A Durable Power of Attorney (DPOA) in New York is a vital legal document that empowers an individual, known as the principal, to authorize another person, referred to as the agent or attorney-in-fact, to handle their financial and legal affairs. This arrangement remains effective even if the principal becomes incapacitated,...
When Do I Need a Will? 5 Signs It’s Time to Plan
Understanding the Importance of Having a Will A will is a legal document that outlines how your assets and affairs should be managed and distributed after your death. It plays a pivotal role in estate planning, ensuring that your wishes are clearly communicated and legally binding. Key takeaway: Recognizing the...
Fratello Law Voted Best Law Firm on Suffolk County’s North Shore!
We are thrilled to announce a momentous achievement that fills us with pride and gratitude: being voted the Best North Shore Suffolk County Law Firm on Long Island by TBR News Media readers of Smithtown, Commack, Kings Park, St. James, Nesconset, Stony Brook, Port Jefferson, Centereach, Lake Grove and more....
Show Your Family Love This Valentine’s Day with an Estate Plan
Valentine's Day is often associated with romantic love, flowers, and chocolates. While these expressions of affection are wonderful, there's another meaningful way to show love to your family that goes beyond traditional celebrations. This Valentine's Day, consider giving the gift of security and peace of mind by creating an estate...
Protecting Against Medicaid Estate Recovery in New York
Medicaid estate recovery is a process that many of our Long Island clients may not be familiar with until faced with the challenging task of navigating it. Medicaid’s estate recovery program is designed to allow New York State to recoup the costs of long-term care services provided to Medicaid beneficiaries...
2024 Estate Tax Planning Update
As we usher in the new year, there are significant updates on the horizon that could impact your financial planning and wealth transfer strategies. One key area of interest for many is estate tax, commonly referred to as death tax. The Internal Revenue Service (IRS) and New York State’s Department...
‘Tis the Season! Unwrapping the Benefits of Charitable Gifting in Your Will
Creating a will is not just about distributing assets; it's an opportunity to leave a lasting legacy. Charitable gifting in your will is a powerful way to make a positive impact on the causes you care about. Let’s explore the benefits of charitable giving into your estate planning. Leaving a...
Assisted Living and the Medicaid Assisted Living Program in New York
https://youtu.be/FSwVQvW3Ygs As our population ages, the need for quality senior care options becomes increasingly crucial. Many seniors find themselves at a crossroads when the demands of daily living become challenging. Assisted living facilities offer a middle ground, providing a supportive environment while preserving residents' independence. In New York, the Medicaid...
Elvis Presley’s Last Will and Testament: Understanding Estate Planning
Elvis Presley, affectionately known as the “King of Rock n’ Roll”, is one of the most iconic figures in the music industry. He is still known today for his electrifying performances, extensive film career, and selling millions of records worldwide. His unexpected passing on August 16, 1977, at the age...
Top 7 Considerations When Choosing an Executor
Choosing an executor for your will is an important decision that can greatly impact the administration of your estate after your passing. An executor is responsible for managing the distribution of your assets, paying off debts and taxes, and ensuring that your final wishes are carried out according to your...