Long Island elder law lawyers assist with the creation of a personalized legacy plan. You likely want your legacy to involve providing for your family members and making sure your loved ones have a secure future. This means you need to take the needs of your loved ones into account and consider your specific family situation when you make your legacy plan.
Eghrari Wealth Training Law Firm has extensive experience helping with the process of creating a personalized, customized plan for what you want your legacy to be. We can help you to ensure that your assets are protected, that your wishes are respected after your death, and that your loved ones inherit in a manner most appropriate to meet their needs. Give us a call today to find out more about the ways in which we can provide personalized help with the legacy planning process.
How Your Family Situation Affects Your Legacy Plan
There are many ways that your unique family circumstances should shape the specific plans that you make for your legacy. A few of the key reasons why your family situation matters a lot when making your legacy plan include:
- You may have family members with specific needs: If your goal is to take care of your loved ones, you want to ensure you have taken their unique needs into account. For example, if you have heirs or beneficiaries who aren’t responsible with money, you may worry they could squander their inheritance or lose it to creditors. A spendthrift trust could be the best solution. You can also use trusts to provide for heirs or beneficiaries who will be under 18 at the time they inherit, or who have special needs. Trusts are a versatile and powerful tool that allow you to name a trustee with a fiduciary duty to manage the assets in the most appropriate way for your beneficiaries.
- You may have to take steps to avoid family fighting: Whenever someone passes away, there is a risk that family members will end up in a dispute over the estate assets. However, there are certain circumstances that elevate the risk of a last will and testament being contested or of other family fighting occurring. If you have a very large estate, for example, your loved ones may fight over the assets. If you have a blended family, this can also increase the chances of a will being contested, especially if you are in a new relationship and leaving money to your partner who your children or your other family members don’t get along with.
- You may have to take steps to protect your assets: It is very important you have the assets that you have worked hard for to pass on to your loved ones and to serve as your legacy. Unfortunately, there are many possible sources of risk that could result in a loss of assets and undermine your ability to leave a legacy. You may be concerned, for example, that you will need to go into a nursing home when you get older if your family is not equipped to care for you if you get sick. If you worry about your assets being spent on nursing home care, you should work with an experienced attorney to make a plan to get covered for Medicaid while protecting the wealth you want to leave to your loved ones.
- You may have to make a plan for estate tax: If you aren’t leaving assets to a spouse and you have a large estate, you’ll need to work with a lawyer to find ways to minimize or avoid taxes that could undermine your ability to leave a legacy.
Long Island elder law lawyers at Zimmer Law Firm will assist you in understanding whether there are any additional factors that can affect your plans and will provide more insight into how these specific issues could shape your legacy.
Getting Help from Long Island Elder Law Lawyers
Long Island elder law lawyers at Zimmer Law Firm have a long track record of providing help with legacy planning to clients of all ages and to clients with many different kinds of family situations. To find out more about the ways in which our legal team can create a customized legacy plan that is right for you, give us a call at (631) 265-0599 or contact us online.
You can also join us for a free seminar to discover more about the services we provide and to learn about all of the different steps you can take and tools you can use in the creation of your legacy plan. Your legacy is too important to leave to chance, so give us a call now to get started on your plans.