trust to direct the future transfer of your financial assets. One should also have a living will and the appropriate durable powers of attorney to prepare for the possibility of incapacitation. The above having been emphasized you should also consider the matters of incapacity planning and estate administration and the practical …
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