• Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Probate
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

WAEstate

Long Island Elder Law & Estate Planning

Call us today(631) 265-0599

Attend a Free Seminar

Have You Calculated Your Current Net Worth?

February 5, 2013Estate Plans, Estate Taxes, Financial Planning, IRA / Retirement Planning

It is wise to look at your financial situation in a long-term and holistic manner. One thing leads to another, and there are different expenses that you are going to face as you reach different plateaus during your life.

If you work with an experienced attorney who has a background helping people who are planning for retirement as they simultaneously shape a fitting legacy you will have a cogent framework to guide you.

Everything that you do in the present impacts the future, and this is why it is so important to have a “game plan” as it were.

One useful tool to have at your disposal when you are serious about your long-term financial future is a net worth statement. This is a balance sheet that you utilize to determine where you stand financially by entering your assets and your liabilities.

This information is invaluable as you are planning for retirement because you can see if you are on track at any given time.

Calculating your net worth is very important in an estate planning context as well. We have an estate tax on the state level here in New York, and of course the federal estate tax is something to contend with as well.

Whether or not you are exposed to the tax depends on your net worth in relationship to the estate tax exclusion that is in place. Therefore, you need to know the value of your estate at all times so that you can work with your estate planning attorney to implement tax efficiency strategies if you do enter into taxable territory.

  • Author
  • Recent Posts

Mark S. Eghrari, Estate Planning Attorney

Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.

Latest posts by Mark S. Eghrari, Estate Planning Attorney (see all)

  • Special Needs Planning and Medicaid Recovery - March 21, 2019
  • Have You Considered a Living Trust? - March 12, 2019
  • How Do You Qualify for Medicaid? - March 7, 2019

Other Articles You May Find Useful

Mark S. Eghrari & Associates PLLC
Gay Couples Must Plan Ahead–Even In New York
Mark S. Eghrari & Associates PLLC
What Are the Gift Tax Exclusions in New York?
Mark S. Eghrari & Associates PLLC
Take Our Estate Planning IQ Quiz
Mark S. Eghrari & Associates PLLC
What Is a Grantor Retained Annuity Trust?
Mark S. Eghrari & Associates PLLC
What Is an Irrevocable Life Insurance Trust?
Mark S. Eghrari & Associates PLLC
What Is a Qualified Personal Residence Trust?

Leave a Reply Cancel reply

Your email address will not be published.

Download our free estate planning worksheet for creating a secure future

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • rss

Blog Subscribers

  • This field is for validation purposes and should be left unchanged.

Blog Categories

  • Advance Directives (6)
  • Advanced Planning (4)
  • Annuity Trust (1)
  • Asset Protection (14)
  • Business Planning (5)
  • Drawbacks of Probate in New York (1)
  • Durable Power of Attorney (3)
  • Elder Law (109)
  • Estate Administration (12)
  • Estate in New York (2)
  • Estate Planning (143)
  • Estate Planning (16)
  • Estate Plans (135)
  • Estate Tax (7)
  • Estate Tax in New York (2)
  • Estate Taxes (32)
  • Federal Estate Tax (3)
  • Final Arrangements (2)
  • Financial Planning (12)
  • General (2)
  • Guardianship (8)
  • Guardianship in New York (2)
  • Ilit in New York (1)
  • Incapacity Planning (32)
  • Inheritance Tax in New York (4)
  • Insurance (4)
  • IRA / Retirement Planning (6)
  • Irrevocable Trust in New York (2)
  • Legacy Planning (11)
  • legal education (6)
  • LGBTQ Estate Planning (1)
  • Living Will (2)
  • Long Term Care (22)
  • Lving Trust (10)
  • Medicaid (51)
  • Medicaid Planning (17)
  • Medicare (2)
  • Medicare and Medicaid in New York (1)
  • Parents w/Young Children (2)
  • Pet Planning (6)
  • Power of Attorney (15)
  • Probate (48)
  • Probate Process in New York (1)
  • qualified Terminable Interest Property Trust in New York (1)
  • Retirement Planning (27)
  • Revocable Living Trusts (4)
  • Small Business Planning (3)
  • Social Security (2)
  • Special Needs Planning (17)
  • Special Needs Trust in New York (3)
  • Supplemental Needs Trust (1)
  • Taxes (15)
  • Trust (30)
  • Uncategorized (4)
  • Veterans Aid and Attendance (5)
  • Wills and Trusts (55)
  • Wills in New York (2)

Where We Are

50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 2:00 PM

Map

myestateplan_sidbr_map
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • rss
footer-logo

LAW FIRM OF MARK S. EGHRARI
& ASSOCIATES, PLLC
Attorney Advertisement

© 2019 American Academy of Estate Planning Attorneys, Inc.