Long Island Estate Planning Lawyer

Long Island Estate Planning Attorney

Estate planning is a critical step for anyone looking to better secure their financial futures. It provides an opportunity to designate who in your life will receive which portions of your estate. This can help to ensure that your wishes are carried out even when you are no longer present to express your desires. For any individuals or families looking to start this process, a Long Island estate planning lawyer can be a great resource to hire.

At Greco Law, P.C., we are standing by, ready to provide the quality estate planning services you need across Nassau and Suffolk counties. Whether you need help drafting a new will, establishing a trust, or someone to explain the complicated estate tax laws of New York, our law firm understands the unique considerations of Long Island estate planning. We will work diligently to create a custom estate plan that protects your assets and legacy for future generations.

What Are Some Common Estate Planning Services?

There are many different legal tools and strategies in estate planning that are designed to help individuals protect their assets and plan for their futures. It can be comforting to know that regardless of how uncertain the future is, your estate will be distributed the way you want when the time comes.

Some of the most common estate planning services that you might benefit from include:

Drafting Wills

A will is one of the most popular tools of an individual’s estate plan. It is a legal document that outlines how you want your assets to be distributed once you die. Aside from distributing assets, a will also allows you to name new guardians for any minor children, specify how debts and taxes should be handled, and designate an executor to ensure your wishes are carried out as you want. Without having a will in place, your estate will be distributed under state intestacy laws.

Creating Trusts

A trust is a more advanced estate planning tool that provides more flexibility and control over your assets. There are many different types of trusts that can be selected for your estate depending on what type of protections you are looking to enforce.

Some of the more common trusts include:

• Living Trusts: This trust is created when you are still alive. It helps to manage assets and ensure they are properly transferred to your beneficiaries when the time comes. One distinct benefit to a living trust is that it allows your estate to bypass the probate process, which can save your family members a lot of time and money in the future.
• Special Needs Trusts: These trusts are designed to add extra protection to any beneficiaries with disabilities. Putting assets and directions in a special needs trust can help ensure the beneficiary receives the financial support you want to provide them without jeopardizing their eligibility for other government benefits, like Medicaid or Supplemental Security Income.
• Inheritance Trusts: These trusts help safeguard assets that you want passed down to your heirs. It protects the inheritance from creditors, legal claims, or potential divorce settlements that could interfere. Many enjoy these types of trusts because they help to ensure the wealth remains with the family and is not taken advantage of by any other individuals or entities.

Advanced Healthcare Directives

Different advance healthcare directives consist of legal documents that outline what your medical preferences are and who you would like appointed to make healthcare decisions on your behalf if you become unable to do so.

Within a living will, it can specify the types of medical treatment you wish to receive or avoid, for instance, if you want certain life-sustaining measures. A healthcare proxy designates an individual to make medical decisions in line with your preferences.

FAQs

Q: Why Is Estate Planning Important for Blended Families?

A: It’s important for blended families to prioritize estate planning in Long Island to ensure that all family members will be provided for in the event of your passing. When there are no estate planning documents to follow, state intestacy laws will dictate how certain assets are distributed. There is no guarantee this will be done in a manner that you think is fitting. This could cause major disputes among biological family members and those married into the family.

Q: What Will Happen to My Estate if I Move Out of New York?

A: If you end up moving out of New York, your estate plan will need to be reviewed and updated to ensure it complies with the laws of the new state you will reside in. Because each state has different rules regarding estate planning tools, it could impact how your estate is handled. For example, a state-specific tax law may require you to make adjustments to your plan to ensure your loved ones do not lose more than necessary to tax requirements.

Q: How Can Estate Planning Help Avoid Family Disputes?

A: Estate planning can help to avoid family disputes by providing clear instructions for how assets should be distributed without leaving much room for interpretation. When you have a plan like this in place, it eliminates ambiguity. This can reduce the likelihood of disagreements among your beneficiaries. Also, be sure to prioritize open communication with family members about your plan to help manage their expectations.

Q: Do I Need an Estate Plan if I Don’t Own Significant Assets?

A: Yes, you still need an estate plan if you don’t own significant assets. Estate planning is not just for the wealthy or elderly. Even if you don’t own significant assets, having a plan in place allows you to choose someone to make decisions about your healthcare and finances if you become incapacitated. Having documents like a power of attorney and advanced healthcare directive can provide many benefits to help manage your medical care and finances.

Contact Greco Law, P.C. Today

If you live in or around Long Island and are curious about what steps you could take to better plan and manage your estate, give our lawyers a call today. We can help ensure you feel more comfortable about how your estate will be managed and that your family is taken care of under varying uncertain circumstances.