Many people choose to include at least one trust in their comprehensive estate plan. If that includes you, one of the most important decisions you will need to make when creating your trust is whom to appoint as your Trustee. In addition, you will need to decide how much discretion your Trustee will have. With that in mind, the Long Island trust administration attorneys at Eghrari Law Firm discuss how much discretion your Trustee should have. Trust Basics A trust is a relationship whereby …
Can Medicaid Planning Still Help Me If I Need to Qualify Now?
Medicaid planning should be included in your estate plan long before you reach retirement age; however, that does not always happen. The absence of Medicaid planning can put retirement assets at risk if you reach a point at which qualifying for Medicaid becomes necessary. The good news is that you may still be able to benefit from last-minute Medicaid planning strategies to protect some of your assets. The Long Island Medicaid planning attorneys at Eghrari Law Firm explain how Medicaid planning …
Should I Tell My Loved Ones the Details of My Estate Plan?
Once you have your estate plan finished, you may start thinking about sharing – or not sharing -- the details of that plan with your loved ones. It is a very personal decision and there is no “right” or “wrong” way to look at the issue. There are, however, advantages and disadvantages to both choices. A Long Island estate planning attorney at Eghrari Law Firm discusses whether to discuss the details of your estate plan or keep them private. Discussing the Details of Your Estate …
Protecting Assets with an Intentionally Defective Grantor Trust
For anyone with considerable assets, asset protection should be a primary estate planning component. After all, taking the time to decide how you want your estate distributed after you are gone is only important if there is an estate left to distribute. While there are numerous estate planning tools and strategies that can help protect your assets, one common tool is an Intentionally Defective Grantor Trust (“IDGT”). Do not let the name fool you. There is a perfectly good reason for …
How to Keep Your Estate Plan Private
Every estate plan should be uniquely designed to meet the needs of the individual creating the plan. Once that plan is in place, some people choose to share the details with loved ones. Others, however, prefer to keep those details private. If you are among those who prefer not to divulge the details of your estate plan, the Long Island estate planning attorneys at Eghrari Law Firm discuss how to keep your estate plan private. Your Last Will and Testament A Last Will and Testament is a …
Can I Be Personally Liable for Mistakes I Make Administering a Trust?
If you recently learned that you were appointed to be the Trustee of a trust, and this is the first time you have served as a Trustee, you probably have questions and concerns. At the top of your list of concerns may be the possibility of being held personally liable if you make a mistake. The Long Island trust administration attorneys at Eghrari Law Firm when and why a Trustee could be held personally liable during the administration of a trust. What Does the Job of Trustee Entail? The …
Suggestions for Alzheimer’s Awareness Month
Given the increasing prevalence of the disease, most of us know someone suffering from Alzheimer’s or helping care for someone with the disease. Nationally, the month of November is known as Alzheimer’s Disease Awareness Month. Recognizing the need for heightened awareness of this disease, President Ronald Reagan made this designation in 1983. The Long Island elder law attorneys at Eghrari Law Firm offer suggestions for what you can do for Alzheimer’s Awareness Month. Understanding …
Be Careful When Appointing Fiduciaries in Your Estate Plan
Like many people, you may have spent considerable time thinking about the details of your estate plan but spent very little time deciding who should serve as fiduciaries within that plan. Unfortunately, that increases the likelihood that you already have, or will, choose the wrong person for a fiduciary role within your estate plan. To help keep you from making this common mistake, a Long Island estate planning attorney at Eghrari Law Firm urges you to be careful when appointing fiduciaries in …
Medicare and Medicaid — Understanding the Differences and Similarities
There is a very good chance that you will need help covering healthcare costs not covered by private insurance when you reach your retirement years. When you find yourself in that position, you will likely turn to Medicaid and/or Medicare for help. Contrary to what many people think, Medicaid and Medicare are not interchangeable. Although there are some similarities, there are also differences between Medicare and Medicaid. To help you understand the two programs, a Long Island elder law …
Long-Term Care Insurance – Is It Worth the Cost?
As you contemplate your “Golden Years,” you likely think about the possibility that you (or a spouse) will end up in long-term care. Although most of us prefer to envision living out our retirement years in our own home, the reality is that long-term care could be necessary at some point which makes planning for how you will pay for that care an important part of your estate plan. The Long Island estate planning attorneys at Eghrari Law Firm discuss whether long-term care insurance is worth the …
Why Is Special Needs Planning Necessary?
The need for financial planning takes on heightened importance if you are the parent of a child with special needs. Fortunately, many children with special needs now live very independent lives; however, as a parent you may still wish to ensure that your child has your financial support as an adult, even after you are no longer here to provide it in person. Providing that financial support can be problematic because gifting assets directly to your child could jeopardize eligibility …
Understanding Alzheimer’s Disease
For most seniors, one of the most frightening aspects of growing older is the thought of developing Alzheimer’s disease. Whether you are nearing your “Golden Years” yourself, or you have a loved one who is, you need to understand Alzheimer’s disease. Toward that end, the Long Island elder law attorneys at Eghrari Law Firm help you to understand what you should know about Alzheimer’s disease. What Is Alzheimer’s Disease? Most people associate Alzheimer’s disease with dementia and the loss …
See Larger Map
Get Directions