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.
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.
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Schlessel Law PLLC specializes in the following practice areas:
Our highly experienced elder law attorneys will assist you and your family to protect your assets and quality of life.
Our experienced attorneys are ready to assist you with putting together a plan for your estate that will meet all of your needs
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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.
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 :
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:
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.
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:
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.
What kind of practice does your law firm specialize in, especially in relation to estate planning?
Can you explain how an estate plan can help in protecting an individual’s assets?
How does the state law, specifically in New York, affect estate planning?
What legal aspects should one consider during estate administration?
How does a real estate factor into an estate plan?
As an estate planning lawyer, what are some of the most common challenges your clients face?
How can planning attorneys assist with Medicaid planning?
What distinguishes estate planning attorneys from other types of lawyers?
Can you clarify the role of a planning lawyer in tax planning and management?
How does your law estate work, and what are your areas of expertise?
What are some important considerations for living trust as part of an estate plan?
Can you explain the process of succession planning and how it relates to estate planning?
How does asset protection factor into the strategies that estate planning lawyers implement?
Can you provide some guidance on guardianship issues as they relate to estate planning?
How can an individual find a trusted estate planning lawyer?
What are the key responsibilities of a trust and estate attorney?
Can you explain the critical role of attorneys in the process of estate planning?
How does elder law intersect with estate planning, and what are the key considerations?
Can you provide an overview of the services that an elder law attorney provides?
How does elder law estate planning differ from general estate planning, and what unique challenges does it present?
What is the difference between estate planning lawyers and general practice lawyers?
How do planning lawyers help in setting up a comprehensive estate plan?
How can an elder law attorney assist me in estate planning?
What types of cases does a lawyer specializing in estate law typically handle?
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What is the role of an estate attorney in the administration of an estate?
How long does the probate process usually take, and how can estate attorneys expedite it?
Can estate planning attorneys guide clients through the process of creating living trusts?
What are the advantages of working with trusts and estate attorneys based in New York?
What role do wills play in an estate plan and how can an estate attorney assist in preparing them?
What documents are necessary for comprehensive estate planning, and how can estate attorneys help gather them?
How do estate attorneys ensure the proper distribution of an estate’s assets?
Can an estate law attorney help me establish a plan for my future healthcare and financial decisions?
How can estate planning attorneys help clients navigate complicated family dynamics when creating a will or trust?
How can estate attorneys aid in setting up family trusts to safeguard my loved ones’ future?
Can you tell me more about the difference between wills and trusts, and how an estate law attorney can guide the choice between them?
How do estate attorneys in York handle the unique local laws and regulations?
How can estate attorneys help ensure that the future administration of my estate goes according to plan?
What qualities should I look for in an estate law attorney when planning for the future administration of my estate?
What type of assets should I include in my estate planning?
How can an attorney at law help me with my will?
What is the difference between trusts and wills?
Should I hire a lawyer or can I manage this process myself?
What is the role of an executor in the management of an estate?
How can I protect my asset from potential litigation after my death?
Who can serve as a trustee in managing my estate?
How can I ensure that my legacy is preserved after my death?
What is the role and importance of power of attorney in estate planning?
How can I avoid disputes over inheritance among my beneficiaries?
How much should I expect to pay in legal fees for estate planning?
What are the responsibilities of an attorney in trusts and estates?
What happens if the testator becomes incapacitated before the will is executed?
What are the services that attorneys at law provide in estate planning?
Can you explain the concept of decanting in the context of trusts?
What is the process for establishing a guardianship for minor children in my will?
How does the domicile of the testator impact the execution of a will?
What is the purpose of a waiver in estate planning?
Can mediation be used to resolve disputes over a will or trust?
What is the role of a fiduciary in estate planning?
What is the process of probate and how does it affect my assets?
What are the different types of trusts and when should each be used?
How can an attorney help me in planning my estate?
Should I hire a lawyer or can I manage this process myself?
How can attorneys assist me in drafting my wills?
How can a probate lawyer assist with the execution of a will?
What role do lawyers play in the formation and execution of trusts and estates?
Can an executor be a beneficiary to the asset in a will?
How can an estate planning attorney help to prevent or address litigation in the event of a dispute over a will or trust?
What are the responsibilities of a trustee in managing an irrevocable trust?
How can I ensure my legacy is preserved through careful estate planning?
How does elder law intersect with estate planning, especially in regard to power of attorney and guardianship issues?
What are the benefits and potential drawbacks of an irrevocable trust?
When should I consider assigning a power of attorney as part of my estate plan?
How can I minimize the tax impact on my inheritance for my heirs?
What happens to a decedent’s estate in New York State if they die intestate?
When should I seek legal advice from attorneys at law specializing in trusts and estates?
What are the implications if a testator dies intestate?
What is the process of decanting a trust, and when might it be beneficial to consider it?
How are guardianship decisions made in the event of a decedent’s death?
What is a fiduciary and what are their responsibilities in the context of estate planning?
How does a person’s domicile affect the execution of their will or trust?
How do we address issues of undue influence in estate planning?
What is a waiver in the context of estate planning, and when might it be used?
How can mediation be used to resolve disputes over a will or trust?
What are the typical legal fees associated with estate planning, and how might they differ among Attorneys at Law in Long Island, New York?
As an attorney at law specializing in estate planning in New York State, could you explain your role and responsibilities?
What fiduciary responsibilities does an executor have under New York State law?
How can trusts, including irrevocable trusts, help in managing and protecting an individual’s assets?
What is the role of an estate planning attorney in drafting wills?
What is the difference between an attorney and a lawyer in the field of estate planning?
Can you explain the probate process for wills in New York State?
How do the attorneys at your law firm handle cases involving trusts and estates?
What is your role as an estate planning lawyer in estate litigation cases?
How does a trustee manage an irrevocable trust?
How does the concept of ‘legacy’ fit into the process of estate planning?
What does elder law encompass in the context of estate planning?
What are the typical legal fees for the services provided by your law firm in estate planning cases?
How are the assets of a decedent who dies intestate handled in New York State?
Can your attorneys provide legal advice on how to distribute an inheritance according to the decedent’s will or state intestate laws?
What is the role of the testator in drafting wills?
How can a power of attorney help in managing an individual’s assets?
What are the obligations of attorneys at law when dealing with probate cases in New York State?
What issues might arise in trusts and estates litigation cases that would require the involvement of lawyers?
What is the process in New York State for becoming the executor of a will?
What is the importance of legal advice in the process of estate planning?
How are the attorneys at law in your firm experienced in handling matters related to estate planning, trusts, and wills?
How does the process of “decanting” work within the context of a trust in New York, and when might it be necessary?
Can you explain the role and responsibilities of a fiduciary in managing a client’s assets?
What is the significance of a client’s “domicile” in estate planning, especially in relation to real estate assets?
How do you ensure that “undue influence” is not exerted over clients during the estate planning process?
What is a “waiver” in the context of estate planning, and when might one be used?
Can “mediation” be used to resolve disputes among family members involved in the administration of a trust or will?
How does the role of a “fiduciary” differ from that of a fiduciary in managing a client’s assets?
Can you help clients create a “trust” as part of their estate plan, and how does this differ from a will?
What steps do you take to protect a client’s “assets” during the estate planning process?
How do “elder law” and estate planning intersect in your practice on Long Island?
How do you assist clients in drafting a “will” that accurately reflects their wishes for their estate?
What aspects of “elder law” are especially relevant to clients planning for their future?
Can you describe the role of “guardianship” in estate planning and when it might be necessary?
How do you ensure your estate planning attorneys are “trusted” by clients and their families?
What “documents” are essential for a comprehensive estate plan?
How does your practice assist clients in planning for their “future” through estate planning?
What is the role of “estate planning attorneys” in managing real estate assets?
What is the difference between “estate planning lawyers” and other types of attorneys?
How do “law estate” considerations impact the planning process?
How can a “living” trust or will benefit clients in the context of estate planning?
Can you explain the process and importance of establishing “guardianship” for elder clients?
How do you ensure that the estate “plan” accurately reflects the client’s wishes and benefits their family?
How do you handle estate planning in a “long” term perspective?
How does your practice accommodate clients not only from Long Island but also from other parts of New York?
How does your law firm specialize in estate planning and probate processes?
Can you explain the role of estate planning attorneys in managing real estate assets?
How do you guide your clients in creating effective wills and trusts for asset protection?
What are the key documents involved in estate planning in the state of New York?
How does your practice ensure the individual needs of the clients are met in estate administration?
Can you explain how your estate planning lawyers handle trust and estate matters for the family of the deceased?
What advice do you provide your clients on asset succession and future planning?
How does your firm handle taxes related to estate planning and probate?
How does your law estate practice deal with guardianship issues?
In what ways can an estate planning lawyer assist clients with Medicaid planning?
Can you explain how your team of planning attorneys help in the process of estate plan creation?
How does your firm ensure trusted services in estate planning and probate?
How do your estate planning attorneys navigate the complexities of elder law?
How is your firm’s approach different when it comes to Island estate planning?
How do your planning lawyers help clients with asset protection strategies?
How is your law firm equipped to handle the varying needs of clients in estate planning and probate in New York?
Can you explain the role of lawyers in estate planning and how they ensure clients’ assets are legally protected?
What specific legal services does your estate planning lawyer offer in terms of real estate asset management?
Can you explain how the estate planning attorneys at your law firm help with estate administration after a client’s death?
Can you explain how the elder law aspect is managed by the estate planning lawyers at your firm?
How does your estate planning attorneys plan for the future of clients’ assets?
How does your firm maintain a trusted relationship with clients during the estate planning process?
How do your estate planning lawyers manage the complexities of estate and trust administration in New York?
Could you tell us more about your law firm’s experience with elder law and Medicaid planning?
How does your firm handle estate planning for clients with assets in multiple states?
How long have you been practicing as an estate planning attorney in New York?
Can you explain how your law practice on Long Island focuses on elder law and estate planning?
How do your attorneys ensure the future of your clients’ assets through the creation of trusts and wills?
How does your law firm handle the administration of an estate after a client’s demise?
What specific legal documents are essential for a comprehensive estate plan?
How can a trusted family member help in the administration of trusts and wills?
What is the role of a probate attorney in estate planning and administration?
How does your law firm assist clients in preparing wills and trusts?
How does the New York state law affect estate planning and asset distribution?
In what ways can you assist your clients with Medicaid planning and guardianship issues in New York?
Can you explain the difference between a living trust and a will, and how each affects the future of an estate?
How do you plan for the long-term safeguarding of an individual’s real estate assets?
Can family members be trusted to act as executors, or should an attorney be appointed?
How can an estate planning attorney help clients navigate the probate process in the state of New York?
Do you specialize in any specific areas of law or do you practice estate law in general?
How often should legal documents for estate plans, assets, and trusts be reviewed and updated?
What legal advice do you have for someone just starting to think about estate planning in New York?
How do your attorneys handle the unique needs of elder clients, particularly with regard to Medicaid and guardianship?
Can you explain the role of an estate planning attorney in creating and managing family trusts?
How does your law firm ensure that clients’ estates are effectively administered according to their plan, especially when it involves multiple types of assets, including real estate?
What are the key legal obligations of an estate planning lawyer?
How can real estate be incorporated into my estate plan?
How can Medicaid planning be handled by estate planning attorneys?
What role do planning lawyers play in estate tax management?
Can you provide a brief overview of law estate, and how it relates to estate planning?
What are the estate planning services available in Nassau?
How can an estate planning lawyer assist in creating a living will?
What does succession planning involve in terms of estate planning?
How does an estate planning lawyer provide asset protection?
Can an estate planning lawyer assist with setting up guardianship?
How can an estate planning lawyer cater to the individual needs of a client?
Why is it important to have a trusted estate planning lawyer?
What are the unique aspects of island estate planning?
How can a trust and estate lawyer help me protect my assets?
What are the different ways estate planning lawyers can help with estate tax?
How does your firm stand out among other law firms specializing in estate planning?
What are the major areas of elder law that intersect with estate planning?
How important is the role of lawyers in estate planning?
How do NY estate planning attorneys differ from estate planning attorneys in other states?
What should one look for in a NY estate planning lawyer?
How does planning for probate work and how can a probate lawyer assist?
What is the role of probate lawyers in settling an estate?
How can a trust attorney assist in setting up different types of trusts?
How can wills be effectively drafted and updated with the help of estate planning lawyers?
How do estate tax lawyers help minimize the estate tax burden?
Why might someone need an island-based estate planning lawyer?
What should I expect from a consultation with a lawyer specializing in estate planning?
Are there any specific considerations when working with a lawyer’s law firm for estate planning?
How can estate planning lawyers assist with the legal aspects of wills and trusts?
What are the common services provided by NY estate planning attorneys and NY estate planning lawyers?
How can an estate planning attorney help with planning for probate?
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.
The most important aspect of estate planning is that it grants your wishes about passing assets on to loved ones. A well-designed estate plan can protect assets, ensure business succession, and help families avoid estate or death taxes. Estate planning tools can also prevent your family from losing their inheritance. These tools can be used to provide for special-needs loved ones or for elderly relatives who are eligible for government benefits.
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. They are generally beneficial for small estates.
Trusts can be a better choice for complex estates that have more assets. After an owner transfers the assets to a Trust, The trust will protect the assets against creditors and taxes. A trust is one of the best ways to control and preserve your assets.
Long Island trust lawyer Seth Schlessel has been helping families preserve their wealth using trusts for many years. As a trusted Nassau County trust law firm, Schlessel Law PLLC has a reputation for dedication to ensuring that our clients are satisfied with the trusts they create.
Trusts are an important part of a comprehensive estate plan. A qualified Nassau County trust lawyer can help clients with estate planning and managing their estates. Trusts, Wills, and other planning documents can be very useful if they are well-designed. Trusts are a way to ensure your assets are managed properly and kept safe for your loved ones.
A trust can be a legal solution to help avoid probate and excessive capital gains taxes. It is important to speak with an experienced Suffolk County or Nassau County estate attorney before you begin to plan your trust in NY. Attorney Seth Schlessel of Schlessel Law PLLC in NY knows the value of a complete estate plan to help protect your family’s financial future.
To schedule a consultation with a Nassau County or Suffolk County trust lawyer on Long Island, NY, contact our law office at (516) 574-9630.
A Trust is an important estate planning tool that allows a person to set up their assets. A Trustee is a party designated to manage the estate in accordance with the instructions from the owner. The party who created the trust is referred to as the grantor or creator. In some cases, the trustee and the grantor may be the same person.
A Trust can serve many purposes. However, one of the most common uses of a trust is to help an individual ensure that they are able to decide how their assets should be managed after their death. Trusts can also be used to help manage the tax implications of an estate, and to protect the grantor’s wealth. In addition, having a trust may also help the grantor qualify for Medicaid in later years should they need it.
When someone wants to set up financial support for their children, or for long-term planning or care of dependents with disabilities, trusts can be useful.Other benefits of having a trust are:
Schlessel Law PLLC is here to help you create the right type of trust that will protect your family, assets, and legacy. Attorney Seth Shlessel is a Long Island estate planning lawyer who is compassionate and knowledgeable, and he will work with you to safeguard your assets and family. To schedule a free consultation with our trusts attorneys in Nassau County or Suffolk County, NY, contact us today.
Depending on one’s estate planning needs, many types of trusts are available. Trusts can be used to protect assets, avoid probate, reduce estate taxes, provide protection for vulnerable beneficiaries, and even set aside funds for charities.
The following are the most common types of trust in New York State, and on Long Island:
An irrevocable trust is the foundation of asset protection. A grantor would not want to spend all their assets on long-term or nursing home care. Placing assets in an irrevocable trust can help the creator qualify for Medicaid benefits. This includes nursing home care and home care. In certain cases, it may even be possible to become qualified for assisted living programs.
Also known as Supplemental Needs Trust. This type of trust is intended to continue the care of a child who has special needs. It does not affect government benefits such as SSI or Medicaid. A creator may be able to establish a special needs trust in their Will or as a living trust.
In a supplemental needs trust, assets can often be used to pay for services or items not covered under governmental benefits. This can sometimes include vacations or home modifications.
An Irrevocable Life Insurance Trust, (ILIT) can help a grantor save thousands or even hundreds of thousands in estate taxes if the estate exceeds New York or federal estate tax exemptions. An Irrevocable Life Insurance Trust is responsible for the insurance policy of the creator. As the creator, you can choose the trustee, and then designate beneficiaries. You can control the trust by defining the instructions that the trustee should follow. This trust’s assets will go straight to your children or other beneficiaries, bypassing your estate and your spouse’s estate. Bypassing both estates can help you avoid estate taxes and save a higher percentage of the insurance proceeds
Revocable trusts allow you to move your assets into a trust, while also maintaining full control of the said assets. You can amend, modify, and revoke this trust at any time during your lifetime. The trust assets will be passed on to the beneficiaries named in the Will in the event the creator passes away.
Revocable trusts are used to avoid probate. Probate is the legal process that “proves” your last will and testament. The process of proving a last will and testament can take months after the creator passes away. Revocable Trusts are very helpful in cases where beneficiaries may challenge a Will or other inheritance disputes. However, revocable Trusts do not offer asset protection. If you want asset protection, an irrevocable trust may be the better option for you.
There are a few different types of Charitable trusts but the CRT (Charitable Remainder Trust) is the most common. This type of trust is a life income gift that allows you to transfer assets immediately and receive a charitable deduction for a portion of the transfer. You or your beneficiary will then receive income tax-free for the remainder of your lives or for a set period. A CRT has the primary advantage of giving you a tax deduction on your present income to allow for charitable gifts that you receive during your lifetime.
The Long Island estate planning at Schlessel Law PLLC is familiar with the many types of trusts and can use their years of experience to guide your trust selection. During your consultation with Seth Schlessel, he will explain how trusts work, and discuss whether a trust is an appropriate estate planning vehicle for you.
If you need a trust lawyer in Nassau County or Suffolk County on Long Island, contact us at (516) 574-9630 for a free consultation.
When a person writes their will, they have the right to choose any person they wish to be their estate administrator. The person they choose must be either a United States resident or citizen to serve as an executor in New York. It is not possible to choose someone who is not a US citizen and lives outside of New York to be an executor unless they serve with someone who does qualify.
An estate administrator should be trustworthy, diligent, and able to use common sense. An individual must be able and willing to give their administrator the authority to manage their estate according to their wishes. Estate administration can be complicated. A good candidate for estate administrator is someone who is organized and is up to the task of consulting with an attorney, notifying creditors and beneficiaries, as well as providing all the documentation required to the court.
If an executor fails to fulfill their duties, it is possible to have an application to the court to compel them. Beneficiaries and other people involved have the right to see an accounting of all receipts and disbursements made by the executor or administrator when they are closing an estate. A person can petition the court for an accounting if the administrator or executor refuses to give it to them.
After a trust is created and named, funding the Trust is your next step. The act of funding a Trust is simply the transfer of assets to the Trust. This makes the Trust the new owner of your assets. It is important to note that your Trust should be a tool to protect and hold your assets. It is worthless unless you actually put the assets in it. Transferring assets to a fund involves renaming assets to become Trust-owned.
Each asset may have a different process, so make sure you check them all. To put a real estate property into your Trust you’ll need the deed for the property. If you have a mortgage, permission might be required from your lender. You should consult your bank for details on how to transfer bank accounts to your Trust.
Speaking to a skilled estate planning lawyer may also be helpful when it comes to transferring assets into a trust. Long Island trust law firm Schlessel Law PLLC may be able to help. Contact us today to schedule a consultation with Seth Shlessel and our experienced trust lawyers.
Both Trusts and Wills may be part of a comprehensive estate plan. However, it is important to really understand each estate planning tool and how it might benefit you. These benefits can include avoiding probate after your death, leaving instructions about who can decide for you in case you become incapacitated, or creating a continuous source of income for your loved ones.
With a Will, property transfers must be approved by the courts (probate), which will determine the validity of the property distribution. This process can be costly. Having a trust in place can help you transfer your assets while you are still alive and distribute them after your death. A trust can help you avoid the need to wait and can also cut other expenses that you may have to pay without a trust.
Attorney Seth Schlessel and our team of experienced NY lawyers at Schlessel Law PLLC have the years of experience required to understand your unique situation and the trust vehicles that might be the most beneficial. With our guidance, you should be able to determine which type of trust is most suitable for your personal and financial goals. The right trust can be a great way to achieve your privacy, estate protection, and asset protection goals.
Estate planning can be a very personal and sometimes emotional process. The Nassau County trust lawyers at Schlessel Law PLLC understand that each estate is unique and that your wishes need to be fulfilled accordingly. Long Island trust lawyer Seth Schlessel is personally involved in each trust creation, helping guide his clients in the estate planning process.
Contact us at (516) 574-9630 today to schedule a consultation in Nassau County or Suffolk County on Long Island.