If you are a senior yourself or are the adult child of parents who are enjoying their retirement years, you should be acutely aware of the likely need for long-term care along with the high cost of that care. As a New York resident, you can expect to pay significantly more than the national average when it comes to long-term care costs. Knowing this, incorporating a Medicaid planning component into your comprehensive estate plan should be considered. To help you better understand how Medicaid …
Young Adults and the Importance of Estate Planning
Whether you are a young adult or a concerned parent, it is crucial to recognize that initiating estate planning cannot occur too early. Starting early enhances the effectiveness of your estate plan, considering the unpredictable nature of life events like death or incapacity. To guide you through this process, the attorneys at Eghrari Law Firm discuss young adults and the importance of estate planning. Does a Young Adult Need an Estate Plan? One of the most common estate planning mistakes …
How to Incorporate the Annual Exclusion into Your Estate Plan
While the focus of your estate plan may be on the manner in which your estate assets are distributed after you pass away, you also need to devote sufficient thought to protecting assets while you are alive and at the time of your death to maximize the assets available for distribution. That requires you to incorporate tax avoidance strategies into your estate plan when appropriate. Toward that end, the attorneys at Eghrari Law Firm explain how to incorporate the annual exclusion into your estate …
Is a Family Limited Partnership Right for My Family Business?
If you are a proprietor of a family business or have intentions to initiate one, the legal structure you opt for will profoundly influence various critical aspects of your enterprise. The most suitable legal structure for your business depends on several factors, including your future objectives for the business. If your intention is to maintain the business within the family, a Family Limited Partnership could be the optimal choice for your venture. To help you make the right choice for you, …
Do I Lose Control Over Assets Transferred into a Trust?
When it comes to estate planning, a trust agreement is one of the most commonly integrated components in a well thought out estate plan. If you are considering incorporating a trust into your estate plan, you likely have numerous questions regarding trusts and their associated advantages. A key concern may revolve around your capacity to maintain control over assets once they have been transferred into a trust. To provide insight into how a trust aligns with your estate plan and what happens to …
Is It Time to Update Your Beneficiaries?
Ensuring the well-being and financial security of your loved ones in the face of unexpected events, such as your death or incapacity, is a fundamental goal of a comprehensive estate plan. Once you've established your plan, it's vital to periodically reassess and modify it to align with your evolving needs, objectives, and desires. Although regular reviews of all aspects of your estate plan are advisable, special attention should be given to updating beneficiaries. With that in mind, the …
5 Surprising Ways an Estate Planning Attorney Can Help You
While acknowledging the significance of a comprehensive and well-drafted estate plan, many people do not fully grasp the various ways in which an estate planning attorney can help them. Likewise, recognizing the moments when the expertise of such an attorney is essential for addressing legal issues related to an estate plan may not be evident. To ensure that you, your assets, and your loved ones are protected and that you have access to pertinent advice when you need it, the attorneys at Eghrari …
What to Expect during a New York Will Contest
If a family member or close friend recently passed away, you are probably still going through the grieving process that follows a death. The last thing you may wish to think about is the legal status of the decedent’s estate assets. The law, however, requires those assets to be addressed quickly and efficiently during the legal process known as probate. During probate, someone may decide to challenge the validity of a Last Will and Testament submitted for probate. Knowing what to expect if that …
How to Handle Intellectual Property in Your Estate Plan
The desire to exert control over the destiny of assets after they pass away is the primary motivating factor for most people when they embark on the estate planning process. While conventional assets such as real estate, bank accounts, and personal property typically find their way into estate planning discussions, some people also own unconventional yet immensely valuable assets, such as intellectual property. If you are among them, it is crucial to understand how those assets fit into your …
Applying for Medicaid as a Senior in New York
There is a very good chance that you or your spouse will need some type of long-term care services during your retirement years. If either of you needs nursing home care, the cost of that care will be high. Unless you can easily afford to cover those costs out-of-pocket, you may find yourself turning to Medicaid for help. With that in mind, the Long Island attorneys at Eghrari Law Firm explain how to apply for Medicaid as a senior in New York. Will You Need Long-Term Care? At the age of …
Elder Abuse: What Is It and How Do I Spot the Signs?
Elder abuse is hardly a new problem; however, as the population of older Americans continues to increase at a historical rate, more people are aware of the severity of the elder abuse problem. Knowing how often instances of elder abuse occur, you undoubtedly worry that an older loved one will become the victim of elder abuse. The best way to prevent that from happening is to educate yourself and remain vigilant. Toward that end, the Long Island attorneys at Eghrari Law Firm explain what elder …
Estate Planning and Taxes for New York Residents
The ability to direct the distribution of your estate assets after you are gone may be the primary impetus for the creation of your estate plan, that plan can accomplish much more than just acting as a roadmap during probate. For example, your estate plan can help protect your assets while you are alive as well as prevent the loss of assets to state and/or federal taxes after your death. Toward that end, the Long Island attorneys at Eghrari Law Firm discuss estate planning and taxes for New York …
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