Categories: Legal

10 Reasons To Create An Estate Plan – NOW

  1. Retirement accounts. Do you have an IRA or similar retirement account? Without a plan, your designated beneficiary for the retirement account funds may not reflect your current wishes and such designation may result in burdensome tax consequences for your heirs. With a plan, you can choose the optimal beneficiary.
  2. Business ownership. Do you own a business? Without a plan, you cannot name a successor, thus risking that your family could lose control of the business. With a plan, you choose who will own and control the business after your demise.
  3. Avoiding probate. Without a plan, your estate may be subject to delays and excess fees, and your assets will be a matter of public record. With a plan, you can structure things so that probate can be avoided entirely if necessary.

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R Fatoullah

Practice Areas: Aged and Aging; Elder law; Estate Planning; Medicaid; Medicare; Long Term Care Insurance; Wills; trusts; Health Care; Guardianships; Probate; Taxzation; Trusts & Estates; Veteran's Benefits/Planning; Planning for Same Sex Couples. Admitted: 1977, New York and Massachusetts Member: New York State Bar Association (Member, Executive Committee, Elder Law Section); National Academy of Elder Law Attorneys (Board of Directors; Co-Chair, Public Policy Committee; Chair, Health Care Decision making Subcommittee of the Public Policy Committee; Member, Public Relations Committee and Long Term Care Task Force); Member, & Present Chair Legal Committee of The Alzheimer's Association (Long Island Chapter). Biography: Phi Beta Kappa. Certified Elder Law Attorney by the National Elder Law Foundation. Lecturer, New York State Bar Association, The National Academy of Elder Law Attorneys, The Alzheimer's Association and many other organizations. REciepient of; rose Kryzak Senior Leadership Award for providing outstanding legal services to seniors; AARP's Building Bridges Award. Contributing articles found in: The New York Times, Long Island Newsday, The New York Law Journal, The Wall Street Journal, Queens Courier.

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