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Estate planning is a complicated process. It’s not just preparing a will. Estate planning is a comprehensive process, which accomplishes many different goals. Our goal is help you make your wishes known, and to let you determine who will carry out those wishes during your lifetime, and after you die. Estate planning allows you to maintain control over your personal choices, health care decisions, and financial decisions – regardless of whether you are incapacitated or not. We can help protect your assets from long term expenses. We can minimize your expenses, and can help ensure your assets are distributed according to your wishes.
Our New York estate planning lawyers will help you with all of the tasks associated with setting up your estate. We can setup trusts to distribute your assets. We can setup advanced health care directives to help appoint a health care proxy. We can prepare a living will, as well. We can setup tasks like durable of power of attorneys, irrevocable trusts, and other options that are considered a part of an estate planning procedure. We can also help with marital and family bypass trusts, lifetime trusts, and other retirement plans.
Estate planning is the process through which you can legally structure the future outcome of your assets, during life and death. In the estate planning process, you can name who gets your assets. What your wishes are, and in addition you can help heirs avoid paying estate tax. You can also protect your assets from medicaid. Proper estates have numerous components: a will, a power of attorney, a living will, a health care proxy, and more. In some cases, you could even have a living trust – which avoids the cost of probate.
We encourage you to speak to our elder law estate planning lawyers at Raiser & Kenniff to discuss your options. For example, if you have liquid assets, or own a home, your heirs are at risk for losing them – if you are sick, or die. It’s crucial you have an estate plan if you have stocks, bonds, money market accounts, etc. Your IRA can be protected with an IRA Standalone Retirement Trust. This has to be drafted, in order to ensure your trust qualifies as a Designated Beneficiary. This guarantees the trust will be able to take out the minimum required distributions. This ensures the trust will be able to take out the minimum required distributions, according to the beneficiary’s life expectency. If it’s not setup properly, the entire inherited IRA has to be withdrawn 5 years of the plan participant’s death. We can help you plan, it so that your beneficiaries receive everything – and not your creditors.