All adults should have at least a basic estate plan in place given the numerous benefits an estate plan offers. For women, however, estate planning can take on a heightened importance. The Long Island estate planning attorneys at Eghrari Law Firm explain how estate planning is difference for women. Why Is Estate Planning More Important for Women? Statistically, women are more likely to outlive their spouse, ultimately leaving them to be the one to pass down the marital assets to children …
Is It Time to Consider Guardianship?
If you find yourself worrying about a parent’s ability to care for himself/herself or about the increasing likelihood of injury, it may be time to consider guardianship over your parent. Like many adult children, you may be resistant to the idea of petitioning to become your parent’s Guardian because it feels like you are taking away your parent’s freedom or independence. Keep in mind, however, that failing to pursue guardianship could place your parent at increased risk for serious injury or …
The Problem with Pre-Paid Funeral Plans
Failing to plan for your own funeral and burial could cost your loved ones, in more than one way, after you are gone. First, your loved ones may end up paying more than they should for your funeral services. Moreover, in the absence of concrete guidance from you, the chance of confusion or conflict increases dramatically. Ultimately, loved ones could end up in a contentious battle over the details of your funeral that could cause a rift in the family for many years to come. Finally, …
Tips for Adult Children: How to Bring Up Estate Planning with Parents
It can be extremely difficult to watch your parents go through the mental and/or physical deterioration that accompanies the natural aging process. When a parent’s aging makes them vulnerable, a role reversal often occurs. The parent becomes the child, and the child becomes the caregiver. This, in turn, can create several problems that an adult child doesn’t know how to approach, much less resolve. With that in mind, the Long Island elder law attorneys at Eghrari Law Firm discuss how to bring up …
Estate Planning for the Blended Family
Estate planning for a married couple with children is usually fairly simple. If you divorce and remarry though, estate planning becomes more complicated. With a blended family you need to protect your new spouse and your children from your previous marriage in your estate plan. One tool that is often used in an estate plan for a blended family is a specialized type of trust known as a Qualified Terminable Interest Property, or QTIP, trust. To better explain, the Long Island trust attorneys at …
What You Need to Know about Medicaid’s “Look-Back” Rule
The high cost of long-term care means that, as a senior, the likelihood that you will need to qualify for Medicaid increases substantially. Consequently, it is wise to plan for the possibility by learning more about the Medicaid eligibility requirements, including the Medicaid “look-back” rule. To help you better understand, the Long Island Medicaid planning attorneys at Eghrari Law Firm explain what you need to know about Medicaid’s “look-back” rule. Why Might I Need to Qualify for Medicaid …
What You Need to Know about Elder Financial Exploitation
The older adult population in the United States has increased dramatically in recent years and is expected to continue to increase in the years to come. Sadly, that increase has led to a corresponding increase in elder abuse. Elder abuse occurs in several forms, including physical abuse, emotional abuse, and financial exploitation. If you are the caretaker of an older person, it is imperative that you take steps to prevent elder financial exploitation. Toward that end, a Long Island elder law …
What Is an Asset Protection Trust?
Acquiring assets is undoubtedly part of your overall estate plan; however, simply amassing assets without taking steps to protect those assets can cause the most well-drafted estate plan to fail. One way to protect assets is through the creation of an asset protection trust. To help you decide if one is right for you and your estate plan, the Long Island trust attorneys at Eghrari Law Firm explain asset protection trusts. Common Types of Asset Protection Trusts What Else Do I Need to …
Federal Gift and Estate Tax Changes for 2023
Avoiding federal gift and estate taxes should be among your many estate planning objectives if you have even a moderately valuable estate. To successfully achieve that objective, you need to understand current tax laws and incorporate those laws into your overall asset protection component within your estate plan. With that in mind, a Long Island estate planning attorney at Eghrari Law Firm explains federal gift and estate tax changes for 2023. Federal Gift and Estate Tax Basics You will …
Why You Should Not Depend on the Marital Deduction Alone to Protect Your Estate from Taxes
When you create an estate plan, that plan should accomplish several interrelated goals. One of those goals should focus on tax avoidance. After all, no one wants to lose a significant portion of their estate to Uncle Sam. One common mistake you should avoid, however, is to rely too heavily on the marital deduction. With that in mind, a Long Island estate planning attorney at Eghrari Law Firm explains why you should not depend on the marital deduction alone to protect your estate from …
Things to Consider When Creating Your First Estate Plan
Estate planning can be an intimidating prospect for most people given the importance of the final product. It doesn’t help that most of the tools and strategies used in an estate plan are unfamiliar to the average person. Narrowing down the focus of your estate plan can help. With that in mind, a Long Island estate planning attorney at Eghrari Law Firm discusses things to consider when creating your first estate plan. 5 Things to Consider Although every estate plan is as unique as the …
What Assets Bypass Probate?
At some point during your life, you may find yourself in charge of overseeing the probate of an estate. If you do find yourself in that position, at least a basic understanding of the probate process will be necessary. That same level of understanding is necessary when you sit down to create your own estate plan. A good starting point is learning what assets are part of the probate process. The Long Island probate attorneys at Eghrari Law Firm explain what assets bypass probate and why avoiding …
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