A Long Island estate planning attorney should be consulted if you want to update your last will and testament. There are many reasons why you [Read more…] The post Do You Need an Estate Planning Attorney to Update Your Will? appeared first on Mark S. Eghrari & Associates PLLC.
A Smithtown estate planning attorney helps people with many different family situations to address the estate planning issues that affect their lives. Today, there are [Read more…] The post Estate Planning Considerations for a Second Marriage appeared first on Mark S. Eghrari & Associates PLLC.
A Long Island estate planning lawyer helps newly married couples to make an estate plan that takes their needs as a family into account. Once [Read more…] The post Estate Planning Steps After Marriage appeared first on Mark S. Eghrari & Associates PLLC.
A Hauppauge estate planning attorney can help you to determine if you need a last will and testament. Many people do not believe they need [Read more…] The post Do You Need a Last Will and Testament? appeared first on Mark S. Eghrari & Associates PLLC.
Many people think that estate taxes are the top concern that people have when they are devising estate plans. In fact, clients typically talk about other things when they are explaining their priorities. In this blog post, we will look at three of the top estate planning priorities that we hear about from our clients. Control of Assets When you plan your estate, you position your assets with postmortem distributions in mind. In some cases, this will involve the creation of a trust of some kind. You would establish a trust to create some separation between yourself and the ownership of the assets for one reason or another. Though there can be good reasons to create separation, many clients are concerned about control of the resources that they would like to pass along to their loved ones in a perfect world. You never know what the future holds, and surrendering control of assets can be disconcerting. There are ways to satisfy multiple objectives if you take the right steps in advan
You may look at estate planning as a purely financial endeavor. Obviously, you have to prepare your resources for future distribution to your loved ones when you plan your estate, but you can view the process in a more comprehensive manner. Legacy planning is a more holistic form of estate planning that takes matters of the heart into account. When you are crafting your legacy plan, you could consider the inclusion of a document called an ethical will or legacy letter. Some people are better communicators than others. Many individuals never really share all of their innermost thoughts with the people that they love, and this can be something that gets into your head when you reach an advanced age. There can be those who really do not understand your thought processes, this can leave you with a somewhat empty feeling. In addition to this, as an elder, you are a source of wisdom and balance. Over the years, your younger family members have invariably come to you seeking guidance during
Estate planning is important for every responsible adult. People who are younger sometimes do not see the need, but anything can happen to anyone at any time, and it is important to be prepared. At minimum, you should have a last will stating your final wishes, even if you are a relatively young adult. At the same time, a last will is not the only vehicle of asset transfer that can be utilized, and it is not always the best choice. There are a number of different trusts that can accomplish varying objectives. You should explore all of your options and make fully informed decisions. Pour-Over Wills One type of trust that is often used is the revocable living trust. If you were to have a living trust, you would still need a will called a pour-over will. This will would allow the trust to capture assets there were in your personal possession at the time of your death. Living Wills The facilitation of asset transfers is not the only thing to think about when you are planning your estate.