Just about everyone has an estate and having a well-developed plan in place will help your loved ones and ensure your wishes are followed. Without a proper estate plan, the division and handling of your assets could be in the hands of the courts.
Don’t leave your estate up to the will of someone else. Elder Law Attorney Jim Sak can help you.
An Estate Plan Can Help You:
Manage Your Assets
A Last Will and Testament is one of the most important documents a person can have. A Will allows you to protect your family while making your wishes known. Creating a proper Will helps your spouse, children, and relatives become the beneficiaries of your estate. You may appoint an executor to ensure your wishes are adhered to. Your Will can establish where your assets and property go. It allows you to specify which heirs receive your assets in the proportion you desire. You can also stipulate funeral arrangement instructions of your choice.
A trust is another important part of estate planning. It allows you or a third party to hold and direct assets on behalf of a beneficiary that you choose. This is useful in many scenarios, a few of which are if your beneficiary is too young to be in charge of your assets, or if you’re still alive but become unable to manage your own estate anymore. A trust expands your options when it comes to managing your assets, and can help protect your assets if you need homecare or a nursing home.
Special Needs Trusts
If you have a child or loved one with special needs, it’s important to make sure their needs will be met in the event you become unable to take care of them. A qualified elder law attorney can advise you on the best way to set up a special needs trust in order to support the beneficiary and make sure your assets won’t disqualify their eligibility for Supplemental Security Income (SSI) and Medicaid benefits.
Wills and estate planning help reduce the risk of your loved ones and heirs fighting over your assets and wishes. However, if a family member does contest the Will, your assets may end up in probate litigation. Probate court is a type of civil court where heirs can inventory and appraise the deceased’s assets, and where a judge will finalize the distribution of such assets. Without a Will, heirs can fight over your assets ad nauseum. Wills can reduce the likelihood that your heirs will go to court over your assets. In probate court, a judge will hear the claims of heirs, determine the value of assets, distribute assets to pay debts of the deceased, and distribute the remaining property as stated through the Will or by state law. It is important to hire an experienced attorney for to help you navigate the difficult probate process.
Asset Protection And Medicaid Planning
We are experienced in preparing Wills, Trusts, Health Care Proxies, and Powers of Attorney for aging clients and their families in order to minimize the financial impact of those who may need nursing home care or homecare.
Get in Touch
Contact the Office of James Sak. We will reply to you ASAP or you can call for immediate service.
1200 South Ave., suite 305, S.I., NY 10314