Some people are not too concerned about estate planning, because they harbor misconceptions, and a Pollyanna viewpoint can also enter the equation. The idea is that the government has a plan if you do not execute a will or trust, and your family members will certainly work things out among themselves in a fair and equitable manner. This is a nice way of looking at things, but in the real world, things usually don't automatically fall into place in accordance with your wishes if you do not …
Free Report: Revocable Living Trust in New York – Does It Provide Asset Protection?
A revocable living trust can be a very good alternative to a last will as a vehicle of asset transfer. This is because these trusts enable probate avoidance. Probate is a legal process that your estate must pass through before the assets that comprise the estate are distributed to the heirs. If you use a revocable living trust to arrange for the transfer of your assets rather than a last will, probate expenses can be avoided. The time lag will be avoided as well, because assets can be …
Important Facts About Long-term Care
Important Facts About Long-term Care from Mark Eghrari Some people can remain in their homes, receiving assistance from their loved ones. Another option would be to stay at home and pay for a home health aide to provide the assistance that you need. In some cases the residence can be modified to accommodate physical limitations. Learn more about important facts about long-term care in this presentation. …
American Citizenship, Marriage and the Estate Tax
The accumulation of wealth can be the fruition of a long financial journey. Without question, when you have reached your financial goals, you have personal opportunities and a great deal of freedom. Beyond that, you have the ability to leave behind a meaningful legacy that your loved ones will be able to draw from after your passing. You should understand all the facts when it comes to taxation if you are a high net worth individual. There is a federal estate tax that can have a heavy impact, …
What Are the Gift Tax Exclusions in New York?
What Are the Gift Tax Exclusions in New York? from Mark Eghrari Lifetime gifting to avoid the estate tax was possible shortly after the enactment of the death tax in 1916. However, to close this window, a gift tax which is now unified with estate tax, was put in place. …
Free Report: When Will My Heirs Receive Their Inheritances?
In the field of estate planning, there are numerous different asset transfer methods that can be utilized. If you act in a fully informed manner, you can make sure that the estate administration process goes smoothly after you pass away. Timely asset transfers can be facilitated if this is a priority for you. Exactly when your heirs receive their inheritances will depend upon the unique structure of your estate plan. Click here to read the whole report or download the PDF. …
Free Report: What Is Estate Planning in New York
The most commonly utilized vehicle of asset transfer is the last will. Most people are aware of what a last will accomplishes. The will is going to name inheritors who will inherit your property after you die. Someone has to actually make this happen. This would be the executor of the estate. You should nominate an executor when you create your will. Topics covered in this report include: Transferring Assets Last Wills Revocable Living Trusts Incapacity Planning Core …
Consider the Impact of Your Estate Planning Decisions
People have varying emotions, and over the years, the exact nature of the relationships that you have with the people that you love will have their high points and their low points. Estate planning is looked upon by many people as an exercise in document creation. On your own, with no one looking, you state your final wishes regarding the way that you want your assets to be distributed after you are gone. You will not be around to see how others react to these decisions. This can give you a …
Estate Planning: Where Do I Begin?
When you put off estate planning for a number of years, and you finally decide to roll up your sleeves and get started, you may have no idea where to begin. Everyone has heard of a last will, but is that the right choice, and do you need anything else? Many people have these questions. Let's look at some steps that you may want to consider when you start to devise your estate plan. Create an Inheritance List You should create an inheritance list so that you know exactly who you want to …
Understanding Home Ownership and Medicaid Regulations
If you have reached this website as a responsible person concerned about your legacy, you may wonder why you are looking at a blog post that will address Medicaid regulations. As a person with resources who will qualify for Medicare as a senior citizen, Medicaid regulations may not seem relevant. On the surface, this makes sense. Medicare is in place to provide health care insurance for senior citizens, and clearly, elders are usually going to face medical issues at some point in time. You …
Our Forbes Article Explains Special Needs Planning
We are very proactive about the dissemination of useful information about estate planning topics that many people overlook. Far too many people act without full knowledge of all the facts, and they often make assumptions that yield negative consequences. You will find a steady stream of information published right here on our firm's law, and we have also compiled a comprehensive library of in-depth special reports that you can access through this website free of charge. Another channel …
Will My Estate Definitely Be Subject to the Probate Process?
The probate process is a piece to the puzzle that you should understand when you are contemplating your legacy. This process can come into play when an estate is being administered, but every asset transfer is not subject to the probate process. If you die while you are in direct, sole personal possession of property, it would become probate property. This would be true if you had a last will to direct its distribution, and it would also be true if you had no estate planning documents at …
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