Cohabitating couples, meaning those who live together but are not married, are an increasingly common family structure in the United States. While this arrangement is no longer frowned upon by society, it can pose significant legal challenges when it comes to estate planning because the law has not yet caught up with societal changes. Without the legal protections afforded to married couples, cohabitating partners must take proactive steps to ensure their wishes are honored and their partner is …
Nursing Home Care: Why It Should Be Part of Your New York Estate Plan
Planning for the potential need for nursing home care is essential when creating a comprehensive estate plan in New York given the high costs associated with long-term care and nursing facilities. The average annual cost for a private room in a New York nursing home is over $175,000, and it is only expected to rise in the coming years. A well-crafted estate plan can help you protect your assets, ensure your healthcare preferences are honored, and make this significant financial challenge more …
Is a Will or a Trust Best for Distributing My Estate Assets?
When creating an estate plan, one of the key decisions you will face is how to distribute your assets to beneficiaries after your death. You can accomplish this by using either a Last Will and Testament or a trust. Each option has its unique benefits and potential drawbacks, making it essential to understand their differences to make an informed choice. Toward that end, the Long Island attorneys at Eghrari Law Firm discuss whether a Will or a trust is the best option for distributing your estate …
How Does a Spendthrift Trust Fit into My New York Estate Plan?
Most families have at a spendthrift – that person who, for a variety of reasons, simply cannot manage money well. When it comes to estate planning, a spendthrift beneficiary can create quite a problem if you are concerned that passing down a sizeable inheritance would only lead to the money being squandered. Fortunately, there is an estate planning tool that can help. The Long Island attorneys at Eghrari Law Firm explain how a spendthrift trust might fit into your estate plan. What Is a …
Get Involved in Long-Term Care Awareness Month in New York
Long-Term Care Awareness Month, observed each November, aims to increase public awareness of the importance of planning for long-term care needs. With the rising costs of long-term care services and the growing aging population, it is crucial to understand the various options available to ensure that your wishes are honored and to protect your financial well-being. With that in mind, the Long Island attorneys at Eghrari Law Firm offer suggestions for how you can get involved in Long-Term Care …
Why Medicaid Planning Should Be Part of Your Estate Plan
When it comes to estate planning, many people focus on passing down wealth and property but fail to consider how long-term care expenses can affect their estate. A Medicaid planning component in your comprehensive estate plan can help you avoid making this common mistake. Incorporating Medicaid planning into your estate plan can protect your assets while ensuring that you receive the care you need if you require long-term medical assistance. To help ensure that you are prepared, the Long Island …
Top 7 Trust Administration Mistakes and How to Avoid Making Them
If you have been appointed to be the Trustee of a trust it means that the Grantor (creator of the trust) has an enormous amount of confidence in your abilities to manage the trust assets and honor the trust purpose. Trust administration is a serious responsibility, however, and mistakes can have long-lasting consequences for both the Trustee and the beneficiaries. The Long Island attorneys at Eghrari Law Firm explain seven of the most frequent mistakes that Trustees make during trust …
Understanding Medicaid Spousal Impoverishment Rules for New York
The likelihood that you (or your spouse if you are married) will need long-term care increases dramatically as you age. If long-term care does become necessary, the cost of that care will be substantial. While Medicaid may be able to help cover long-term care expenses, the Medicaid eligibility requirements are complex and often convoluted. One of the significant concerns couples frequently have when applying for Medicaid is how to ensure that the healthy spouse (referred to as the "community …
7 Tips for Maximizing Your Social Security Retirement Benefits
Like many Americans heading into their retirement years, you may be planning to rely on your Social Security retirement benefits to finance your “Golden Years.” If so, you undoubtedly want to get the most out of those benefits. Maximizing your Social Security retirement benefits requires you to think ahead and plan strategically. With that in mind, the Long Island attorneys at Eghrari Law Firm offer seven tips to help ensure you receive the maximum benefits from Social Security when you …
Celebrating National Estate Planning Awareness Week
National Estate Planning Awareness Week (NEPAW) is a vital event that encourages individuals and families to reflect on the importance of estate planning. Established by a U.S. House of Representatives resolution in 2008, NEPAW takes place every year during the third week of October. During National Estate Planning Awareness Week, the Long Island attorneys at Eghrari Law Firm hope to raise public awareness about the necessity of estate planning and to emphasize how creating or updating your …
Why You Should Include Funeral Planning in Your Estate Plan
Estate planning typically involves managing your assets, determining who will inherit them, and appointing individuals to carry out your wishes. Ensuring your final wishes are honored, however, does not stop at asset distribution. To ensure that all your wishes are honored, funeral planning should be part of your estate plan. Toward that end, the Long Island attorneys at Eghrari Law Firm discuss why you should include funeral planning in your estate plan. Alleviating the Emotional …
What Role Should Life Insurance Play in My Estate Plan?
Life insurance is a key element in many estate plans because it can serve multiple purposes. Deciding which type of life insurance to purchase, how it fits into your estate plan, and the amount of coverage you need, however, can be difficult. Furthermore, as your life changes, your life insurance needs may also shift, requiring periodic review. To help you make the most out of your estate plan, the Long Island attorneys at Eghrari Law Firm shed light on the role life insurance plays in your …
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