One of the most common misconceptions about estate planning is that it is simply a way to pass assets on to heirs after death and minimize estate taxes. While this is of course part of the story, a comprehensive, well-designed estate plan can help you accomplish much more and provide numerous benefits to you and your loved ones while you are alive, including:
- Continue to enjoy the lifestyle you and your family have become accustomed to when you retire
- Remain in complete control of the assets you have worked so hard to achieve
- Protect your assets from the high cost of nursing home care
- Receive adequate medical care should you become incapacitated
- Ensure your wishes are carried out in a medical emergency or end-of-life situation
- Give what you want, to whom you want, when you want, in the manner you want
- Ensure a lasting legacy by passing your values on to family, future generations and the institutions that have come to mean the most to you in life
The opportunity to accomplish these goals and more, depending upon your particular situation, is what makes having your own estate plan so important—and having it created by an attorney who focuses on estate planning and wealth preservation. As an experienced Garden City estate planning attorney, we go well beyond traditional approaches. We use the most advanced legal techniques available to help you take full advantage of recent changes in the law and better prepare for the life changes that will impact you and your family. Our experience and mastery of the law in this area also means that even if you already have an estate plan, chances are we can make it significantly better. And if you haven’t had your plan reviewed for several years, you should. An outdated or inadequate plan is often worse than no plan at all.
The Estate Planning services we provide include:
Foundational Estate Planning
- Powers of Attorney
- Health Care Proxies and Living Wills
- HIPAA Authorizations
Advanced Estate Planning
- Revocable Living Trusts
- Special Needs Trusts
- Family Limited Partnerships
- Tax Planning
- Gift Programs
- Dynasty Trusts, Irrevocable Trusts, Life Insurance Trusts, Qualified Personal Residence Trusts, Retirement Trusts, Minors’ Trusts, Generation-Skipping Trusts, Charitable Trusts
Minimizing taxes is an important component of any well-designed estate plan. Nobody wants to pay more in taxes than necessary, but in today’s world, with ever-changing tax and estate tax laws, effective tax planning is more important than ever. We can evaluate your financial situation and devise strategies to reduce the taxes you pay in your golden years, including taxes on Social Security benefits. And if you own a business, we can determine the retirement plans that will work best for you and your employees. It is even possible that we can help you enjoy a tax-free retirement.
So, when should you begin the estate planning process? The best time is right now, as soon as possible. The sooner you contact us, the more options we will have to address your concerns and help you achieve your goals.