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Trusts can be valuable estate planning tools for individuals who want to protect their assets and privacy from the costly and time-consuming probate process. Part of creating a trust is picking a name to distinguish it by. Banks and institutions will use this name to identify your assets, but you should also maintain some anonymity to protect your family members’ privacy.

If you are struggling to develop a good name for your trust, you should consult with legal professionals who work with trusts regularly. They can advise you on the best names and help you avoid mistakes that could have serious repercussions.

Why Is Naming a Trust Important?

Naming a trust is essential because it is how your assets will be identified. Your trust name will appear on loans, at the bank, and in other required paperwork. You don’t want to choose an overly long name because it may be hard to sort through your assets in the future. You could also create confusion at financial institutions if your name doesn’t adequately convey the purpose of the trust.

Picking your trust’s name is worth taking some time to consider. While you can change the name in the future, you would also have to re-classify every item in the trust under the new name, which can be challenging.

What Are Some Aspects of a Successful Trust Name?

The following are some tips to help you create a successful name for your trust:

• Keep it short and simple – Long trust names can be confusing to banks and make it harder to keep track of your assets.
• Don’t get too creative – Many states have laws against using names that sound like financial businesses. You want your trust name to convey the trust’s purpose rather than being misleading.
• Don’t just use your name – Some lawyers will recommend using your name as your trust name. However, it is obvious why this can backfire if the purpose of the trust is to protect your privacy.

Should You Hire Our Trusts Attorneys?

Creating a trust is a big step in estate planning. Picking the trust name is just one aspect of this complicated process, including what kind of trust you need, who the trustee will be, who will benefit from the trust, and under what terms your assets will be distributed.

If you need help making the perfect trust for your needs or any other estate planning matters, please call us. We have helped countless clients like you create trusts that help their families now and in the future. We will be more than happy to design your trust and advise on the best name for your trust fund. Call today at (516)-928-6594.

Creating the right estate plan can be an overwhelming prospect. However, if you die without preparing legally, you could risk putting your family members in a difficult situation. Don’t risk your hard-earned wealth by putting off estate planning until it’s too late. Contact our knowledgeable estate planning attorneys for excellent legal counsel and representation.

We can help identify your estate planning needs and draft the proper documents to get the customized estate plan that will work best for your unique situation. So call us today!

Create an Inventory of Your Possessions

An estate plan works best when you know what assets you are trying to protect and pass on to your loved ones when you die. Making a list of your valuables is a great way to start creating the perfect estate plan.

Consider Your Family’s Needs After Your Death

This step includes thinking about your family members and what they will need to have a comfortable life. Do you have minor children who may need a guardian appointed? Do you have a family member with special needs? These can all be accounted for in an estate plan.

Decide Who Your Beneficiaries Will Be

One of the biggest advantages of creating an estate plan is that you can control who receives your wealth after you die. Those who die intestate leave their estates up to the court. Don’t leave your friends, extended family members, and favorite charities with nothing. Contact our attorneys today to create a will that protects all of your loved ones.

Indicate How You Want Your Estate Divided

Once you know who your beneficiaries will be, you can dive deeper into how you want the money allocated. This step may include creating trusts that give you control over how and when your estate is distributed.

Store Your Documents Properly

A great estate plan doesn’t help if the right people can’t access it. Contact your attorney to find out who needs a copy of the plan and where you should store it so it can be accessed when the time comes.

Update Your Estate Plan Regularly

Your family’s needs today will probably not be the same next year or in five or ten years. The death or birth of family members can change how you want your estate plan. Marriage and divorce may also drastically affect your choices. Check with your attorney regularly to avoid the devastating effects of an out-of-date estate plan.

Seek Help from a Trusted Estate Planning Lawyer

One of the most important things to remember when creating an estate plan is to get professional help. While you could create a will online, this may not have the legal value and protection your family deserves.

Contact our law firm by calling (516)-928-6594 right away for the personalized attention you need when creating the ideal estate plan for your unique situation.

Most people know that a will is foundational in an estate plan. While wills are important, they come with certain disadvantages that are important to understand.

The most significant downside to having a will is that when you die, it must go through the probate process. Probate occurs when a judge directs the handling of the will and is both time-consuming and expensive. With the right estate plan, you can avoid having most of your assets go through probate, saving your loved ones time and money after you die.

Even with the disadvantages of a will, it is still important to have one, especially if you have minor children. Contact our law group right away to learn more about wills and get help crafting the perfect estate plan.

Does My Will Have to Go Through Probate?

In many states, such as New York, individuals who die with a will are still subject to having their assets go through probate. Some estate planning tools, such as trusts, can minimize the effect probate has on their possessions.

Probate is not an ideal way of distributing funds because the judge will assign your estate to family members according to state law. This leaves you little control over how your wealth is passed on. Probate also exposes your family to the public eye, as probate is a public process. If you wish to avoid your assets becoming public knowledge, you may wish to use trusts to maintain your privacy.

Why Should I Have a Will?

Having a will is still extremely important, especially if you have young children. If both parents die, your will can provide a guardian for them of your choice. Without a will, the state will choose a family member to raise them.

You may also need a will for the small estate items left over after placing the majority of your valuables into trusts.

Should You Hire Our Attorneys?

When considering an estate plan, it is essential to speak with trusted legal professionals. Your estate planning lawyer should have a great deal of experience so they can recommend the right tools for your estate plan.

At Davidov Law Group, we have helped countless clients prepare for the future by creating thorough estate plans. We know what documents to use to protect your assets from creditors now and from future threats, such as unnecessary taxes and probate.

To learn more about what type of will and trusts are right for you, please reach out to us right away. You can contact our talented legal team at (516)-928-6594 to schedule your assessment. Taking this simple step today can pay huge dividends for your loved ones in the future, so call now!

Estate planning isn’t easy, and thinking of your own death may not be the most cheerful way to spend an afternoon. However, taking a few simple steps now can do a lot to protect your loved ones and yourself in the future. Estate planning serves many purposes, including reducing the tax burden on your estate, allowing flexibility in distributing your assets, and eliminating the likelihood of family disputes.

Some of the most important reasons for having an estate plan boil down to two main functions: protecting your beneficiaries when you die and protecting yourself if you become incapacitated.

How Does Estate Planning Protect My Beneficiaries?

In most states, individuals who die intestate, or without a will, are subject to having their estate go through the courts. This is known as probate and can be costly and time-consuming. Having an estate plan such as a will and trusts minimizes the court’s interference in your affairs, protecting the privacy, time, and money of your loved ones.

Creating a will is also a must for parents of young children. If both parents should die, your children would go to a home decided upon by the state. While this is usually a close family member, it might not be who you would have picked. Having a will in place gives you control over the guardianship of your children if the unthinkable should happen.

How Does Estate Planning Protect Me?

Estate planning is also helpful for you, not just your surviving family members. In an estate plan, we can create documents that protect you if you become unable to make your own decisions due to illness, injury, or age. For example, you can assign a trusted friend or relative as a power of attorney who may direct your affairs in the way you would wish.

You can also create an advanced directive that gives a trusted individual the authority to make healthcare decisions for you. This document can also inform healthcare professionals how you want to be treated.

Should You Hire Our Attorneys?

There are so many options when making an estate plan that it can all seem overwhelming. Please don’t feel like you have to go through this process alone. Reach out to our knowledgeable lawyers today for excellent legal counsel and representation when creating your estate plan.

We recognize that every family is different and that you have unique needs from any other client we may serve. We promise to listen carefully to your wishes so we can craft the perfect estate plan that matches your goals. Call today at (516)-928-6594 to schedule your assessment.

A beneficiary is someone who receives part of an inheritance when another person dies. In many states, such as New York, the state decides who the beneficiaries will be if there is no will or estate plan. But what happens if there is an estate plan and one of the beneficiaries has passed away? New York law provides for these cases by allowing gifts to pass to the deceased beneficiary’s “issue,” or children or grandchildren.

What Is the Anti-Lapse Statute in New York?

Passing on one’s inheritance may be one of the most complicated assets of law. When a beneficiary dies, this creates a problem with how the estate is administered. If the grantor did not modify their will to reflect the beneficiary’s death, the inheritance would be passed on according to New York’s anti-lapse statute.

The anti-lapse statute allows an inheritance to be passed to the beneficiary’s “issue,” or their posterity. However, this law only applies to the grantor’s children and siblings. So, if the beneficiary is a friend or distant relative, their children will walk away with nothing.

Can I Modify My Estate Plan?

A preferable method for the testator to control how their wealth is distributed would be to modify the will or trust so the deceased beneficiary is removed. If the grantor wants the beneficiary’s children to benefit as heirs, they may include them in the will or trust. In this way, they can distribute their assets as they wish.

If you have questions about how best to provide for your loved ones after you pass away, please contact our knowledgeable estate planning attorneys. We can help create the perfect estate plan for you, including managing your plan when your family situation changes.

Should You Hire Our Estate Planning Attorneys?

Estate planning can be complicated, especially with the many changes that may arise over the years. We understand that our job as your estate planning attorney doesn’t end with the creation of the estate plan. We will be standing by, ready to help if you ever need your will and trusts modified due to death, birth, divorce, or marriage.

We have helped countless clients avoid the devastating results of having friends and family members left with nothing because of a lack of estate planning. Our founding attorneys went through a personal situation where they witnessed the catastrophic effects of someone dying without a proper estate plan. Because of their experience, they have dedicated their time and energy to helping other families avoid this terrible situation.

Call our law firm today to learn how we can help create or adjust your estate plan to meet your family’s needs. You can reach us at (516)-928-6594.

When most people think of estate planning, they imagine writing a will that indicates how to leave their possessions for their posterity. However, an equally important step is to consider how you want your medical care to be handled if you cannot express your wishes due to age, injury, or illness.

Luckily, we can create documents that prepare for such a situation. These documents include a living will and a health care proxy. Each is a valuable part of an estate plan in New York because they allow you to make decisions now about how your medical treatment should be handled, even if you become incapacitated. Contact our legal team to create the right living will and health care proxy for your needs.

What is a Living Will?

A living will offers detailed instructions on how healthcare professionals should treat you if you are injured, ill, or otherwise unable to make your wishes known. For example, you can decide whether you want resuscitation if your heart or lungs fail. You can also dictate whether you want specific treatments, such as an artificial feeding tube.

Having a living will can give you the peace of mind that your body will be treated the way you wish, even if you can’t express those wishes to doctors and medical personnel. Contact our knowledgeable estate planning attorneys for help creating your living will today.

What is a Health Care Proxy?

A health care proxy is a document that designates one person to act in your name if you become incapacitated. In this way, you can know that if critical decisions must be made, they will be made by someone you trust to act in your best interest. Many people choose a spouse, sibling, or adult child to act as their health care proxy.

Should You Hire Our Living Wills Attorneys?

If you want to include a health care proxy or living will in your estate plan, please reach out to our legal team. We have decades of experience helping clients make these critical decisions and plan for the future.

While it may seem unimaginable to need a living will or health care proxy, it can give you and your loved ones great peace of mind to know that you are prepared if and when the time comes. Please get in touch with us to learn more. We will listen compassionately to your concerns and create a plan that matches your unique goals and needs. Call today for a consultation at (516)-928-6594.

In estate planning, most people understand that having a will is essential because it outlines which heirs receive what assets from the estate. Wills are also critical because they name the estate executor and guardians for any minor children. However, sometimes wills fail.

When a will fails, this is usually because some aspect is missing that would make the will legal. For example, if the testator was under duress, was a minor under the age of 18, didn’t realize they were making a will, or didn’t leave the will in writing, this would indicate a failed will.

If your family is going through the challenging process of administering an estate with a failed will, you need excellent legal counsel. Reach out to our attorneys for help with your loved one’s failed will right away at
516-253-1366.

What Does a Will Do?

Wills are foundational in most estate plans because they name important people during the estate administration process.

Some critical roles that are indicated in the will are:

• Beneficiaries
• Estate executor
• Guardian for minor children

If your friend or family member died without a will, you might need legal help sorting out the inheritance and fate of the minor children involved. Reach out to our law firm right away for the counsel and representation you deserve.

What Happens if a Will Fails?

In most states, having a failed will or dying intestate results in the state administering the assets in a process known as probate. In probate, a judge will distribute the assets to creditors, pay down debts and taxes, and distribute the remaining funds to heirs according to the law.

While most laws and judges try to administer estates fairly, they are limited in how they may do so. For example, without a will, close friends, unmarried partners, and the decedent’s favorite charities may be left with nothing. The entire estate’s affairs will also become public knowledge because probate is a process that goes on the public record.

Should You Hire Our Wills Attorneys?

If you need help resolving a failed will or if you want to avoid probate for your loved ones following your death, you need the help of experienced wills attorneys.

At our law firm, we have helped countless clients avoid the heavy burden of going through probate while mourning their loved one’s death. We have the experience and know-how to get you through this challenging time with minimal stress and expense. Please reach out to us to speak with our compassionate and capable legal team about how we can help with your unique situation.

Call (516)-928-6594 to schedule your assessment and get the legal counsel and representation you need today!

Most people going through the estate planning process focus on their assets and who will receive the inheritance. However, what if you want to leave more behind for your children and grandchildren than physical items? In an ethical will, you can relay the life lessons you’ve learned and give the gift of family memories for future generations to enjoy after you’re gone.

Our talented legal team can help create an ethical will that is meaningful for you and your loved ones. We will listen closely to your stories, goals, and wishes to help you create the perfect ethical will. Call today to get started at 516-253-1366.

What Is an Ethical Will?

An ethical will is like leaving behind your personal story for your family members to cherish. It may include photographs, recipes, objects of personal value, stories, and life lessons. Ethical wills may also explain why you made certain decisions in your last will and testament, including who received what from your inheritance.

An ethical will can be comforting both to the person who created it and to the family members who receive it after they have passed. Contact our talented legal team for more information on how to craft the right ethical will for your loved ones.

How Do You Write an Ethical Will?

Making an ethical will can be intimidating, but it doesn’t have to be difficult. With the help of a talented estate planning attorney, you can get started whenever you are ready. Your lawyer may ask questions to prompt deep thinking about your life experiences.

Some questions you might ask yourself when making an ethical will are:

• What are some of your happiest moments?
• What are some challenges you have overcome?
• What would you like your descendants to know about lessons you’ve learned?
• What are some hopes you have for your children and future generations?
• What stories would you like to have passed on to your family?

Should You Hire Our Ethical Will Attorneys?

Creating an ethical will can take tenderness and care. If you think an ethical will would benefit your loved ones after you pass on, please reach out to us for help. We can offer guidance and counsel on how to make the right ethical will for your family members.

At our law firm, we listen carefully and compassionately to our clients’ wishes and needs so we can craft an estate plan that matches their goals. Call us today to get the personalized attention and care you deserve. Call (516)-928-6594 to schedule your assessment today!

Estate plans with trusts offer the grantor a great deal of flexibility when distributing their assets. They can choose who receives funding from the trust, including charities, family members with special needs, and even pets. You may want to create a specific kind of trust depending on your situation and goals. Feel free to call our talented legal team for more information about trusts and how they can benefit your loved ones.

Irrevocable Trust

In an irrevocable trust, your funds have the utmost protection from creditors and unnecessary taxes. These trusts can protect your home, bank accounts, and other investments. However, an irrevocable trust is very difficult to change once created. Please speak with a trusted legal representative before creating an irrevocable trust or any kind of trust.

Charitable Trust

Charitable trusts allow the grantor to leave an inheritance for their beneficiaries and provide funding for their preferred charity. These trusts offer tax benefits during the creator’s life and for family members following their death.

Special Needs Trust

A special needs trust is ideal for those who have special care needs or have a family member they wish to support who has special needs. When set up correctly, the funds from the special needs trust will not affect the individual’s qualifications for Medicaid and Social Security benefits.

Revocable Trust

Revocable trusts are powerful tools in an estate plan because they help protect the estate from probate, which can be a costly and time-consuming process. While these trusts don’t offer much protection during the grantor’s lifetime, they give the added benefit of allowing the grantor a certain amount of control over their assets. Revocable trusts may also be changed, amended, or revoked.

Irrevocable Life Insurance Trust

With an irrevocable life insurance trust (ILIT), the grantor is protected from paying unnecessary taxes on their estate if the estate exceeds federal or New York estate tax exemptions. Your beneficiaries receive their inheritance without losing so much to the state for taxes.

Should You Hire Our Estate Planning Attorneys?

If you think creating a trust may be the right course for you, please get in touch with our trusts attorneys right away. Taking the simple step today of opening a trust fund could save your loved ones a great deal of stress and money in the future.

Our law firm was founded by a husband and wife team who witnessed firsthand the devastation of a family member who died without a proper estate plan. Now, we dedicate our time and energy to helping others avoid this same tragedy. Please contact us immediately to schedule your assessment at 516-928-6594.