It is vital for every person, especially individuals with families, to know what is going to happen to their children, spouse, and assets after their eventual passing. It is just as important to avoid any unnecessary fees and taxes. A free consultation with an estate planning attorney to review your current financial, familial, and health situation is the first step towards gaining clarity in understanding who will watch over your minor children, how you will be buried, and how your assets will be distributed after your passing.
At The Law Offices of Roman Aminov, we work together with you and your advisers (financial, tax, etc) to analyze your current situation. We then develop a custom tailored and comprehensive estate plan which may include a last will and testament, a durable power of attorney, a health care proxy, testamentary trusts, a living trust, an irrevocable trust, and other transfer techniques designed to effectuate your wishes while saving estate taxes. We also look at your health care situation and advise you if an a Medicaid Asset Protection Trust is right for you. We professionally and diligently execute the proper documents and advise you on how to notify executors, trustees, and potential legal guardians.
The Benefits Of A Living Trust
Living trusts have many advantages to them. If you are considering creating a living trust, you should consult with an estate lawyer as soon as you can. Here are some of the benefits of having a living trust:
A revocable living trust will not require probate after you have passed away. It clearly dictates who is to acquire your property. Although if you have outstanding debts this needs to be taken into account before assets can be properly distributed. There are also fees and taxes which need to be handled. The successor trustee may make advanced distributions from the trust but there should be sufficient balance to pay incurred expenses and debts.
Probate is a public process. Anyone can go to probate court, check your estate file, search for the beneficiaries, acquire their addresses and contact numbers, and harass them. Real estate agents can go to your beneficiaries in this confusing and sad time and convince them to sell the family home. Nosy neighbors could poke around out of curiosity.
Management of your property when you are incapacitated:
Unfortunately, many people do not plan for this until it is too late. When it happens, children and spouses may only have limited capacities for assisting. Having joint accounts with them may help in that at least they can access money for paying bills and other things, but it becomes problematic if your other heirs are not able to access their inheritance. Assigning power of attorney can aid financial and medical decisions, but even more effective than that is a revocable living trust. Power of attorney has limitations: many things must be specifically stated in the document. A revocable living trust grants your successor trustee the power to make decisions in your best interest. It doesn’t interrupt the management of your property and assets, and it doesn’t require court supervision. Living trusts have fewer problems with legal and financial institutions and most states provide a broad range of statutory powers for managing trust property.
Avoiding disputes regarding your will:
A will only goes into effect once a person dies, but a revocable living trust is valid from the moment it is signed and lasts for a period until after its owner’s death. It is easy to contest a regular will by proclaiming the grantor was not competent or was unduly influenced during the signing. To contest a living will you have to prove the grantor was incompetent or under undue influence when the trust instrument was signed, when the properties were transferred to the trust, when investment decisions were made, and when each distribution was done. This is almost impossible to prove.
For these reasons, it is highly recommended to have a revocable living trust over a last will and testament. It isn’t an easy task to perform. A lot of paperwork and organization is required. A talented lawyer can even use your living trust for tax benefits and to reduce taxes. To get started in creating your revocable living trust, contact a probate lawyer today.
Probate & Estate Administration from A To Z
Let’s face it, the average person cannot think about asset distributional when their someone in their family passes away. The Law Offices Of Roman Aminov will take care of everything from the courts to the will and make sure every family member will receive exactly what they were supposed to receive. If you have an estate administration situation which occurs when no will was left the Law Office of Roman Aminov can guide your through the whole process from start to finish. A probate lawyer in Astoria can streamline this tedious process for you and get you on your way to obtaining your assets.
Elder & Medicaid Lawyer For Senior Citizens In Astoria
Living in Astoria in such close proximity to Manhattan is very expensive nowadays. This is exactly why senior citizens and the like must plan ahead so that they can have the peace of mind necessary to live out their golden years properly. If you need to discuss financial plans for nursing homes or discuss how you want your assets to be distributed in the future call the Law Offices Of Roman Aminov today.
At the Law Offices Of Roman Aminov, patrons looking for a Astoria estate lawyer or a will & trust attorney in the 11102, 11103, 11105, & 11106 areas are given all the time they need to understand exactly what needs to be done in planning for the future.
Aminov Law is proud to offer Astoria, NY with the finest estate planning, probate, estate administration, & elder law services.
For a free consultation to discuss your estate planning needs, please contact The Law Offices of Roman Aminov at (347)ROMAN-85 or by clicking here. It’s time to hire the Astoria Estate Lawyer that you can rely on for all your will planning.
Astoria Elder Law Video
Some facts about Astoria, NY:
The average salary for Lawyer in Astoria, New York is $99,181. If you were to work as a Lawyer in Astoria, New York you could expect a starting salary of $81,678. Astoria’s unprecedented real estate boom has been keeping lawyers very busy over the last decade. All the major NY newspapers have been buzzing about this young and hip town adjacent to the East River. Young professionals from doctors, lawyers to brokers can be at their desk in Manhattan within a matter of minutes. The Astoria NY Times article discusses this Real Estate topic in further detail.
The area south of Astoria was called Ravenswood, and traditionally, Broadway was considered the border between the two. Today, however, many residents and businesses south of Broadway identify themselves as Astorians for convenience or status, since Long Island City has historically been considered an industrial area, and Ravenswood is now mostly a low-income neighborhood. – From Wikipedia