Davidov Law Group Estate Planning Lawyers Helping Families in New York Prepare for the Future

A: Estate planning is more than preparing your assets for distribution after you die. While much of estate planning involves choosing beneficiaries and deciding how to divide the inheritance, you should also consider other questions, such as how to protect your assets from long-term care expenses, predators and guardianship courts while you are alive. You can also take steps now to prepare in case you become incapacitated, such as choosing a power of attorney, a healthcare proxy agent, and creating a living will.

A: Probate is the process in which the court validates a deceased person's Last Will and Testament and ensures the estate is distributed correctly. It involves inventorying the estate assets, paying creditors, filing taxes, and disbursing funds to heirs. In New York, an estate passing by will must go through probate. However, you can limit how much of your estate goes through this process by holding your assets in trusts, minimizing the delay, and the costly process for your family members and reducing the tax burden on your estate.

A: Think of a trust is a box or vehicle to hold your assets. Trusts are created by the grantor or trustor, and assets are distributed to beneficiaries by the trustee, an individual named by the grantor to manage the assets. As a grantor, you may specify the terms under which your heirs inherit the assets of the trust. This can prevent young or irresponsible beneficiaries from spending their inheritance too quickly. Trusts can also provide asset protection to the beneficiaries. Trusts also protect your assets from probate, giving your family members greater privacy and protection following your death. Please speak with our talented trust attorneys today for help getting started.

A: The simple answer is that most estates in New York go through probate or estate administration. Any person that dies intestate, or without a will, must have their estate go through estate administration to be distributed to heirs according to New York regulations. Estates of people who died with a will are subject to probate to validate the will, but assets held in trusts will be exempt from this process. Contact our estate administration and probate lawyers immediately for help administering a loved one's estate and navigating the complicated probate process.

A: One excellent document you can create while estate planning is a power of attorney. This allows a trusted individual of your choosing to act on your behalf. You may limit your power of attorney on what decisions they can make, such as creating a financial power of attorney who may control your business and financial decisions. Another example is a durable power of attorney, who can act on your behalf if you become incapacitated due to injury or illness.

A: One excellent tool you can use is a durable power of attorney. This allows a trusted individual of your choosing to act on your behalf to manage your financial affairs. You may limit your power of attorney agent on what decisions they can make.

A: We recommend revocable trusts to many of our clients because of the flexibility and protection these estate planning documents offer. These trusts allow the grantor/trustor to control their assets and may be altered or revoked at any time. They also help your family members avoid the time and expense of having your estate go through probate after you pass away. However, revocable trusts do not offer protection against long-long term care expenses.

A: Irrevocable trusts provide a great deal of protection for families hoping to protect assets from the costs of long-term care expenses, creditors, lawsuits and judgments. Irrevocable trusts can also provide significant tax benefits to your family. Irrevocable special needs trusts can provide a comfortable life for a family member with special needs while still allowing them to qualify for Medicaid and SSI benefits.