WILLS, TRUSTS & ESTATE PLANNING

Brooklyn Estate Planning Attorney

Although none of us can predict what happens next, taking the time to create a comprehensive estate plan can ensure that you and your family will be protected no matter what the future holds. Alatsas Law Firm will work with you to create an estate plan that fits your unique needs—explaining your options in jargon-free terms so you can make informed decisions about the best way to proceed.

Our New York Asset Protection Attorneys Offer Assistance With These Documents and Services

Last Will and Testament
Trusts
Power of Attorney Documents
Probate, Estate & Trust Administration
Long-Term Care Planning
Financial Power of Attorney
Healthcare Power of Attorney

A will is a cornerstone of any effective estate plan. Your will determines who inherits your property, which includes financial assets as well as your personal possessions with sentimental value. However, assets such as bank accounts, investment accounts, and retirement accounts pass outside the will according to their previously determined beneficiary designations.

You need to have a will even if you don't have substantial assets. Your will names an executor for your estate. If you have minor children living at home, it also names a guardian who will care for them in the event of your death.

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If you were to die without a will, your assets would be passed according to intestate succession rules. These rules generally allow your closest living relatives to inherit your assets. The court would appoint an executor for your estate and a guardian for your children.

Trust

A trust is a tool that allows a third party, known as the trustee, to oversee assets on behalf of a beneficiary. Contrary to popular belief, trust funds aren't only for the very wealthy.

A trust can be used for a number of purposes. For example:

Protect assets. Trusts are commonly used as asset protection tools because the assets contained in the trust are no longer legally owned by you. This prevents them from being seized by creditors or subject to legal judgments.
Minimize taxes. Trusts can be used in conjunction with a will to minimize taxes, prevent your assets from going through the time-consuming probate process, and protect your personal privacy.
Prevent mismanagement of assets. Leaving an inheritance in a trust allows you to have greater control over how your beneficiaries will spend the assets. This can be helpful if you are worried about spending decisions due to age, mental health concerns, addiction, or a past history of poor money management.
Provide for a loved one with special needs. If you have a loved one with a physical or mental disability, providing an inheritance outright can jeopardize their claim to valuable government benefits. A special needs trust can pay for expenses that will improve their quality of life while still allowing them to access necessary healthcare services.
Support charitable giving. If charitable giving is important to you, creating a trust can be an effective way to leave a lasting legacy for a cause that you support.

Please keep in mind that a trust is not a substitute for a will. A trust expands your estate planning options, but you will still need to create a Last Will and Testament.

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How Estate Planning Protects Your Loved Ones

Estate planning is an absolute necessity for New Yorkers of any age, no matter your wealth level or current health status. Dying without an estate plan in place can leave your children and spouse in limbo—unsure of how to cover costs or what will remain within the family at a time when they are already in a state of grief.

You can start working with an experienced attorney today to craft a comprehensive estate plan that covers:

Assigning guardianship for children
Creating trusts for dispersing assets according to your wishes
Drafting a will and naming an executor
Ensuring heirlooms go where you want
Granting power of attorney if you become incapacitated
Making sure special needs dependents are cared for after you are gone
Planning for health emergencies with advanced medical directives
Preparing for long-term care through Medicaid
Protecting your family from unnecessary tax liability

Schedule a Consultation Today with our New York Estate Planning Attorney

Alatsas Law Firm is conveniently located for residents of Brooklyn, Queens, and Staten Island. Our ground floor office is handicapped accessible with a subway stop and two bus lines nearby. Once your initial plan has been created, it is a good idea to review your documents every three to five years to ensure they are still appropriate. Life events such as a significant increase or decrease in income, marriage, divorce, and the birth or adoption of a child can all affect your estate plan. Changes in tax laws may also necessitate an update of your documents.

We know that dealing with legal issues affecting your family can be stressful, but we will proactively work to provide you with peace of mind as you move forward. If you’re in need of assistance with a divorce or family law concern, contact us today at 718-233-2903 to schedule a free, no-obligation initial consultation.

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