Wills, Estates and Trusts
THIS FIRM HAS OVER 25 YEARS LEGAL EXPERIENCE IN REPRESENTING AND ASSISTING CLIENTS IN ALL ASPECTS OF ESTATE PLANNING.
Estate Planning involves, among other things, the preservation, transfer and management of a person's assets. It also involves directing how your affairs will be handled after you die and what happens to your minor children, both as to financial support and custodial care.
If you do not have a Will, the State will decide what happens to your assets and children. The Law allows you to decide on and direct the distribution of your assets upon your death and the care of your minor children. However, you need to have the proper estate documents. With proper financial planning, you may minimize and/or avoid taxes that would otherwise be due upon your death and the transfer of your assets. You may also maximize the amount of gifts you provide to family, friends and charities. Estate Planning also involves your written direction of what happens to you in the event that you are unable to make a medical decision or become incapacitated. If you do not prepare the proper documents, certain medical decisions may be made for you that you may not have desired. Estate Planning also involves the protection of your real estate in the event of a catastrophic illness or placement in a nursing home. Medicaid may pay for your nursing home care, but if not properly planned for, certain assets which you acquired during your lifetime, may be lost. This may be prevented by proper Estate Planning. Estate Plans and Wills should be updated at least once a year, or upon a new life event occurring [ie., birth of child] or change in the tax laws.
The Law in this area is constantly changing and may effect your prior Estate Planning as well. Therefore it is necessary to periodically review and modify your Estate Plan.
If you would like to learn more or have a free Estate check-up, please contact the Firm at 516.248.2727
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