In New York, estate owners need to take vital steps to protect their assets. These steps relate to the reduction of the estate’s value. They also include options for protecting the estate owner if they become incapacitated. A Wills Attorney Nassau County NY provides the estate owner with guidance through this process.
Starting with a Will
A will is the last opportunity for the estate owner to share their wishes. The document assigns ownership to specific properties and assets for the beneficiaries. It may also provide information about the estate owner’s final wishes. An estate attorney helps estate owners create these documents to secure their rights.
Lowering the Value of the Estate
The first step in lowering the value of the estate is the transfer of ownership. This opportunity also protects certain properties if the owner is ever placed in a nursing facility. An early transfer of ownership also eliminates inheritance tax for the beneficiaries.
An Irrevocable Trust
An irrevocable trust allows estate owners to transfer certain items out of the estate. Once transferred, they become the property of the trust. The estate owner maintains control over the transferred properties by controlling the trust. They choose who acquires the trust after their death. They can also make changes at any time including removing properties from the trust. A legal spouse can make changes after the estate owner’s death. A wills attorney in Nassau County NY helps estate owners with these concepts.
Setting Up a Health Care Plan and Directive
A health care plans identifies a health proxy. This individual makes decisions for the estate owner on their behalf. They may also use certain properties and assets under strict provisions. They are given this right through a power of attorney. The directive explains if the estate owner wants life support or extraordinary measures.
In New York, estate owners follow careful guidelines to protect their assets. These guidelines are provided under estate planning laws. The estate owner can reduce the value of their estate to protect these assets. Estate owners who need help with these actions should hire a Wills Attorney Nassau County NY by contacting business name right now.
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