Estate Planning Protects Against Elder Abuse

Your retirement years, ideally, should be spent free of concern about your financial health or potential threats against your assets. Elder abuse is a particularly difficult problem for seniors who have worked hard and created a relatively comfortable nest egg. Many are vulnerable to fraud and other financial abuse at the hands of those intended to protect the very assets they often pilfer. Estate planning helps to protect seniors against such elder abuse.

Protect your loved ones from elder abuse and secure their assets by consulting with a skilled New York estate planning attorney. At New York Legacy Lawyers, our experienced attorneys can assist you in creating thorough estate plans that safeguard your family’s wealth, ensure the proper distribution of assets, and provide crucial legal documentation to prevent elder abuse. Call us at (718) 713-8080 to schedule a consultation and gain peace of mind knowing that your family’s well-being is in capable hands.

Seniors Face Many Threats

Senior citizens often face declining health and mobility as they grow older. When mobility and energy are decreased, the need for additional assistance often increases. Many seniors also suffer from health problems, which can make them vulnerable to caretakers – at a facility or in the home. Other threats might come from those with legal access to banking accounts and other assets, such as estate attorneys, accountants, bankers, and designated caregivers.

Elder abuse also can come from unsolicited investment offers, appeals for help for the needy, and downright fraudulent activity, such as identity theft. In many worst-case scenarios, an elder with health issues is rendered incapable of interacting with others and is wholly vulnerable to abuse. When health issues render a senior nearly invalid, the temptation to abuse his or her estate can become overwhelming if estate planning tools are not already in place to protect against the abuse.

Elder Abuse Occurs in Many Ways

When seniors have an estate with just about any sizable amount of cash and assets, it can become a target for elder abuse. That abuse often occurs from known sources, such as trusted financial advisors who pilfer funds, caretakers who illegally access accounts, or even family members who see a chance to get easy money from someone they think they can keep in the dark about any wrongdoing. The more dependent the senior is upon others, the greater the potential for financial abuse. Yet seniors should be able to count on their loved ones and trusted advisors to assist without getting ripped off. Estate planning is a fantastic tool for preventing elder abuse.

Elder Law and Estate Planning

Elder law and estate planning have distinct roles that are equally vital. The primary distinction lies in their respective focuses: elder law aims to safeguard your assets during your lifetime, while estate planning concentrates on the disposition of your assets after your passing.

Elder law planning prioritizes the well-being of seniors, aiming to ensure their longevity, health, and financial security. It entails proactive measures to anticipate future medical requirements, particularly long-term care. Elder law attorneys can assist in devising a strategy to finance future care while preserving a portion of your assets. They can also help you qualify for Medicaid or other benefits that cover long-term care expenses. Furthermore, elder law safeguards against elder abuse or exploitation during aging or incapacitation. Lastly, it encompasses assistance with guardianship and conservatorship arrangements, if necessary.

In contrast, estate planning is relevant for individuals of all ages. Estate planning attorneys assist in determining the fate of your assets upon your demise. They utilize wills and trusts to ensure the fulfillment of your desires once you’re no longer present. Your estate plan can also encompass designating guardians for your minor children or making provisions for your pets. Additionally, estate planners provide assistance in avoiding probate proceedings and reducing estate taxes.

Given that circumstances change over time, it is important to regularly review and update estate plans. Changes such as marriages, divorces, births, deaths, and financial situations may require adjustments to your estate plan.

Discover the invaluable support and guidance a New York estate planning attorney can offer in the realms of elder law and estate planning. At New York Legacy Lawyers, our experienced attorneys are well-versed in the intricate landscape of legal matters affecting seniors, ranging from safeguarding assets and Medicaid planning to addressing long-term care and guardianship concerns. Take proactive steps to protect your legacy and secure your family’s future by scheduling a consultation with our dedicated attorneys today.

Threat	Types of Abuse	Prevention Methods
Caretakers	Illegal access to accounts, physical abuse, emotional abuse	Designate trusted individuals for account access, regular monitoring and reporting, establish clear boundaries and expectations
Trusted Advisors	Pilfering funds, mismanagement of assets	Conduct background checks and due diligence, regular audits and oversight
Family Members	Exploitation of vulnerability, financial manipulation, fraud and identity theft	Establish a comprehensive estate plan, designate specific powers of attorney, educate seniors about common scams and risks

How Estate Planning Can Prevent Abuse

Estate planning minimizes potential abuse by very carefully determining who can access which assets and under which conditions. One of the most common forms of estate planning is drafting a will, which determines where and how much of any remaining estate assets are distributed when the senior determines the time is right. Many other tools, though, can help keep estates intact and protected against abuse – including elder abuse.

Designating an accountant and attorney, as well as those who can access and make particular decisions impacting a senior’s estate, also helps to protect against elder abuse. The idea is to ensure all assets are accounted for and inventoried to ensure all expenditures made are legitimate and in line with the senior’s wishes. When elder abuse occurs, the culprit typically looks to enrich himself. Using the right estate tools will ensure that does not happen.

Get an Estate Planning Consultation Today

Whether you are a senior looking to protect your estate and its assets, a young couple looking to grow and protect an estate, or someone with a family member or other loved one in need of estate protection, many great tools exist to get the job done.

Yana Feldman & Associates PLLC has practiced estate law for more than 15 years and has a team of caring and knowledgeable professionals who listen to and respond to each client’s particular needs.

Please feel free to contact us to schedule a consultation and to learn more about how we can help to protect your estate and its assets.

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5 Estate Planning Tips You’ve Probably Never Heard of (But Need to Know)

Planning for death or incapacitation is something everybody needs to do. The fact of the matter is that if you don’t have a plan in place, you’ll leave your loved ones with the task of trying to pick up the pieces. Unfortunately, many people think that when it comes to estate planning, all you need to do is write out a will and buy some life insurance. But, there’s much more you may need to think about when figuring out your plan.

Ensure your assets are protected and secure your family’s future with the help of a New York estate planning attorney. At New York Legacy Lawyers, our experienced attorneys can guide you through the complexities of estate planning, offering tailored advice to suit your unique circumstances. Don’t wait until it’s too late; schedule a consultation with us at (718) 713-8080 to gain valuable insights into optimizing your estate plan and to discover how estate planning can be a valuable gift for your loved ones.

Here are five must-know estate planning tips you need to consider when putting together your final plan. 

1. Start Your Estate Planning Right Now

As much as we like to pretend we know what’s going to happen tomorrow, there’s no way of being sure. You can expect the unexpected — but you can prepare for it.  Someday your family will need to know how you want(ed) your estate managed.  Don’t leave them without direction or support.

The best way to ready your loved ones for a worst-case scenario is by starting the estate planning discussion with an estate planning attorney as soon as possible.

By taking the steps to put a plan in place now, your family and loved ones won’t have to worry as much about putting your affairs in order when something happens to you.

2. Create a Living Will

When we think of estate planning, often we think about planning for death. But, there are many of situations where you could be unable to make decisions while still being alive.

A coma, persistent vegetative state, paralysis, mental health challenge, or some other unforeseen issue could conceivably render you incapacitated while still living.

A living will, or advance directive is a plan you put in place to cover other situations in which you’re unable to make decisions by yourself.

Having an advance directive in place will help your loved ones, or healthcare professionals, make decisions if you cannot.

3. Plan for Guardianship

If you have children or are the legal guardian of an adult, part of your estate planning should also reflect an adequate plan for their needs.

Sorting out guardianship can be a long and messy process, that can put a lot of stress on those involved.  You can avoid putting your loved ones through undue misery by having a plan for who will assume responsibility for your children, what steps they will need to become guardians and all the information they will need to raise and support your loved ones in your place.

4. Share Login Info

We live in a digital world in which our passwords are everything.

In the event of your death, your loved ones may need to access some of your accounts to either pay bills, find information, or retrieve family photos.

As part of your estate planning, you need to figure out what will happen to your digital assets — including your passwords.

5. Decide Power of Attorney

As we said before, in the event of your incapacitation, someone is going to have to make your decisions for you. Power of attorney is a way dictating who will make those decisions.

There are two primary versions of the power of attorney you need to consider during your estate planning.

First, there is the financial power of attorney. Whoever you grant this power to will be responsible for making your financial decisions if you are physically or mentally unfit to do so.

The medical power of attorney is similar. The person you grant this power to will make your medical decisions for you if you are unable to.

Estate Planning Tips	Description
Start Your Estate Planning Now	Begin estate planning early to provide direction and support for your loved ones in unexpected situations.
Create a Living Will	Establish a living will or advance directive to plan for incapacitation, ensuring your healthcare decisions align with your wishes.
Plan for Guardianship	Include a comprehensive plan for the care of children or dependents, specifying guardianship arrangements and necessary support information.
Share Login Info	Determine the fate of digital assets and share login information to grant access to accounts and important data after your passing.
Decide Power of Attorney	Designate a financial power of attorney for financial decisions and a medical power of attorney for healthcare decisions when you are unable to make them.

Guardianship vs Power of Attorney

When faced with the task of making decisions for an individual who is unable to do so themselves, two options commonly arise: guardianship and power of attorney. Although both options serve similar purposes, they have distinct differences worth noting.

Guardianship is a legal arrangement obtained by submitting a petition to the court. It involves giving someone, typically a close family member, the authority to make decisions on behalf of the incapacitated person in personal, medical, financial, or all areas. The scope of guardianship can be limited or encompass a wide range of decision-making powers. In certain situations, a guardian may also assume the role of a conservator, responsible for managing the financial affairs and property of the individual under their care.

In contrast, a power of attorney is established as part of an individual’s estate plan and becomes effective when they become incapacitated. It grants authority to someone chosen by the individual themselves to act on their behalf. There are various types of powers of attorney to consider:

• Durable power of attorney: This authorizes the agent the authority to carry out financial transactions even if the individual loses the ability to comprehend the purpose of the document.
• General power of attorney: This authorizes the agent the authority to handle specific financial transactions on behalf of the individual, typically activated upon incapacitation.
• Springing power of attorney: This authorizes the agent to act only after a specific event occurs, such as mental or physical incapacity.
• Limited power of attorney: This authorizes the agent to act within defined boundaries as per the individual’s instructions.
• Healthcare power of attorney: This authorizes the agent to make healthcare decisions on behalf of the individual, encompassing matters like nutrition, hydration, and organ donation. The level of autonomy and supervision varies between guardianship and power of attorney arrangements.

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The level of independence and oversight differs between guardianship and power of attorney. With a power of attorney, the agent has more decision-making power, with outside authorities becoming involved only in cases of alleged misconduct. However, a court-appointed guardian is accountable to the court and may face legal consequences for breaching their fiduciary duty. This highlights the importance of establishing a power of attorney prior to experiencing incapacitation.

Considering the cost and oversight involved, obtaining guardianship can be an expensive and time-consuming process. It necessitates court proceedings, medical evaluations, and ongoing court supervision. On the other hand, a power of attorney can be established in advance, eliminating the need for guardianship and its associated expenses.

When it comes to guardianship and power of attorney matters, a skilled New York estate planning attorney at New York Legacy Lawyers can provide valuable guidance and support. With extensive experience and knowledge of New York laws, our priority is to protect your assets and honor your wishes. Schedule a consultation with us today to navigate complex legal processes and provide the necessary advocacy.

Must-Have Estate Planning Tips

Nobody wakes up thinking about estate planning (except maybe us)!  To think about planning for your estate is pondering your own mortality.  But, it is necessary, responsible, and even kind.  You owe it to your loved ones to put a plan together ahead of time, so they won’t have to worry should the need for it arise.

By following these estate planning tips, you’ll be able to put together a concrete plan to help and protect your family just in case. And, by preparing now, you won’t have to worry about having to do it later.

If you’d like a little more help with your estate planning or putting together a will, we will help.

Contact us for more information about our available services or to schedule a consultation today with our New York legacy lawyers. Our New York estate planning attorneys offer a comprehensive range of services specifically tailored to address your unique needs, whether it’s creating wills, establishing trusts, or ensuring asset protection. Take the first step towards securing your legacy by scheduling a consultation with us at (718) 713-8080 today.

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Do I Need to Hire an Estate Planning Attorney?

Estate planning is a critical process that involves making important decisions about the management and distribution of your assets after your passing. While some individuals may attempt to handle estate planning on their own, navigating the complexities of legal documents, tax implications, and ensuring the fulfillment of your wishes can be overwhelming. This begs the question: Do you need to hire an estate planning attorney? In this article, we will explore the key considerations involved in estate planning and shed light on the valuable role a New York estate planning attorney can play in helping you navigate this intricate process.

A New York estate planning attorney can guide you throughout the estate planning process. At New York Legacy Lawyers, our team of New York estate planning attorneys may be able to help you explore various estate planning strategies, such as establishing trusts to minimize taxes and protect your assets, or setting up powers of attorney and healthcare directives to ensure your wishes are respected in the event of incapacity. With the help of our team, you can have peace of mind, knowing that your affairs are in order and your loved ones will be taken care of according to your wishes. Call us today at (718)713-8080 to schedule a consultation.

What an Estate Planning Attorney Does

An estate planning attorney doesn’t only set up your last will and testament, they also set up power of attorney, name your beneficiaries for your assets, and ensure that your wishes are followed. 

They also set up documents that will protect you if you become incapacitated.  Moreover, an estate planning attorney will develop documents that will ensure your children go to someone you trust, if for some reason you’re not around due to unforeseen circumstances (injury, death, etc).

Estate Plans Must Follow State Laws

Some people think that printing off estate plan forms from the internet will suffice.  Unfortunately, there is no guarantee that the forms you print and fill out are legally binding.  This means that even though you think your best friend and favorite charity are going to receive some of your assets when you die they may not receive anything if your forms are not legally binding. 

Worst case scenario here, if your forms do not follow your state laws, a judge will determine how your estate is divided and split up.  This could cause a lot of pain, stress, and fighting amongst your family members.  Not to mention, your estate will be stuck paying for probate court to figure everything out.

Honestly, if you have children, you do not want a judge to determine to whom they go to if you and your spouse both die.  Or who should get your favorite grandfather clock. Or who gets the keys to dads car.  Or, or, or…

Having the correct legal documents are super important! 

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Complex Family or Financial Situations

If you have a complicated family makeup or complex financial situations, doing a DIY (do it yourself) estate plan is a bad idea.  The more complex your situation, the more imperative it is to use a qualified estate planning attorney.

Complex family and financial situations include:

• second (or later) marriage
• own one or more businesses
• own real estate in more than one state
• have a disabled family member
• have minor children
• have problem children
• Do not have any children
• want to leave some or all of your estate to charity
• have substantial assets in 401(k)s and/or IRAs
• were recently divorced
• recently lost a spouse or other family member
• have a taxable estate for federal and/or state estate tax purposes

Estate Planning for Blended Families

When it comes to estate planning for blended families, it is crucial to consider the dynamics of each family relationship. In these situations, concerns often arise regarding inheritance size, executor appointment, and overall fairness. Creating an effective estate plan requires addressing these concerns. Here are some common estate planning options for blended families that can provide guidance:

• Family Trusts: This type of testamentary trust involves consolidating all assets into a combined trust after the first spouse’s death. The advantage of this structure is that the surviving parent can distribute assets based on the individual needs of each child.
• Marital Trusts: A marital trust allows assets to pass to the surviving spouse while also setting aside any remaining assets for the children after the surviving spouse’s passing. This approach enables both spouses to create a plan that includes all children in the family.
• Outright Ownership: With this estate planning structure, all assets transfer directly to the surviving spouse without involving a trust for the children. While relatively simple, this approach relies on the trust between spouses that the surviving spouse will appropriately account for the children’s inheritance.
• Immediate Bequests: Another option, not involving trusts, is to leave specific assets to each child within your will. Although discussing this choice with your spouse can be sensitive, it can be the best option when you want your child to directly inherit certain items.

Estate Planning Options for Blended Families	Description
Family Trusts	Consolidating assets into a combined trust after the first spouse’s death
Marital Trusts	Assets pass to surviving spouse, with remaining assets set aside for children after the surviving spouse’s passing
Outright Ownership	Assets transfer directly to surviving spouse without involving a trust for the children
Immediate Bequests	Leaving specific assets to each child within the will, without involving trusts

In a first marriage, estate planning is typically straightforward, with everything usually going to the surviving spouse and then to any children. However, in the case of blended families, more individuals may have a claim on property, and each spouse may have specific wishes regarding distribution. Failing to establish the right estate plan can lead to various problems, including:

• Disinheritance of Children: If a partner in a second marriage passes away without a will, their property automatically goes to the surviving spouse. When the surviving spouse also dies without a will, the property then passes to their own children, potentially disinheriting the children from the first marriage. Proper planning is necessary to ensure that your children from the first marriage inherit specific assets.
• Delayed Inheritance for Children: Even if you have specified that your children should inherit certain property, without the appropriate estate planning documents, they may have to wait until your spouse’s passing before they can receive their inheritance.
• Claims from Former Spouses: If you have not removed your first spouse as a named beneficiary on insurance policies or retirement accounts, they may still inherit these assets, regardless of remarriage or children. Smart estate planning can prevent your former spouse from making claims on your property.
• Disputes over Authority and Responsibility: In the event of your demise without making plans for this possibility, remarriage and the presence of children from a previous marriage can lead to contentious disputes over custody and legal decision-making for your minor children.

By implementing the right estate planning tools, all these potential problems can be avoided, ensuring a smoother transition of assets and minimizing conflicts within blended families.

Finding an Estate Planning Attorney in Brooklyn Or Anywhere Else…

Finding an estate planning attorney may seem overwhelming at first but there are websites such as FindLaw and AVVO that find attorneys for you.  You can also just type in “estate planning attorney near me” into your favorite search engine such as Google.

Of course, you’re already here as well and that’s what we specialize in, estate planning for people like you!  If you would like help setting up a new estate plan or revise an existing one, contact us today at (718) 713-8080  We would love to help!

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Respect Your Elders: 4 Important Reasons to Hire an Elder Law Attorney in New York

As our population continues to age, it becomes increasingly important to recognize and respect the unique legal needs of our elders. In the bustling city of New York, where millions of seniors call home, navigating the complex realm of elder law can be a daunting task. That’s where the expertise of an elder law attorney comes in. In this article, we will explore four reasons why hiring an elder law attorney in New York is not only beneficial but also essential in ensuring the well-being and protection of our beloved seniors.

A New York elder law attorney can provide invaluable assistance in various aspects of senior life. At New York Legacy lawyers, our team of New York elder law attorneys may be able to guide you through the complex Medicaid application process, offer advice on asset protection strategies, and help preserve their wealth while ensuring compliance with regulations. Contact us today at (718)713-8080 to schedule a consultation.

1. Coordinating Care for Health and Living

Most people need some level of more advanced healthcare and living assistance as they age. Navigating the options can be very complicated. Consider, there are a wide range of living arrangements to consider including home care, independent living, assisted living, and nursing homes. An elder law attorney will help you understand what to expect for the level of care and costs.

Moreover, an elder law attorney will help you understand the healthcare options for seniors and different considerations to make as you get older. For example, when it comes to your healthcare needs, it’s wise to consider end-of-life planning. You may want to develop a living will, basically your end of life – just in case – treatment plans. You will also probably want to prepare for passing along your decision-making authority to a trusted caregiver as you get older.

2. Transferring Decision Making Authority 

In the ordinary course of aging, it will eventually become more challenging for you to handle the big financial and healthcare decisions that need to be made. Fortunately, if you plan ahead, there are ways to ensure that you’re able to manage these difficulties or at least manage those who will take care of these decisions for you.  

You will probably want to establish advance directives. These are legal documents that allow you to direct your future caregivers on how to handle certain circumstances.  However, occasions can arise that are not covered by advance directives.  In whatever way your future plays out, an elder law attorney will help you plan for and establish the transfer of your decision-making authority to a trusted caregiver.

3. Understanding and Receiving Benefits

Today, millions of aging Americans are missing out on billions of dollars in benefits, mostly because they aren’t aware they’re eligible.  

New York State and the federal government both offer financial and aid benefits to seniors based on age and income.

A good elder law attorney can help make sure you’re not missing out on any benefits and that you’re not paying too much for the services you currently receive.

4. Financial Planning and Representation

Financial planning means understanding how you’ll pay for your day-to-day needs and the costs that will arise as you continue to age. Additionally, financial planning means Estate planning.

Estate planning involves establishing a will or a trust. You will need to determine what will be done with your financial and property assets, the guardianship responsibilities you have for any family members, and possibly business succession planning.

Reasons to Hire an Elder Law Attorney	Description
Coordinating Care for Health and Living	Help understand healthcare options and end-of-life planning
Transferring Decision Making Authority	Plan for future decision-making difficulties and establish advance directives
Understanding and Receiving Benefits	Assist in accessing financial and aid benefits for seniors
Financial Planning and Representation	Provide guidance in financial planning, estate planning, and business succession planning

What is Elder Law

Elder law encompasses a specialized area of legal practice that caters to the needs of individuals preparing for retirement, those with disabilities, individuals requiring Medicaid services, and those concerned about the costs associated with nursing homes. In New York, elder law attorneys specialize in addressing the unique concerns of seniors and older adults regarding estate planning, asset protection, Medicaid planning, and family law. As our loved ones age and transition into their senior years, numerous questions arise pertaining to finances, assets, estates, healthcare, and long-term care, among others.

Legal Matters Commonly Handled in Elder Law

Elder law encompasses a broad spectrum of legal issues specifically tailored to address the unique needs and concerns that arise with aging, including:

• Estate Planning: Elder law attorneys help seniors create comprehensive estate plans that consider their changing needs and goals as they age. By incorporating trusts, guardianships, and healthcare directives, seniors can protect themselves and their loved ones and ensure their wishes are respected.
• Long-Term Care: Long-term care provides essential assistance to seniors who may struggle with daily tasks due to aging-related physical or cognitive decline. It includes services like medical care and help with activities of daily living, enabling seniors to maintain independence and a high quality of life.
• Asset Protection: Elder law attorneys assist seniors in developing asset protection plans that shield their assets from creditors, minimize taxes, and ensure assets are distributed according to their wishes. This helps seniors qualify for government benefits like Medicaid while safeguarding their hard-earned assets.
• Senior Guardianships: Elder law attorneys establish and advocate for senior guardianships to protect vulnerable seniors who are unable to make decisions or manage their affairs. They work to ensure the rights and interests of seniors under guardianship are respected and may challenge or modify guardianships when necessary.
• Wills and Trusts: Wills and trusts are crucial elements of elder law estate planning, allowing seniors to dictate the distribution of their assets after their passing. Elder law attorneys help create comprehensive estate plans that encompass wills, trusts, and other essential documents.
• Special Needs Trusts: Special needs trusts are legal arrangements that protect assets for individuals with disabilities, ensuring they can receive government benefits without losing eligibility. Elder law attorneys establish special needs trusts to provide for the needs of disabled beneficiaries while preserving their access to essential benefits.
• Medicaid Planning: Elder law attorneys assist seniors and their families in developing Medicaid plans that protect assets and income while maximizing eligibility for Medicaid benefits. This involves strategies like asset transfers, exempt asset acquisition, and income planning to meet Medicaid’s requirements.

Hire an Elder Law Attorney

Hiring an elder law attorney in New York is a crucial step in ensuring the well-being and protection of our elderly loved ones. By understanding the unique challenges and complexities faced by older individuals, an elder law attorney offers invaluable assistance and support. 

At New York Legacy Lawyers, our team of New York elder law attorneys may be able to assist you in estate planning, Medicaid planning, long-term care arrangements, and guardianship matters to ensure that your elderly family members receive the best possible care and protection. Contact us today at (718)713-8080 to schedule a consultation.

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Understanding the Different Types of Wills

In the basic sense of the term, a will is a document that is made up by a person, or several people, to spell out how final affairs should be taken care once they have passed away. Each will must meet a set standard that is determined by the state in which a person lives. And if poorly crafted, the will may not be useful in a court of law, especially if contested. 

To draft a will, there is a lot of information that is collected upfront.  Figuring out executors, beneficiaries, assets, debts, and the distribution of your estate are essential to the seamless administration of your estate when the time comes. The will drafting process should be thorough enough to cover most situations in life, but everyone has different circumstances.  Your needs, the nature of your estate, and even the way you interact with potential heirs all affect how your will should be drafted in life, and how your assets are distributed after your passing.

When setting up a will, it is necessary to first figure out the type of will that best suits your needs. At New York Legacy Lawyers, our team of New York estate planning lawyers is ready to assist you in determining the best type of will for your needs. With our experience and attention to detail, we will guide you through the process of securing your assets and protecting your loved ones. Contact us today at (718) 713-8080 to schedule a consultation.

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The Simple Will

This type of will dictates how property from a person’s (testator’s) estate is to be distributed. This will is usually created by a person that has a straightforward financial makeup. It is simple enough that the testator can make it out themselves with the occasional guidance of a lawyer to avoid mistakes. It includes the testator’s name, address if they were married or not, and a list of instructions spelling out how all assets are to be distributed. It is also be typed and not handwritten to avoid the issue of forgery. The will names a person responsible for executing the will, the executor. Moreover, it also has a section that determines where minor children are to be placed. The testator will need to date and sign the will in front of witnesses for it to become binding and legal.

The Testamentary Trust in Your Will

The testamentary trust is a structure you can set up that will smooth the task of responsibly administering all funds and property that are named in a trust identified within the will. For instance, a person might set up a “spendthrift trust” for a someone that is not financially responsible enough to manage their assets due to age or financial immaturity. The solution in your will is to name someone responsible as the administrator of the trust that you had previously setup with the help of an estate planning attorney.  Once the trust recipient (beneficiary) has met certain conditions, usually they reach a certain age, the contents of the trust are distributed to them..

The Joint Will

This type of will is created by two testators that have decided to leave their property one to another. The way that this kind of will works is that the person who dies last is the one that gets everything. Beyond that, a joint-will also spells out what happens to the estate once the second person passes away. The will becomes permanent once one of the testators dies. Which makes sense, since the trigger of the will, a death of one of the testators, has occurred. If both testators are living, then the will can be dissolved or recreated. However, it can only be changed at the consent of both testators.

The Living Will

This kind of will does not deal with monetary or property issues. In fact, it’s not a Will as you would understand it; instead, it is a valuable tool for your family or trusted friends to utilize while you’re still alive. A living will provides healthcare professionals and trusted friends and family the instructions a person needs when they are unconscious or unable to speak or coherently make decisions.

A living will is beneficial for when a person is near death or unable to make decisions for their self-care. For example, if a person were hooked up to a breathing machine and the family was conflicted on whether to keep the person on life support, they could (or would) seek guidance from the wishes of the person on life support – via their living will.

Types of Wills	Description
Simple Will	Dictates distribution of property from a testator’s estate. Created by individuals with straightforward finances. Includes testator’s name, address, marital status, and asset distribution instructions. Typed to avoid forgery. Names an executor and determines placement of minor children. Requires testator’s signature in front of witnesses.
Testamentary Trust	Structure within a will to administer assets in a trust. Ensures responsible management for beneficiaries who may be financially immature or of a certain age. Names a trust administrator. Contents distributed to beneficiary upon meeting specific conditions.
Joint Will	Created by two testators leaving property to each other. Survivor inherits everything. Specifies estate distribution upon second testator’s death. Becomes permanent after first testator’s death. Can be dissolved or recreated only with both testators’ consent.
Living Will	Not a traditional will. Provides instructions for healthcare professionals and trusted individuals when testator is unable to make decisions. Helps guide self-care decisions when near death or incapacitated. Offers guidance on life support continuation based on testator’s wishes.

What are the Four Major Components of a Will?

In New York, it is mandatory for a will to be in written form, requiring the testator’s signature, and the attestation of two individuals who are at least 18 years old. It’s important to note that beneficiaries named in the will cannot serve as witnesses to ensure its validity. If an unsuitable witness is used, it can result in the permanent invalidation of the will. Meeting the legal criteria for witnesses is typically challenging for blood relatives.

While there are a few exceptions to these requirements, they are rare. A nuncupative will, spoken aloud or recorded in the presence of at least two witnesses, is one such exception. Another exception is a holographic will, entirely handwritten by the testator, which doesn’t require any witnesses. However, both holographic and nuncupative wills are generally not preferred because they don’t provide the same level of authenticity as written and authenticated wills, and they are considered legally valid only under exceptional circumstances.

One such circumstance is when a member of the armed forces or an accompanying person, such as a reporter, drafts the will during a military conflict. In such cases, a holographic will loses its validity one year after the testator leaves military service, serving as a measure of last resort. The other exception is when a mariner drafts the Will while at sea, which becomes void three years after its establishment.

To ensure that your will satisfies the required components, it is important to get the help of an experienced New York estate planning attorney. An attorney can guide you on the necessary guidelines and ensure that your wishes are reflected on the relevant documents.

Getting Professional Guidance on Wills

If you are looking to establish a will, then all of us at Yana Feldman & Associates, PLLC can help you. We specialize in estate planning and elder law. We desire to help families like yours to take care of the things that matter.

Call us today at (718) 713-8080 or contact us here for more information.

https://yanafeldmanlaw.com/understanding-the-different-types-of-wills/
from New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/understanding-the-different-types-of-wills/

Matters of Trust: What Is a Living Trust and Do You Need One?

Although death is a difficult subject to discuss, it’s also a part of your financial planning obligations.

You must prepare for the inevitable. Part of planning for the future means having a proper estate plan in place. Doing so minimizes financial difficulties for your family in your absence.

78% of young adults 18-36 and 64% of Generation X—aged 37 to 52—do not have wills. Be it lack of financial affluence or miseducation; both peer groups don’t appear to bother.

When it comes to getting your affairs in order, you need a plan for the future. Find out here what a living trust is, how it works, and why you need one.

If you’re considering establishing a living trust, consulting with an experienced attorney is highly recommended. At New York Legacy Lawyers, our team of experienced Brooklyn trust planning lawyers can provide valuable guidance throughout the process, ensuring that your trust is properly structured. Contact us today at (718) 713-8080 to discuss how we can help you establish a solid living trust that reflects your wishes and protects your estate.

Brooklyn living trust attorney

What is a Living Trust and How it Works

A living trust is a legal document created prior to death. This trust acts as an arrangement between you and a trustee.

In your passing, the trustee maintains possession of your property and assets. These assets flow into the trust. The trust goes into effect while you’re alive and maintains its effectiveness in your death.

You may add a provision to stop the trust on a specific date. Until specified, the trustee continues to manage the trust on behalf of you and your named beneficiaries.

There are several types of trusts. Discussed most often are the revocable and irrevocable trusts.

Revocable Living Trusts are the most flexible of the two. With this option, you’re allowed to move assets in and out of the trust as you please. You also have the recourse to revoke the trust at any time.

The Irrevocable Living Trust operates on more permanent motives. Once assets get placed in the trust, you cannot move or take them out again.

Each state has specific rules and regulations on trusts. So be sure to educate yourself on the guidelines before you set one up.

Types of Living Trust	Details
Revocable Living Trust	Assets can be freely moved in and out of the trust. Can be revoked at any time. Offers control, privacy, and helps in avoiding probate. Allows for flexibility in managing assets during your lifetime.
Irrevocable Living Trust	Assets cannot be moved or revoked once placed in the trust. Offers enhanced asset protection, tax implications, and helps in avoiding probate. Provides a more permanent and secure structure for asset management.

Allowable Assets

There are allowable and disallowable assets appropriate for transfer into a trust. And depending on the asset, the state may require you to get a new deed or title issued to the trust’s name.

Some permissible assets include:

• Bank Accounts
• Real Estate
• Jewelry
• Cars & Boats
• Securities
• Stocks and Bonds
• Artwork
• Heirlooms

For accounts like 401K and retirement, it’s impermissible for the trust to own them. But you can, however, list the trust as beneficiary. The same goes for life insurance policies and IRAs.

Who Owns The Property in Trust?

Within the structure of a trust, the trustee is tasked with being the legal custodian of the trust’s assets. Despite many people perceiving a trust as an autonomous unit, traditionally, it’s understood to be an extension of the trustee. As a result, assets are usually registered in the trustee’s name rather than the trust’s. This can lead to complexities when the trustee changes, as banks and taxation authorities often necessitate re-issuing titles for accounts and properties. While there may be reasons to contest the need for such re-titling, as the property is technically owned by the trust, it’s typically less complicated to abide by these requirements.

As a trustee, the individual’s job is to manage the trust’s assets for the beneficiaries’ sake. Unless the trustee is also a beneficiary, they’re not entitled to personally gain from the assets. Beneficiaries, conversely, play a more receptive role, obtaining advantages from the trust in the form of periodic distributions. Ownership of the trust assets will pass over to the beneficiaries once they are bequeathed to the beneficiaries in the form of gifts or as a matter of the distribution. 

To ensure that trustees perform their fiduciary duty in administering the trust responsibly, trustees receive trustees’ commissions as compensation for their service. Nevertheless, beneficiaries are allowed to actively ensure the trust is being managed appropriately, with the option of taking legal action against a neglectful trustee. Moreover, if permitted by the trust document, beneficiaries can exercise specific powers over distributions and have the authority to appoint successor trustees.

Why You Should Consider A Trust

There’s no rule of thumb about who should and shouldn’t have a living trust. You should always take stock and inventory of what you have.

And if you have dependents, decide if you’d like to leave them in a better financial situation.

You can work with an estate planning attorney to help you figure out the best way to manage your assets in life, and death.

Set up an Estate Plan

Don’t leave your future up to fate. Be proactive about your financial plans and set up a living trust.

Arrange your affairs the right way so that you and your loved ones benefit in the end.

Request a consult today for more insight into estate planning and asset protection. Contact us at (718)713-8080 to schedule a consultation.

https://yanafeldmanlaw.com/matters-of-trust-what-is-a-living-trust-and-do-you-need-one/
from New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/matters-of-trust-what-is-a-living-trust-and-do-you-need-one/

Wills, Trusts, & The Estate Planning Process in New York

Estate planning involves the preparation and strategic organization of your assets for their orderly distribution. It involves all your possessions, such as tangible assets, intellectual property, investments, automobiles, business interests, real estate properties, and more.

The role of an estate planning lawyer is crucial in helping you minimize uncertainties related to estate management while maximizing the value retained for your heirs. This includes reducing potential taxes, legal fees, and other expenses that could diminish the estate’s value.

Engaging in proactive estate management, both during your lifetime and after, offers numerous benefits. In this article, we will explore the difference between trusts and wills, which are essential estate planning tools, can provide security and advantages for you and your family, safeguarding the value of your estate. At New York Legacy Lawyers, our team of New York estate planning lawyers may be able to help you navigate this complex process, ensuring the protection of your assets and the fulfillment of your wishes. Contact us today at (718)713-8080 to schedule a consultation.

Brooklyn estate planning attorney

Estate Planning Starts with a Last Will & Testament

A Last Will and Testament is perhaps the most well-known part of any estate plan. A will is necessary as it helps in making a decision on which your property goes to when you pass on. In addition to providing for the transfer of assets, you can also us a will to name Guardians for your children. 

As you consider drafting a Will, you will need to think about the Executor.  The Executor will be the person you would like to handle the process of carrying out your will (and working through probate).

If you would like to know more about Wills prior to contacting us, here is a more in-depth discussion on Estate Planning with Wills.

You Can Also Create a Trust

Another way to protect your assets in your estate plan is via a trust.  A trust is a tool you place all your assets into and then become the beneficiary of it.  When you pass away, the trustee (person who has authority to manage your trust) distributes your property per your directions. 

Here’s why trusts are so valuable to your estate planning.  Trust assets do not have to pass through the probate process for the property to be transferred to the people you love.  By skipping probate, you avoid a public court process.  Where a will becomes a public document, open for others to look through, and even fight over, the assets and contents of a trust are more confidential.  A well-crafted trust will likely save your family thousands in probate fees and potential legal costs from infighting. 

Here is a short article breaking down the difference between the types of trusts, including:

• Trusts for Minors
• Special Needs Trusts
• Marital Trusts
• Revocable Living Trusts
• Irrevocable life insurance trusts
• Spendthrift trusts
• And more…

What Assets Cannot be Placed in a Trust?

When establishing a living trust, it is crucial to carefully evaluate which assets are appropriate for inclusion. Not all assets are suitable for transfer into a living trust, as they may have specific legal and financial considerations.

There are certain types of assets that are generally not recommended for placement in a living trust. Here are a few examples:

Retirement accounts: Assets like 401(k), IRA, 403(b), and certain qualified annuities should not be transferred directly into a living trust. Transferring these assets may result in income tax obligations since they require withdrawal. However, you can designate the living trust as a beneficiary to facilitate the smooth transfer of funds upon your passing.

Health savings accounts or medical savings accounts: These accounts are designed for tax-free utilization on eligible medical expenses and cannot be transferred to a living trust. Similar to retirement accounts, you can designate the trust as a primary or secondary beneficiary.

Active financial accounts: Unless you are the trustee with complete control over trust assets, it is generally advisable to keep accounts used for monthly bill payments separate from the trust. This is because individuals may have concerns about potential delays in probate and the inability to quickly distribute these funds to heirs. Instead, you can designate beneficiaries for these accounts using options like payable-on-death (POD).

UGMA/UTMA accounts: If the trustee were to pass away before the minor, a trust might be subjected to probate. In such cases, it is advisable to consider appointing a successor custodian for these accounts.
Vehicles: Generally, everyday vehicles such as cars, boats, trucks, motorcycles, airplanes, mules, or snowmobiles are not typically included in a living trust. These assets often bypass the probate process, and unlike collectible vehicles, they do not appreciate in value. Additionally, some states impose taxes during the retitling of vehicles, and certain states do not permit vehicle owners to name beneficiaries after their demise.

Assets that Cannot be Placed in a Trust	Details
Retirement accounts	Assets like 401(k), IRA, 403(b), and certain annuities should not be transferred directly to a living trust due to potential tax obligations.
Health savings accounts or medical savings accounts	Tax-advantaged accounts designed for medical expenses cannot be placed in a living trust. Designate the trust as a beneficiary instead.
Active financial accounts	Keep monthly bill payment accounts separate from the trust. Use beneficiary designations like payable-on-death (POD) for these accounts.
UGMA/UTMA accounts	Consider appointing a successor custodian for these accounts to avoid probate if the trustee passes away before the minor beneficiary.
Vehicles	Everyday vehicles like cars, boats, and motorcycles are typically excluded from living trusts. They bypass probate and don’t appreciate.

Get Help with a Will, Trust, Or Both!

Wills & Trusts are both essential estate planning tools.  They can get to be quite complex however.  If you are actively looking into planning for your own future, and for the future of your family, then engaging the services of a highly rated and local estate planning law firm is your best bet.

Yana Feldman & Associates, PLLC would love to help you craft the perfect estate plan.  Contact us today to set up your estate planning appointment.

https://yanafeldmanlaw.com/wills-trusts-the-estate-planning-process-in-new-york/
from New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/wills-trusts-the-estate-planning-process-in-new-york/