Estate Planning Attorney in Katonah, NY
Navigate Probate and Taxes with a Katonah Estate Attorney
If you were to pass away tomorrow, would your family have the financial protection it needs to face the future confidently? Unfortunately, many New York residents recognize the importance of planning for their families by creating wills or other legal documents, but often fail to take action, leaving their families to wait for vital financial resources.
The Feller Group, P.C. is an estate planning law firm that is passionately committed to helping individuals and families plan for their future. When you come to us for legal assistance, we will create a comprehensive estate plan tailored to your specific objectives and needs. Contact our Katonah, NY, law office today to schedule a free, 30-minute case evaluation, and we will help you get started.
Should I Use a Will or a Living Trust?
Many people may question whether they should have a last will or a living trust. Individuals with smaller estates can often utilize wills, payable-on-death accounts, and beneficiary designations for life insurance or retirement accounts to pass assets to their beneficiaries. A will is also the only estate planning option that can appoint a guardian for your minor children should you pass away.
Although a will is a simpler option, it does not offer the same level of protection and security as a living trust. One of the most significant advantages of a living trust is that it allows your family to avoid costly and lengthy probate proceedings. Avoiding probate can help your family have access to critical financial resources quickly and efficiently. Unlike a will, which becomes a public record after probate is complete, the terms of a trust remain private, giving your heirs and beneficiaries an extra layer of privacy.
If you are unsure which option would be best to protect your loved ones, the best solution is to contact an estate planning lawyer in Katonah, NY, who can help you make informed decisions.
How Can Estate Planning Protect My Assets if I Become Incapacitated or Need Long-Term Care?
One of the most serious concerns for many adults as they grow older includes how they can protect their assets if they become incapacitated or need long-term care. Having a comprehensive estate plan can eliminate much of the worry and ensure that you and your family know your hard-earned assets are protected for future generations.
One of the most commonly used estate planning tools for asset protection is an irrevocable trust. Unlike living trusts, irrevocable trusts can protect your assets from creditors and lawsuits. Placing assets in a Medicaid Asset Protection Trust (MAPT) can also help you qualify for Medicaid benefits as long as they have been in the trust for at least five years.
Other estate planning tools that can be used to protect your assets include a durable power of attorney, which allows your appointed agent to make financial decisions on your behalf should you be unable to do so.
Why Should I Hire a Lawyer to Help Me With My Estate Planning Needs?
Due to the legal complexities associated with estate planning, the most reliable approach is to work with an attorney. Suppose you have a child with special needs and wish to establish a trust to provide them with access to financial resources. An attorney can help you create a well-funded trust that does not jeopardize your ability to collect government benefits.
If you are worried about the cost of medical care, your attorney can review your legal options and guide you toward the best possible choices. Your legal representative can also help you create a trust that makes provisions for beneficiaries who may spend their resources too quickly. If you have minor children, you want to be certain you name a guardian and that they are adequately cared for. An attorney can make certain that your will and other legal documents hold up to legal scrutiny should there be any challenges or disputes.
No matter what factors are a consideration in your estate plan, you must discuss them with an experienced attorney who can help you reach your objectives.
How Often Should I Review or Update My Estate Plan?
Once you have an estate plan, it is recommended that you review or update it every three to five years. Even so, there are also significant life events that should automatically trigger you to assess or modify your estate planning, including:
- Marriage, divorce, or remarriage
- Birth or adoption of a child
- Death of a spouse, executor, or beneficiary
- Significant changes in your financial status
- Starting or selling a business
- Buying or selling real estate
- Moving to a new location
Because your life can go through numerous changes in three to five years, it is best to always periodically review your estate plan with a qualified lawyer like those of The Feller Group, P.C., who can ensure that it continues to align with your priorities.
Contact our Katonah Estate Planning Law Firm Today to Schedule a Consultation
The Feller Group, P.C. is a Katonah, New York-based law firm with a proven record of assisting clients with their complex legal matters. When you seek our help, we take time to understand your financial goals and the legacy you wish to leave behind for your family. Our skilled estate planning attorneys recognize that every case is unique and will work tirelessly to craft a custom plan tailored to your needs.
If you have questions about our legal services or are ready to begin planning for the future, contact The Feller Group, P.C. today at 845-682-5572 to schedule a free, 30-minute case evaluation. A qualified legal team member will be happy to meet with you to discuss the options that best suit your needs.