When thinking about estate planning, many people focus on their financial assets, real estate, and possessions. Yet, one crucial aspect often overlooked is planning for the disposition of remains. While it might be an uncomfortable topic, taking the time to make these arrangements now can significantly reduce stress and confusion...
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Can I Sell a Home in an Irrevocable Trust in New York?
Estate planning brings countless questions, especially when it comes to protecting your most valuable asset—your home. For families on Long Island considering irrevocable trusts, one common concern is, “Can I sell a home that’s part of an irrevocable trust in New York?” The short answer is yes, but the process...
Do Trustees Get Paid? A Guide for Estate Planning Clients
When setting up a trust, one common question people ask is, “Do trustees get paid?” The short answer is yes—but how much they get paid and how it is determined depends on various factors. Whether you’re appointing someone as a trustee or considering serving as one yourself, it’s important to...
Durable Power of Attorney in New York: Everything You Need to Know
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...
A Fresh Start: Fulfilling Your New Year’s Resolutions with Estate Planning
As the New Year unfolds, many of us are eager to embark on a journey of self-improvement and positive change. While resolutions often focus on personal development and well-being, there's one crucial aspect that is often overlooked – estate planning. This year, consider taking a bold step towards securing your...