Would you be surprised to learn that the State of New York has over $18 billion in unclaimed funds? That is certainly a staggering number. Some of that money comes from unclaimed inheritances. Whether you are working on your own estate plan or you have reason to believe that you might be entitled to some money, it helps to know what happens to assets that go unclaimed after a death. Toward that end, the Long Island estate planning attorneys at Eghrari Law Firm explain what happens to an …
What Should Be Included in My Estate Plan?
The prospect of creating an estate plan can be a bit uncomfortable and even intimidating for most people. After all, the process requires you to consider your own death or incapacity as well as to understand what legal steps you need to take to plan for either. It helps to have a general idea of what tools and strategies go into a typical “starter” estate plan. With that in mind, the Long Island estate planning attorneys at Eghrari Law Firm explain what should be included in your estate …
Navigating New York Probate: What You Need to Know
If a loved one recently passed away, you are likely still going through the grieving process. The last thing you may want to think about is probating the decedent’s estate. Someone, however, must oversee the probate of the estate. If you were named in the decedent’s Will as the Executor of the estate, the decedent trusted you to handle his/her estate. If the decedent died in testate (without a Will), you may be the logical choice to handle the administration of the estate. Either way, the Long …
Business Succession Planning Steps for the Family Business Owner
If you are one of the millions of Americans who own a family business, you have likely invested a considerable amount of time and money into your business. Whether because you retire or because of your death or incapacity, the time will come when you can no longer operate the business on a day-to-day basis. To ensure that your business continues to thrive, you need to plan for that day. With that in mind, the Long Island business succession planning attorneys at Eghrari Law Firm discuss business …
How to Choose the Right Nursing Home for Your Loved One
If you have an elderly loved one who can no longer safely care for himself/herself, it may be time to consider nursing home care. Making the decision that nursing home care is necessary is rarely easy. Once the decision has been made, however, the task of finding the right facility takes precedence. To help you make an informed decision, the Long Island elder law attorneys at Eghrari Law Firm discuss how to choose the right nursing home for your loved one. Is Nursing Home Care …
How Often Should I Review My Estate Plan?
Every young adult should create a basic estate plan, regardless of the monetary value of their estate. If you created an estate plan when you were younger, you may have done what most people do after it was complete – absolutely nothing. One of the biggest estate planning mistakes is to create a plan and then fail to review the plan down the road. To help prevent you from making this common mistake, the Long Island estate planning attorneys at Eghrari Law Firm discuss how often you should review …
Why Might I Want to Include a Testamentary Trust in My Estate Plan?
Although your initial estate plan may consist of nothing more than a simple Last Will and Testament, you will undoubtedly want to expand on that plan as your life becomes more complex throughout the years. A common addition to the average estate plan is a trust agreement. If you decide to create a trust you will need to choose to create a living trust or a testamentary trust. To help get you started, the Long Island trust attorneys at Eghrari Law Firm discuss why you might want to include a …
When Do I Need to Start Taking Distributions from My IRA?
Although once intended to ensure that retirees had enough money to cover the basic necessities when they reached their Golden Years, Social Security payments have not kept up with inflation. In addition, fewer employers offer employer-sponsored pensions, leaving many workers tasked with funding their own retirement. For many people, this means contributing to an Individual Retirement Account (IRA). The Long Island estate planning attorneys at Eghrari Law Firm help you understand when you need to …
Understanding the Surviving Spouse Right of Election in New York
Generally speaking, a Testator has the right to choose estate beneficiaries and to decide what share of his/her estate each beneficiary will receive in the Testator’s Last Will and Testament. One important exception to that general rule in New York is the surviving spouse’s right of election. Whether you are creating your own Will or are a beneficiary of an estate, understanding the right of election is important. With that in mind, the Long Island estate planning attorneys at Eghrari Law Firm …
Are You Entitled to Veterans Aid & Attendance?
As a veteran or the surviving spouse of a veteran, you likely know about some of the more common benefits available to you through the Veterans Administration (VA). You are probably also aware of the complex maze that must often be navigated to get approved for the benefits to which you are entitled. What you may not know is that you could be entitled to benefits from the “Veterans Aid and Attendance (VA&A)” program. For veterans and/or survivors living on a fixed income, the additional …
Top 10 Retirement Planning Tips
The earlier you begin planning for retirement the less you will need to save in the long run. In fact, you might be amazed to find out what a huge difference it makes to start saving earlier in your working career. To ensure that your retirement plan works as intended, however, it should be created in conjunction with your overall estate plan. The Long Island estate planning attorneys at Eghrari Law Firm offer the top 10 retirement planning tips. Retirement Planning Tips While saving money …
What Can I Do to Prevent Sibling Disputes?
For most people, one of the primary reasons to create an estate plan is to ensure that their estate is distributed according to their wishes after they are gone. Another reason is to reduce the likelihood of confusion and conflict after they are gone. If you have adult children, you undoubtedly want to do all you can to prevent disputes between them as well. With that in mind, the Long Island estate planning attorneys at Eghrari Law Firm discuss what you can do within your estate plan to prevent …
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