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 …
How Much Discretion Should My Trustee Have?
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 …
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