Trusts and Estate Planning
It is never too early for estate-planning, and if you have any assets or property, you should have a plan for them. You want to ensure that you wealth is protected, and that when you are gone your loved ones will receive the financial assets you have designated. Katz Law Firm in Cedarhurst can provide the expertise to manage your estate and successfully plan for your future. Some areas we can help in include:
- Wealth-Transfer Planning: A wealth transfer plan is crucial for preparing family members and loved ones for inheritance and addressing possible disputes before they become bigger issues. Wealth transfer plans can help families make better decisions regarding inheritance, and communicate family money values and goals. A wealth transfer plan makes everything transparent regarding monetary amounts, heirs, and time frames to address questions before the beneficiary is gone.
- Asset Protection: Whether you are an individual or a business, protecting your assets is important. You want to protect your financial wealth against lawsuits, and dictate what happens in the event that a death or divorce takes place. A skilled lawyer can identify potential threats to your assets and help you form a plan for protection. If you have a business, there are many more threats to your assets, and you need to take care to protect your financial future.
- Inter-Vivos Trusts: These trusts are created during the lifetime of an individual and control asset distribution both during and after the trustor’s lifetime.
- Testamentary Trusts: A testamentary trust is contained in a will and dictates the distribution of assets after an individual’s death. Deciding what form of trust you should create is important, and you should seek legal counsel to make sure your assets are distributed correctly.
- Income, Gift, Estate, GST, and Capital Gains Taxes: Trusts can be used to avoid the heavy taxation that can occur after an individual’s death on their assets. A lawyer can advise you on the best way to shield your assets from heavy taxation.
- Probate and Estate Administration: Katz Law Firm can help to expeditiously probate and administer estates of all sizes, we can take care of filing your estate tax returns, as well as provide additional benefits with post-mortem planning.
- Power of Attorney: We can execute the newest Power of Attorney and Statutory Gifts Riders with customized modifications to meet your personalized needs.
- Healthcare Proxies and Living Wills: Another large aspect of estate planning is how your medical and healthcare needs will be addressed if you become mentally or physically incapacitated. Having a plan in place ensures that you have assets available for your healthcare needs without depleting the amount you want to pass on to your beneficiaries. A will is a crucial part of any estate plan, even if you also have a trust.
Katz Law Firm would love to partner with you to create an estate plan that protects your assets and adequately plan for the future. Many people put off estate planning until it is too late, and their assets do not make it to their intended recipients intact. It is never too early to start estate planning, so call us today to get started.
“Adam Katz Esq. was very efficient and helpful in preparing our will and ancillary documents. He worked under a tight deadline and really pulled through. We were very happy with his work and would highly recommend him.”