When creating an estate plan, one of the key decisions you will face is how to distribute your assets to beneficiaries after your death. You can accomplish this by using either a Last Will and Testament or a trust. Each option has its unique benefits and potential drawbacks, making it essential to understand their differences to make an informed choice. Toward that end, the Long Island attorneys at Eghrari Law Firm discuss whether a Will or a trust is the best option for distributing your estate …
Can I Prevent a Challenge to My Will?
You likely executed your Last Will and Testament, at least in part, to ensure that your estate assets are distributed according to your wishes after you are gone. If that Will is invalidated because someone challenges the validity of your Will, however, the State of New York (or your state of residence at the time of your death) will ultimately decide what happens to your assets. Understandably, you want to prevent that from happening. The Long Island estate planning attorneys at Eghrari …
Key Downsides to a Will
Long Island estate planning lawyers can help you to create a last will and testament so you can specify who you want to leave assets to. However, while a will is a standard estate planning document that many people use, it may actually not be the best or only tool that you should use for the creation of your estate plan. You want to ensure you have an appropriate plan in place that actually protects your assets and provides for your beneficiaries and you should talk with an experienced attorney …
How Can You Reduce the Chances of Your Will Being Contested?
Long Island probate lawyers provide assistance when a last will and testament is contested during the probate process. Our legal team can represent the executor of an estate as well as heirs or beneficiaries who wish to argue that the will is a valid reflection of the wishes of the deceased that should be probated. Eghrari Law Firm can also represent those who wish to contest a will and who will need to craft precise legal arguments explaining the legitimate reasons why a will should be …
How a Long Island Elder Law Lawyer Can Help Update Your Will
A Long Island elder attorney can provide you with invaluable assistance in making updates to your last will and testament. It is important to periodically update your will so it is reflective of your current wishes. As you make updates, you need to be clear about which version of your will is the latest one. You need to follow all formal New York requirements for creating a will, and you need to make clear if you are repudiating your old will or if you are simply adding on additional …
Are DIY Wills a Good Choice for Anyone?
DIY wills have become common, but unfortunately this is not a good thing. While virtually everyone should have a will, trying to make one on your own without the right legal advice is a bad idea. In fact, DIY wills can actually be damaging to your interests because you may create your own will and assume your estate planning process is complete when your legacy really has not been protected at all. Instead of taking a chance on a Do-It-Yourself will, you should find an experienced Suffolk …
Do You Need Legal Help Creating a Simple Will?
The creation of a simple will may sound easy and it may sound like something that you can do on your own. This is especially true because there are forms you can print off from online which purport to show you how to make a last will and testament. Unfortunately, what these forms don't tell you- and what many people do not know- is that there is a lot more which goes into writing a will than just putting down on paper who should inherit your assets. If you are creating a simple will, it is …
Estate Planning 101
Estate planning is about more than just creating wills and trusts. When you think about estate planning, you likely think about making provisions for who inherits your assets after you have passed away. While this an essential part of creating a comprehensive estate plan, it is not the only important part of your plan. You need to ensure that you consider both your legacy as well as what will happen towards the end of your life. An experienced Smithtown estate planning lawyer can provide …
What Is A Living Will in New York
What Is A Living Will in New York from Mark Eghrari This document is used to arrange for the transfer of financial assets. The last will is not the only type of will used in the field of estate planning. Learn more about living will in New York in this presentation. …
Take Our Estate Planning IQ Quiz
If you ask the typical layperson what he or she knows about estate planning in many cases the answer is going to be "Not a whole lot." Everyone is aware of the existence of a last will as a way to express your wishes regarding the distribution of your assets after you pass away. However, aside from that most people have not taken the time to learn much about estate planning. However, when you do understand the facts you see a different picture. Simply drawing up a last will stating who …
What Is an Irrevocable Life Insurance Trust?
In this post we are going to look at the value of irrevocable life insurance trusts. However, before we examine these trusts, we must provide some background information. Federal Estate Tax Exposure An irrevocable life insurance trust can be useful if you are exposed to the federal estate tax. When you are planning your estate, you should evaluate all of your taxable resources so that you know if you do in fact have any estate tax liability. During the current calendar year, the amount …
What Is a Qualified Personal Residence Trust?
A qualified personal residence trust can be useful when you are exposed to federal transfer taxes. There is a federal estate tax, and there is also a federal gift tax. These taxes are said to be unified by the Internal Revenue Service. Unification of Gift and Estate Tax When the estate tax was first enacted in 1916, there was no federal gift tax. As a result, people could just give gifts while they were living to avoid the estate tax. To close this loophole, a gift tax was put into place …
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