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Estate Planning

Estate Planning is an essential service for anyone seeking to secure their financial future and ensure their wishes are respected, even when they are no longer there to make their wishes known. Our firm specializes in crafting personalized estate plans that align with your unique circumstances and goals. We offer comprehensive services, including wills, trusts, powers of attorney, and healthcare directives. Our experienced attorneys understand the complexities of estate law and are equipped to handle everything from straightforward asset distributions to more complex situations involving business interests and multiple jurisdictions. We are committed to providing clear, straightforward advice and ensuring that your estate plan provides peace of mind for you and your loved ones.

Last Will and Testament

A Last Will and Testament is a legal document that outlines your wishes regarding the distribution of your assets and the care of any minor children upon your death. We will help you to craft a will that best serves your needs, so you can ensure your wishes will be followed once you pass away.

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  • A well-crafted will can ensure your assets are appropriately distributed to your desired beneficiaries, and protect against foreseeable problems that may arise.

  • Your Will can ensure any minor children or other dependents you have are cared for, by appointing someone to care for them in your absence.

  • Your Will can ensure that your loved ones with atypical or special needs, or creditor concerns, will be provided for. 

  • A Will has legal formalities that must be followed to ensure validity in the Courts. 

Pour-Over Will

A pour-over will works in conjunction with a trust, ensuring that any assets not already included in the trust at the time of your death are transferred into it. This type of will simplifies the estate administration process and helps maintain privacy and minimize estate taxes. For some people, this can make it an ideal way to avoid issues related to probating your estate.

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  • A pour-over will can ensure all your assets are in a trust at the time of your death, simplifying the probate process and protecting against financial issues that might otherwise arise.

  • Using a pour-over will can help protect your privacy, protecting your assets from the often invasive probate process.

Advance Directives

Advanced directives are legal documents that allow you to designate an agent and outline your healthcare and financial preferences in situations where you cannot make decisions yourself. These include health care proxies,  living will, which help guide medical decisions and durable powers of attorney, which help guide financial decisions, according to your wishes and by designating an agent and successor agents, if applicable. Without these crucial documents, your care could be left in the hands of a court-appointed guardian, who may or may not respect your wishes when it comes to your care or the management of your finances.

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  • Advanced directives instruct people on how to care for you when you are not able to make those decisions for yourself.

  • Advanced directives Include living wills, healthcare proxies, and powers of attorney.

Durable Power of Attorney

A durable power of attorney is a legal document that allows you to designate an individual to manage your legal and financial affairs if you become unable to do so yourself. It remains effective even if you become incapacitated, ensuring that your finances are handled according to your instructions, as laid out beforehand in the document itself.

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  • A durable power of attorney allows someone you appoint to make legal and financial decisions on your behalf.

  • Even if you become unable to make decisions yourself, the durable power of attorney will remain in effect.

Health Care Proxy

A health care proxy is a document that allows you to appoint someone to make healthcare decisions on your behalf if you're unable to make them yourself. By appointing someone you trust to make healthcare choices on your behalf, you can make sure medical decisions are made in line with your values and medical preferences.

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  • A health care proxy allows you to appoint someone you trust to make critical healthcare decisions for you.

  • It comes into effect when you're incapacitated or otherwise unable to decide for yourself.

  • A health care proxy is accepted in medical facilities, doctors offices, hospitals and nursing and skilled care facilities. 

Living Will

A living will specifies your wishes regarding the type of medical treatments you would like to receive in circumstances where you are unable to express informed consent, such as incapacity due to a severe injury or illness. It's used to guide the health care agent you appoint in your health care proxy in making decisions about life-sustaining measures, such as the use of intubation or resuscitation. Notably, a living will is not legally binding in New York and it is most important to appoint a health care agent and ensure they are aware of your wishes regarding medical treatments.

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​Notably, a living will is not legally binding in New York. Appointing a health care agent and ensuring they are aware of your wishes regarding medical treatments is of the utmost importance.

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  • A living will specifies your wishes for life-sustaining treatment in the event that you become incapacitated.

  • It guides decisions for healthcare professionals when you can't express consent.

HIPAA Release and Authorization

A HIPAA Release and Authorization form allows specified individuals access to your medical records, facilitating the management of your healthcare by loved ones or designated agents, especially in emergency situations. Ensuring you have one available can help to smooth the process of getting you care when you need it.

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  • A HIPAA Release and Authorization grants access to personal medical records.

  • It is essential for healthcare management by health care proxies and legal guardians.

Trusts

Trusts are legal arrangements that hold assets for the benefit of a third party, the beneficiary. Trusts are maintained by trustees, who are legally responsible for managing the assets held in the trust. Trusts can be used to manage how and when your assets are distributed, reduce estate taxes, and protect your estate from legal claims.

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  • Trusts, including living trusts, revocable trusts, irrevocable trusts, asset protection trusts, life insurance trusts and testamentary trusts, can be effective ways of managing your personal assets.

  • Placing your assets in a trust can reduce estate taxes and protect assets from litigation, as well as avoid the need for the probate of your Will in Surrogate’s Court after your death.

Irrevocable Trusts

Irrevocable trusts, once established, cannot be amended or terminated without the beneficiary's consent. A Medicaid Asset Protection is a type of Irrevocable Trust.  This type of trust is often used for tax benefits and to protect assets from creditors and legal judgments.

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  • An irrevocable trust offers significant asset protection, ensuring it remains with your loved ones after you pass away.

  • It can provide tax benefits and creditor protection.

Asset Protection Trusts

Asset protection trusts are designed to shield your assets from creditors, legal judgments, and other claims. They are an important tool for safeguarding your wealth, particularly for individuals in high-risk professions, such as construction, transportation, law enforcement, or other first responders.

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  • Asset protection trusts can shield assets from creditors and legal claims.

  • They are essential for those in high-risk professions or situations.

  • They could be used to assist with qualifying for Medicaid for home care or nursing home when you do not have the funds to privately pay.

Living Trusts/Revocable Trusts

Living trusts allow you to maintain control over your assets during your lifetime and specify how they should be handled after your death. They are considered revocable trusts, meaning they can be altered or revoked as your circumstances change. After you pass away, they direct how the assets in the trust are to be distributed to your specified beneficiaries.

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  • A living trust can allow you to control your assets during your lifetime, and are revocable by the grantor.

  • A living trust, like other trusts, avoids probate. However, unlike an irrevocable trust, it can be amended as needed.

  • A living trust can appoint a successor trustee to serve when you are unable to serve and provides for assistance with the management of your assets during your lifetime.

High Net Worth Tax Planning

High net worth tax planning involves strategies to minimize tax liabilities for individuals with significant assets. Our tailored approach considers various aspects of your financial situation to optimize your tax benefits and protect your wealth.

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  • Proper tax planning minimizes tax liabilities for high net worth individuals, who might otherwise lose significant amounts of their estates to estate or gift taxes, as well as other liabilities.

  • High net worth tax planning incorporates aspects of estate planning and investment strategies to create a comprehensive solution for your needs.

Charitable Planning and Trusts

Charitable planning involves integrating charitable giving into your estate planning, using vehicles like charitable trusts. This strategy provides tax benefits while supporting your philanthropic interests and leaving a lasting legacy.

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  • Charitable planning supports philanthropic interests through estate planning.

  • It can provide tax benefits and helps leave a lasting impact by supporting causes you care about.

Advance Directives for 18-Year-Old Child

Advance directives for an 18-year-old child are crucial as they grant parents or designated agents the authority to make medical or financial decisions should the young adult become incapacitated. This is important for college students and young adults living away from home. It can be especially important if your child has a severe disability or is at high risk for certain medical problems.

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  • Advance directives like a power of attorney or health care proxy can authorize parents to manage important decisions.

  • It can be essential for young adults, especially those living independently or away at college.

Contact

CONTACT

Let’s Work Together

Staten Island Office:

900 South Ave., 3rd Floor, Staten Island, NY 10314

By appointment only.

Home visits, when needed, and appointments available in Manhattan, as requested.

danielle@leventhaleliaslaw.com

Tel: 718-448-6655

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