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.
At Aminov Law, patrons looking for a Bayside estate lawyer or a will & trust attorney in the 11359, 11360 & 11361 areas are given all the time they need to understand exactly what needs to be done in planning for the future.
Estate Plans And Their Benefits
Estate planning deals with the process of managing a person’s estate in order to transfer it to their beneficiaries when the person dies. When done properly, it helps reduce the stress that the grieving family is experiencing. The main objective is that the person’s wishes are fulfilled and that their will be carried out when they are not in a position to execute it themselves.
Estate plans can be carried out through trusts, last will and testament, power of attorney, health care proxies, and the like. These documents are legal tools that will allow your family to carry on your wishes after you’re gone.
Steps to take to begin planning your estate
- Gather documents – this includes gathering documents regarding your assets and liabilities. Bank accounts, investments, 401(k)’s, property titles, jewelry, art, valuable collections, vehicle titles, insurance plans, pension, loans, liabilities, among other things.
- Consider who you want to bestow authority to. Think of who you want to be responsible for your medical, legal, and financial decision making. You will need to decide who will be the executor of your will.
- Search for an estate lawyer – you need to ask them a lot of questions to make sure they are a match for you. This will include questions like:
- How much do they charge?
- What are the best ways to reduce tax payments with the estate plan?
- Are there any possible issues with the way you want to carry out your estate plan?
- What is the most efficient way to get your estate plan in order?
Benefits of having an estate plan
Creating an estate plan takes a lot of effort. It requires time, documents, legal fees, and a lot of thought. Despite this, there are many benefits to having it. These benefits include:
- Reduced taxes – a well-crafted estate plan gives you the opportunity to gift certain assets such as stocks or gifting interests which are related to corporations. Once classified as gifts, their value is not included with the value of your estate, thereby reducing taxes. There are also other ways to reduce taxes depending on your situation.
- Keeping peace in the family – without a proper estate plan to guide them, family members may argue about their shares and carry resentment among them for the way the assets were distributed. If your will was put into place, it becomes more difficult for them to argue.
- Saving money – a lot of money can be wasted on probate procedures, especially if family members are disputing their shares. Estate taxes and legal fees may also take a toll on your estate. Having a good plan prevents these scenarios from occurring.
- Peace of mind – with your estate planned, you know that your family will be well-taken care of and they’ll have less legal issues to deal with.
By having an estate plan in place you avoid having your estate going through a lengthy probate process and having the matter settled by a judge. When you decide you want to make your estate plan you should consult an estate lawyer in order to fulfill all the requirements necessary for your documents to be legally accepted.
The Experienced Probate Attorney
When a loved one passes away, the Law Offices Of Roman Aminov is here to help. We will walk you through the whole probate process as well as deal with the Surrogates Court. If your loved one did not leave a will (intestate), we can guide you through this process which is known as administration. Don’t stress trying to claim the funds that you need to inherit by yourself and hire the Bayside Probate Attorney that you can trust for all your needs.
Elder Law & Medicaid Planning in North Queens:
Allow us to counsel you and your loved ones on various elder law issues including Medicaid planning, guardianship’s, and long term care. call us today for a free consultation.
The Law Offices Of Roman Aminov is proud to offer Bayside, 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.
Bayside Elder Law Youtube Video
Estate Planning is a legal process that should never be taken lightly. From young couples to middle aged folks the need to plan where your assets will go is very imported. Sudden life changing events can cause a great deal of family turmoil and a heap of legal problems. Understanding Estate Planning and consulting a qualified attorney in your area of the best first steps for one to take. Part of planning ones future also requires a plan for long-term healthcare. Whether someone needs to plan their future using Medicaid or through private insurances there are many legal intricacies that must be taken in account when planning ones medical future.