As Smithtown probate attorneys, we take our responsibility to our fellow community members very seriously. We go the extra mile to educate people about the importance of preparing for the eventualities of aging, and we also do everything possible to provide information about estate planning. There are many different intricacies to consider, and this is why personalized attention is very important, because each case is different. That being stated, there are some generalities that apply to …
Five Ways to Avoid Probate
Many postmortem asset transfers are subject to the probate process. In the state of New York where we practice law, probate matters are under the jurisdiction of the Surrogate’s Court. This legal process provides protections for creditors, but there are drawbacks that negatively impact the heirs when an estate is being probated. The first one is the fact that people that are in line for inheritances must play a waiting game. A simple, uncomplicated case will typically take about nine months, …
Don’t Let a Nursing Home Absorb Your Legacy
When you have been able to accumulate resources that you probably won’t exhaust while you are living, it can be satisfying to know that you have a legacy to pass along to the people that you love. Many individuals make projections in this regard based on the normal expenses that they have during their senior years. This makes sense, but there is a looming threat that everyone should prepare for in advance. Medicare Limitations Medicare will be available to you when you reach the age of 65 if …
Planning for a Person With Special Needs
If you are fortunate enough to have enough resources to help family members, you should definitely seek legal advice before you take certain actions. There can be tax considerations and other complexities to navigate. This definitely enters the picture when it comes to providing assets for the benefit of a child or adult with special needs. Government Benefit Eligibility People with disabilities are going to need very costly medical care and treatment throughout their lives. For example, it …
Does a Living Trust Provide Asset Protection?
There are many positive benefits that are realized if you utilize a revocable living trust as the centerpiece of your estate plan instead of a last will. Many people are pleasantly surprised when they hear that you do not lose control of assets that you convey into this type of trust. Of course, from the name of the trust, they know that it can be revoked. However, there are other forms of control that are retained when the trust is intact. If you were to establish a revocable living trust, …
What Is the Definition of Elder Law?
Elder law is the area of legal specialization that is focused on the interests of senior citizens. There are a number of different elder law issues that are pressing at the present time, and one of them is the matter of elder financial abuse. It is difficult for experts put an exact number on the amount of the losses, because the vast majority of cases go unreported. This being stated, we are talking about billions of dollars each and every year. Why do so many instances of elder abuse take …
Consolidate Assets With a Living Trust
A revocable living trust is the ideal estate planning tool for the vast majority of people with a reasonable store resources. This type of trust provides many benefits, and we will look at them in this blog post. One major benefit is the consolidation of assets. If you were to use a last will as your primary estate planning vehicle, you would name an executor in the document. This individual or entity would handle the estate administration tasks. The first order of business would be for the …
Legacy Planning: A Comprehensive Approach to Estate Planning
Some people take a very narrow view when it comes to the concept of estate planning. They look at it as a very simple, straightforward financial matter. You create a last will, you state your wishes regarding the distribution of your assets, and the executor takes care of everything after you pass away. That’s all there is to it, right? This can be done, but it is a rather shortsighted perspective. First of all, a last will is not always the best choice as an asset transfer vehicle. There are …
Special Needs Planning Can Preserve Benefits
We always emphasize the importance of personalized attention when it comes to estate planning, because each case is unique. That there are many different approaches that can be taken, and the right one will depend upon the circumstances. This is true in a broad sense with regard to the primary vehicle of asset transfer you utilize. At the same time, you should also consider the life situation of each person on your inheritance list. What may be best for one individual may not be appropriate …
Trusts Can Satisfy Varied Objectives
There are many different tools in the estate planning toolkit. Trusts of various kinds can be utilized to satisfy a number of diverse objectives. This is why it is very important to connect with an estate planning attorney when you are thinking about your legacy. Legal devices may be available to you that you are not aware of, and a lack of knowledge can sometimes be costly. Estate Tax Efficiency If you have been very successful from a financial perspective, you have to be aware of the looming …
A Look at Smithtown Asset Protection Planning
The Smithtown asset protection planning lawyers here at our firm address different types of asset protection objectives. Asset protection can be important for business people, and there are individuals that have these concerns as well. Let’s look at some of the different asset protection vehicles that are available to members of the business community and individual citizens. Family Limited Partnerships A family limited partnership can be the ideal asset protection structure for some …
Long Island Inheritance Planning 101
Our Long Island inheritance planning attorneys assist clients that want to craft their legacies. Personalized attention is key, because each case is different, and there is no one-size-fits-all estate plan. This being stated, there is a basic framework that would apply to just about everyone, and we will take a look at it here. Postmortem Asset Transfers Clearly, the first order of business will be to arrange for the eventual transfer of your assets to your heirs. Many people assume that a …
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