Schedule a Free Consultation

Counseling Reimagined.

Top Rated Long Island Estate Planning, Elder Law and Start Up Attorneys.

Long Island Estate Planning Attorney - Seth Schlessel - Law Firm for Wills and Trust

It can be confusing and difficult to decide what strategy to use when planning how to distribute your wealth and assets after you pass away. Even if you already have a will, how do you ensure it is well-designed to fulfill your wishes? Insufficient planning or poorly designed wills can lead to many issues in the event of the owner’s incapacitation or death. Good estate planning, strong trusts, and wills are essential.

At Schlessel Law, our team of New York estate planning attorneys is dedicated to helping our clients better plan for their future. Schlessel Law understands that unexpected circumstances can arise, so we work closely with our clients to make the estate, trust, and or will process as simple and painless as possible.

To schedule a free consultation, call us today at (516) 574-9630.

0
Years Experience
0
Medicaid Applications
0
Consultations
0
Startups

The Importance of a Trust and a Will in Planning an Estate

Trusts and Wills are two important documents to include in planning for estates. They both serve distinct purposes. On Long Island, clients usually use Wills or only use Trusts to settle their estates, depending on their needs. However, a well-designed estate plan should be able to cover both unexpected and expected events. In some cases, it may be necessary to mix both.

A Will is a legal document that is part of an estate plan. It oversees your property distribution to the beneficiaries you have chosen after your death. To ensure that the Will is executed, an executor may be chosen by the testator.

A Trust, on the other hand, is another type of estate planning tool. It holds assets and manages them for the trustor. Assets that are managed refer to properties that are transferred into trusts. All trust assets can be transferred to beneficiaries depending on whether the trustor has made any instructions during their lifetime or after their death. 

It is important to understand the differences between a Trust and a Will as well as their unique benefits when used together. Although planning your estates can seem daunting, it is essential to have a plan that will ensure your family’s best future. 

Schlessel Law PLLC has a team of New York trusts and estates lawyers who are dedicated to helping families protect their estates, assets, and legacy. They may be able to help you decide what will work best for you and your family by choosing from a range of estate planning tools, such as trusts and/or wills. Our team of lawyers has dedicated our practice to helping families in estate planning or probate litigation.

Call us today to schedule a consultation.

Get In Touch

Let Us Do The Heavy Lifting.

Schlessel Law PLLC specializes in the following practice areas:

Elder Law.

Our highly experienced elder law attorneys will assist you and your family to protect your assets and quality of life.

Estate Planning.

Our experienced attorneys are ready to assist you with putting together a plan for your estate that will meet all of your needs

Personal Injury.

We fight to help you any way we can. Let us worry about your case so you can focus on your recovery.

Startups.

We help you build and protect your company as you grow and obstacles arise.

I can't say enough about Seth Schlessel our estate planning attorney. The complexity of our estate and trust matters necessitated the expertise of someone with the knowledge and experience that seth possesses. He exuded the knowledge and patience to provide outstanding service and we have not hesitated to recommend him to countless family and friends who have also been happy with his service. I highly recommend Seth for any estate planning and legal matters.

Other Essential Estate Planning Tools in New York

Planning tools that are well-designed can protect assets and ensure business succession. They can also help to avoid death or estate taxes, which can take your family’s inheritance. These tools can help provide for family members with special needs or to qualify for government benefits. The most important aspect of planning estates is that it allows you to have your wishes granted when it comes to passing assets on to loved ones.

Trusts and Wills are two of the most popular estate planning tools. A Will is a basic document that outlines a person’s wishes about assets and who should be the beneficiaries. The following are other examples of essential estate planning tools that may help you plan the distribution of your estate – no matter how big or small it is – better.

A Power of Attorney (“POA”) allows a third party to sign documents and or conduct transactions on your behalf, should you not be able to, or choose not to, act yourself.

A Health Care Proxy allows a third party to make healthcare decisions on your behalf, should you not be able to make them yourself. It is important to have a Health Care Proxy in place and to have someone you trust to be appointed your Health Care Proxy. A discussion should be had with your Health Care Proxy on what your wishes would be, healthcare-wise, if different scenarios arise.

Aside from protecting your assets, there are other ways to protect yourself for the future, through insurance. Everyone knows about health insurance but there is also Disability Income Insurance, Life Insurance, and Long-Term Care Insurance. Insurance is a critical component of a comprehensive financial plan. We will help you evaluate risks and determine the proper insurance to mitigate those risks. We do not sell insurance but can assist you in determining which types of insurance would be a fit for you and your needs.

We will help you put together a plan for retirement. There are many different investment tools to help you with retirement. Depending on your situation and if you want to pay taxes upfront or later on, there are investment tools such as IRAs, Roth IRAs, 401(k)’s, and others. We can assist you with putting together a strong retirement plan. We are not financial advisors and will not provide any financial advice. We will just advise you of the laws and regulations with each plan and which would be best for your situation.

Schlessel Law’s attorney Seth Schlessel and his team of Long Island estate planning lawyers have dedicated their practice to helping families understand the importance of a good estate plan. Having an experienced lawyer to handle your estate planning for you is a great way to help avoid probate litigation in the future. Call us today to learn more.

Helped me get with my estate planning and also got me Medicaid. A genuine person. Thank you so much Mr. Seth

Is it Important to Hire a Long Island Estate Planning Lawyer?

Planning your estate is an important part of protecting your legacy. Therefore, it is important to seek the help of experienced attorneys. Proper estate planning with the help of skilled attorneys in NY allows you to decide what assets should go, who should take care of your loved ones, and how your healthcare should be managed. Having a comprehensive estate plan ensures you, your loved ones, and your assets are protected and prepared. 

As you work out the best way to protect your legacy, it is crucial to have competent estate planning attorneys on your side.

Our Long Island attorneys at Schlessel Law PLLC are here to help you by :

  • Answering your questions and helping you create a plan for achieving your future plans
  • Creating a comprehensive estate planning strategy for you. This includes drafting a Will, setting up Trusts, and creating a healthcare proxy.
  • Talking about how taxes and state laws may impact your plans
  • Identifying potential problems and creating a plan for avoiding them
  • Managing probate administration

How Much Does Estate Planning Cost on Long Island?

There is no fixed cost for planning an estate. It isn’t like buying something at a department store. The cost of estate planning depends on what estate documents are required and who you choose to represent you. Planning your estate involves documents such as a Trust or power of attorney. This will increase the costs.

The following factors will affect the cost of an estate planning lawyer’s estate plan:

  • The type of estate planning you need
  • Your estate planning lawyer’s legal fees
  • Attorney staying on as trustee or executor
  • Assistance in transferring property and/or assets

For a simple plan, fees can run from $1,000 to $3,500. For organizing important documents such as a Trust or a Power of Attorney, it is essential to hire an attorney in NY whose practice focuses on planning estates. Any mistakes can lead to delays and loss of assets. These delays could cost you thousands of dollars. Despite the cost, you’ll get the protection and services you want and need. You should also remember that homes with higher values and other large assets will require more detailed preparation to make any tax changes. This can reduce your tax liability, but could raise the cost of legal fees.

If you only require a will for your estate, then you may not need to pay much more than $750. However, full estate planning can cost you around $1,250. It can be difficult to determine the cost of an estate plan. You will need an explanation about what information you can provide and the specifics that you require. It is important for lawyers to understand whether you are planning to create a Trust or a Will.

Careful planning of estates helps individuals avoid lengthy litigation processes and also helps the surviving loved ones avoid disputes. Seeking a lawyer whose practice focuses on comprehensive planning for estates and avoiding probate litigation should be the first step for anyone who is looking to plan their future.

Schlessel Law PLLC may be able to help. With years of practice dedicated to helping families plan ahead, we understand what it takes to help you avoid litigation and other disputes.

Contact us today at (516) 574-9630 to schedule a consultation.

Get In Touch

Many people prefer to do their own tasks rather than rely on outside help in a virtual world that offers online shopping and virtual meetings. Do-it-yourself projects promise convenience and frugality. Wills and estate planning, despite all their benefits for time and money savings, aren’t the best places to put budget ahead of quality. Although you can do your taxes and purchase a car online, the complex world of estate planning requires more effort than just a couple of clicks.

There are many online Wills and estate planning templates. However, they can only be beneficial in certain situations. Online templates are usually reviewed and approved by lawyers or other legal professionals. If you are single and do not have assets to manage, a Will created with an online template may be sufficient for you.

It is important to pay attention to your legacy. Consider the cost to your survivors, if you are unable to make a decision on price. Remember that DIY projects in this field will only be reviewed after you die. You will not have the ability to influence the final outcome of your will. This means that DIY estate planning will not provide the same peace of mind as a comprehensive estate plan made by an experienced lawyer.

The process of administering a probate estate is called probate administration. Probate is the process of settling an estate. It involves collecting records and assets, and paying taxes. Assets are distributed according to law or as specified in the Will. Probate can be stressful, particularly if there are any assets or debts in an estate or if there is litigation involved. If the decedent left no Will, the probate must follow the default state rules.

An estate is a collection of assets that the deceased leaves behind. This includes both tangible and intangible assets, as well as personal and real property. These assets must eventually be passed to new owners. Additionally, estate creditors must have the right to make claims against the estate. Taxes owed to the federal and state governments need to be paid before assets can be handed to beneficiaries or heirs. This all happens during the process of probate.

If you were informed that you are the Executor of an estate, this means the deceased appointed you in the Last Will and Testament. This also indicates that the deceased had great faith in your capabilities and trusted you.

You will need to complete the following information to get started as an Executor:

  • To submit to the proper probate court, locate an original copy of the Last Will and Testament of your decedent.
  • Locate all assets in your estate.
  • Get certified copies of several death certificates for the deceased.
  • To open probate, prepare a petition
  • Talk to a Long Island attorney who is experienced in probate litigation.

You also need to file the petition to probate along with your Last Will and Testament to the probate court. This is usually the county where the deceased lived at the time. To determine whether the estate is eligible for simplified probate for small estates, consult an estate planning lawyer before you do this. Having an attorney is a great way to help you avoid making any mistakes.

The estate administration process requires that you distinguish between probate assets and non-probate ones. Certain assets, like accounts with a designated beneficiary, may pass to them without the need for probate.

When a revocable living Trust is used, many of the assets of the deceased can already be in the trust and the trustee can distribute them to the beneficiaries without having to wait for the probate process. The trustee can also serve as the executor of an estate. There may also be a pour-over will that states that any remaining probate assets must be transferred to the trust to be distributed according to its terms.

The “closest distributee” will become the administrator if a person dies without a will. They can file for the administration of the estate. While a spouse is entitled to administer the estate of the deceased, the deceased’s children also have equal rights to administration. This is where the Surrogate’s Court will issue letters of administration, rather than letters of testamentary. It is possible to have complications when handling the administration of an intestate person’s estate. This is why it is so important to do proper estate planning.

Getting The Help of a Skilled Estate Planning Attorney at Schlessel Law for Planning Your Will, Trust, and Estate

Estate planning may not be for everyone. However, it is important to have a plan in place for your loved ones. You would want to ensure that assets such as business or savings accounts are properly divided. You want your Will and executors to be able to manage your business after you’re gone if you own a business.

It is difficult to plan for your passing. We all understand that. But it must be done if you wish to ensure your loved ones are well taken care of after your death. An estate planning attorney on Long Island will be able to assist you with the entire process.

Don’t put off making plans for the future of your family. Contact Schlessel Law PLLC today. We are Long Island’s experienced attorneys for estate planning and we can help with any question you might have. Whether you need to create an estate plan or update existing plans. The legal team at Schlessel Law PLLC is well-versed in protecting your assets and your legacy.

Call us now or send us an email to request a consultation.

Schedule A Free Consultation