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Mark S. Eghrari & Associates PLLC

Long Island Elder Law & Estate Planning

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Special Needs Planning and Medicaid Recovery

March 21, 2019 //  by Mark S. Eghrari, Estate Planning Attorney

Most individuals with special needs rely on Medicaid as a source of much needed health insurance. Since this program is only available to people with very sparse financial resources, there is an income limit. In the state of New York at the time of this writing, the limit on countable assets is just $15,450. If you have a loved one with special needs, you may want to utilize resources to make your family member more comfortable. The fact that there is this asset limit that governs Medicaid …

Category: Special Needs PlanningTag: Medicaid, SSI

living trust

Have You Considered a Living Trust?

March 12, 2019 //  by Mark S. Eghrari, Estate Planning Attorney

Many people are under the impression that a last will is the only logical choice as an estate plan centerpiece if you are not extraordinarily wealthy. In fact, this is a myth. If you utilize a last will, your loved ones will not receive their inheritances in a timely manner. The executor that is named in the document would be required to admit the will to probate, and the court would supervise the estate administration process. There is one caveat to the above statement here in New York. …

Category: Estate PlanningTag: Living Trust, Probate Avoidance

medicaid

How Do You Qualify for Medicaid?

March 7, 2019 //  by Mark S. Eghrari, Estate Planning Attorney

As elder law attorneys, we are often asked why anyone should care about Medicaid when they will qualify for Medicare when they reach the age of 65. This is a logical question, but there is a very good answer, and it comes as an unpleasant surprise to many people. The United States Department of Health and Human Services maintains a very useful website called longtermcare.gov. There are some interesting statistics on the site, and one of them grabs your attention right away: seven out of every …

Category: Elder LawTag: Medicaid Planning, nursing home asset protection

trusts

Grantor Trusts Provide Flexibility and Ease

February 28, 2019 //  by Mark S. Eghrari, Estate Planning Attorney

A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a grantor trust and situations in which it might be useful. Grantor Trusts Provide Flexibility and Ease …

Category: Estate Planning, legal educationTag: Estate Tax, gift tax, step-up, taxation, trust

agent

Selecting an Agent

February 26, 2019 //  by Mark S. Eghrari, Estate Planning Attorney

Choosing the right Agent under a Power of Attorney is one of the most important choices. This article discusses the qualities of an ideal Agent and qualities to avoid in selecting an Agent. Read on to learn more. Selecting an Agent …

Category: Estate Planning, legal educationTag: Advance Directive, Agent, health care power of attorney, Power of Attorney, Property Power of Attorney

asset-protection

Domestic Asset Protection Trusts

February 21, 2019 //  by Mark S. Eghrari, Estate Planning Attorney

Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts. Domestic Asset Protection Trusts …

Category: Estate Planning, legal educationTag: Alaska, asset protection, DAPT, spendthrift, trust

little-things

The Little Things May be the Most Important

February 19, 2019 //  by Mark S. Eghrari, Estate Planning Attorney

Your estate may be worth a little or a lot at your death.  The items which your beneficiaries might cherish could be the sentimental ones.  Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item. The Little Things May be the Most Important …

Category: Estate Planning, legal educationTag: tangible personal property list, trust, will

salt-deduction

SALT Deduction Limit…Can You Get Around It?

February 14, 2019 //  by Mark S. Eghrari, Estate Planning Attorney

The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation. SALT Deduction Limit…Can You Get Around It? …

Category: Estate Planning, legal educationTag: QBI deduction, SALT deduction, taxation, trust

estate planning

Uncommon Estate Planning Terms Demystified

February 12, 2019 //  by Mark S. Eghrari, Estate Planning Attorney

Many people do not like to contemplate their own mortality, and as a result, they put estate planning on the back burner. They never really do much research into the intricacies, and they go forward with the idea that estate planning equates to the creation of a last will. In reality, this is a gross oversimplification. There are numerous different estate planning strategies that can be implemented, and the right way to proceed will depend upon the circumstances. The fact is, there are many …

Category: Estate PlanningTag: Advance Directives, pour over will

probate

Is Probate Always Necessary in New York?

February 8, 2019 //  by Mark S. Eghrari, Estate Planning Attorney

In many cases, the process of probate will be necessary when an estate is being administered. We practice law in New York, and in our state, probate matters are handled by the Surrogate’s Court. The executor or personal representative would complete the necessary hands-on tasks if there is a will, or if the decedent died intestate. The court would provide supervision during the process. The above being stated, under some circumstances, probate would not be necessary. Plus, some people …

Category: Estate PlanningTag: Estate Administration, Probate

Medicaid

Key 2019 Medicaid Adjustments

February 5, 2019 //  by Mark S. Eghrari, Estate Planning Attorney

If you plan effectively, you can generate the resources that you need to enjoy your golden years to the fullest. You can travel, cross things off your bucket list, enjoy leisure activities, and spend quality time with your family and friends. Most people are well aware of the fact that you have to prepare for this period of your life in advance. However, many of the same individuals do not consider the twilight years that will follow, and this is a huge mistake that can yield significant …

Category: Elder LawTag: Medicaid, nursing home asset protection

trusts

Nongrantor Trusts Can Be Very Useful in Certain Situations

February 5, 2019 //  by Mark S. Eghrari, Estate Planning Attorney

A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful. Nongrantor Trusts Can Be Very Useful in Certain Situations …

Category: Estate Planning, legal educationTag: QBI deduction, SALT deduction, taxation, trust

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