Will and estate planning attorneys do not just help you in preparing your will and estate plans. They also draft living trusts, help create a plan to avoid or reduce state and federal estate taxes and make sure that your savings and assets are well protected against creditors.
The thought of your own death can be scary and unpleasant, let alone planning for your death. However, it is necessary that you begin now to plan your estate. So as to avoid a sudden occurrence that leaves you with no say to what happens to your estate after your death. Almost everyone has an estate, as it contains everything valuable you own. Including your home, life insurance, furniture, car, financial accounts, investments, trusts etc.
Estate Attorneys
Their expertise spans across a variety of specialties, including estate and trust planning and administration, probate and elder law. They do not just help in answering the questions bothering you, but also walk you through the process of actualizing your dreams as regards estate planning.
1. Have you been wondering how to leave the most for your children without losing control of your finances? Esate attorneys will help create your will and trust, so you control what happens to your property now you are alive and even after your death
2. They also help in avoiding probate by establishing beneficiary designations and living trusts which makes the whole process of distribution of assets to your heirs or beneficiaries after your death a lot easier
3. You will also need the services of an estate attorney if you have been asking questions on how to avoid or minimize income and estate taxes. They reduce taxes (both estate and federal)
4. They help you plan on how you can afford a nursing home or assisted living facility, who will make financial and medical decisions for you if you become disabled and strategies for any other incapacities
5. They guide you through the process and legal strategies that can protect your assets and help you determine if you need a long term care insurance. They also set up and manage trusts for family members
6. Estate attorneys help you determine if you are qualified for Medicaid and walk you through the process involve
If in need of any of the above listed services, reach out to us and our estate attorneys with expertise and knowledge of New York state laws will be glad to work with you and for you in any area pertaining to trust and estate planning.
Trust And Estate Planning
There are different types of trusts you can establish which can be effective either before or after your death, and are useful in accomplishing your estate planning goals. Meanwhile, there are numerous reasons to choose to have a trust as part of your estate planning. Trusts can aid you in avoiding probate, they can also provide financial support to family members and gains privacy advantages if an inventory of assets is required. Trusts also come in handy in estate planning involving different life situations, such as children from a previous marriage, a disabled child or family member, or if you want to gift your estate to a charity. The different types of trusts include;
1. Living Trust:
The assets are not subjected to probate as they do not form a part of your estate rather, property ownership is passed on immediately to the beneficiaries
2. Generation-skipping trusts:
The estate is tax exempt and assets can be distributed to grandchildren
3. Testamentary trust:
This type of trust is a part of your will which is only effective after your death. The assets in this trust are part of your estate hence, are liable to taxes or estate fees. You can change this trust any time before your death by preparing a new will as it is inclusive in your will
4. Irrevocable trust:
This trust excludes the life insurance proceeds from your taxable estate after death
If you are yet to create an estate plan at the time of your death, your assets may be divided evenly amongst your spouse and children according to the state law in New York which may leave some children or spouse with insufficient assets to maintain their quality of life and as well may not be in line with your wish for how you want you estate to be shared.
