Everyone needs to plan ahead for what happens when they can no longer be called upon longer call the shots. Too many people only become concerned with estate planning near the end of their lives, but the truth is that it’s something they should be thinking about long before it may potentially be needed. Estate planning allows you to determine how your medical decisions will be made in the event that you can’t voice your wants and needs and it also uses different techniques to facilitate the transfer of your assets after you pass away. It’s essential to begin planning for the future, and there’s no time to do so like the present.
Each and every situation is unique, so your plan must be as well. Here are some of the ways that the Eghrari Law Firm can help Long Island residents secure their future and the futures of the ones they love most.
Estate Planning Services
Everyone needs estate planning, not just the elderly. Estate planning is the preservation and the distribution of your assets, both during your life and upon your death. It is accomplishing your personal and family goals and easing the management of your financial and legal affairs, as well as minimizing taxes if your estate is large enough for taxes to be of concern. When we talk about an estate, we mean all assets of any value that you own, including real property, business interests, investments, insurance proceeds, personal property, and even your personal effects.
Problems often arise when a parent with minor children passes away with no estate plan in place, leaving behind potential hardship on the emotional and financial future of their minor children.
Asset Protection & Business Planning
As more Americans become entrepreneurs, they discover that wise business planning is essential to their success today and their financial security tomorrow. It can be a complex and tricky process, so knowledgeable legal assistance is crucial to ultimate success. Our law firm can help you achieve your goals, whether your business is a one-person operation or one striving for a place on the Fortune 500 list. You must look ahead to secure the future of your business and protect your personal assets as well.
Trust Administration & Probate
If your family has experienced the loss of a family member, our law firm can assist you with the legal process that occurs when a loved one passes away. Our law firm strongly believes that a wisely drafted, carefully executed estate plan is the critical component of a family’s wealth management. The Law Firm of Mark S. Eghrari’s guiding principle is to provide families with quality trust administration and probate services tailored to each client’s specific needs and goals. As a result, we offer free, no obligation consultations for any family who has experienced the loss of a loved one.
Special Needs Planning
Ensure your loved one’s needs are met by learning all you need to know about planning for their future. Families who have a family member with a disability must plan for the very carefully because how assets are left after your death can have a tremendous impact on the quality of life for that person. In the past, a will may have been enough, but times have changed. To protect a person with special needs, a well-defined estate plan is vital.
Family business owners, farmers, ranchers and landowners face unique challenges surrounding how to preserve the family business or farm—a symbol of their heritage. Sadly, over 70 percent of all family businesses don’t survive the transition to the next generation. Estate taxes play a significant role in that problem.
Financial Planning Assistance
Our law firm’s philosophy has always been to help families preserve their wealth and achieve their long-term financial goals. The coordination of the estate plan and financial plan is vital.
LGBT Estate Planning
Will you be shut out when your partner really needs you? Without proper planning, you may be. If a member of the LGBT community fails to properly plan, the result can be devastating to his or her partner and family. Having no estate plan, or relying upon a Will, Joint Tenancy, or Tenancy in Common as an estate plan, is tantamount to giving up control of one’s estate and management of one’s well-being in times of incapacity.
When you are young and healthy, it is hard to ever imagine a day when you are no longer able to do things for yourself. As you age and physical limitations arise, however, the uncertainty of the future becomes more apparent. The sad reality is, anyone could become sick or injured at any time and their illness or injury could leave them incapacitated, unable to speak for themselves, and unable to manage their own affairs.
IRA & Retirement Planning
At first glance, the concept of Individual Retirement Accounts (IRA), 401(k)’s and other retirement plans seems simple enough: A structured way to save for your golden years while deferring taxes on your growing nest egg. Unfortunately, that simple idea becomes one of the most complex areas of estate planning once IRS rules are applied.
The best things in life aren’t things. Such a simple statement, but it holds so much meaning and intent. We know there is value in our financial assets, but more importantly, there is even greater value in our family treasures like family history, morals, beliefs and heirlooms. These treasured assets are the ones that are most often overlooked in traditional estate planning.