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 Consequences Of Not Having An Estate Plan
Without a good estate plan, the government, your state treasurer, or your attorney may be the biggest beneficiaries of your estate after you die. Estate planning helps to make sure that your family avoids paying unnecessarily high taxes and fees to the government and to attorneys just to get back what you left them. Estate planning doesn’t necessarily cost a lot of money and it puts you in control of how you would like your assets to be divided. If you fail to plan your estate accordingly you or your family may suffer the following consequences:
Loss of control
If you die without a will, your state gets to decide who receives what. The state uses blood relations in determining the distribution of assets. If you wanted to leave something to someone else, you will not be able to because of the lack of a valid will. Your possessions could be left to those you did not want it to. If you had dependent children, they may end up under the guardianship of someone who does not care for them.
Your medical care wishes become unfulfilled
Part of estate planning also dictates the kind of medical care you would like to receive. Whether it’s creating a do-not-resuscitate order, the choice of your nursing home, or who will be in charge of making medical decisions on your behalf, without an estate plan, these wishes may not be fulfilled. You need to be able to dictate these desires in writing while you are still of sound-mind.
Additional fees and taxes
If you did not have an estate plan or trust, your estate could be subject to additional taxes. Your family will also have to burden a lot of fees and spend time organizing your estate and finalizing the distribution. Some states tax life insurance policies while others don’t. A lot of taxes could be avoided through changes of policy ownership or through irrevocable life insurance trusts. While estate taxes are not completely avoided in an estate plan, proper planning can reduce the amount of taxes that need to be paid.
Fighting amongst family members
It’s a very cliché situation, but more often than not, family members do end up fighting each other when it comes to making claims on their inheritance. Some may feel unjustified in that they assisted you in your final days while your other family members ignored you and yet despite that, they receive exactly as much as everyone else. A former spouse may try to file a claim for your assets; illegitimate children may make claims against your legal heirs, and so forth.
Regardless of the size of your estate, it’s always best to have a plan in place so that your family has something to fall back on after you’ve passed on. A lot of problems arise when a beloved family member passes away. The grief itself is difficult to handle, but being burdened with legal and financial worries only adds to that stress. Do not let your loved ones suffer more with your death. Call an estate planning attorney and get your estate plan settled before it’s too late!
The Probate Process Simplified
Losing a loved one is very difficult, and that is why the Law Offices Of Roman Aminov makes the probate process simple as possible. We will deal with the Surrogate’s Court to ensure that the estate administration process is smooth, simple, understandable, and efficient. If the decedent died with a will, that process is called probate. If the decedent died intestate, that is without a will, this process which is known as estate administration. This complex process becomes easy with our Jamaica probate attorney. Call now and set-up an appointment for your consultation.
Elder Law & Medicaid Planning for Jamaica:
Jamaica estates, along with the greater Queens area, has a high cost of living. Nursing home and long term care costs are out increasing steadily every year. Medicaid has become the long term care provider of choice for many middle income and even affluent residents. We understand that elder law can be quite confusing; that’s why we invite you to contact our office for a free consultation with an elder law lawyer.
At the Law Offices of Roman Aminov, clients looking for a Jamaica Estates elder attorney, estate lawyer, probate lawyer, or a will & trust attorney in the 11432 the 11433 the 11434 the 11435 as well as the 11436 areas are given the time, attention, and respect they deserve.
The Law Offices of Roman Aminov is proud to offer Jamaica Estates and Jamaica, 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)766-2685 or by clicking here.
Some interesting facts about Jamaica, NY
The Queens County Supreme Court Civil Branch is located on 88-11 Sutphin Blvd. Jamaica NY 11435 This court handles cases for more than $25,000 in money damages – Divorce, separation, and annulment – Cases to stop, regulate, or supervise private or governmental activities. According to popular review sites that rate court & legal experiences this Court House received about 3.5 stars out of 5.
Parking and additional information: Public parking one block from courthouse. Courthouse is located on Sutphin Blvd. between 88th & 89th Aves., approximately 1/4 mile east of Van Wyck Expressway/Hillside Avenue intersection. Take Hillside Ave. or Jamaica Ave. to Sutphin Blvd. Subway – E, F, J to Sutphin Blvd.