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Estate Planning Lawyers in White Plains

Helping Clients Protect Their Legacies

As you age, more and more of your assets are used to pay for nursing home expenses, in-home care, and retirement income. Creating an estate plan preserves and protects your assets so they can be passed on to future generations. We can show you how to use estate planning tools to maintain control over your assets without losing them to medical bills, estate taxes, and other expenses.

Using estate planning documents for asset protection is the best way to ensure your children and other family members receive their rightful assets after you die, even if your spouse remarries. An estate plan can also help you qualify for long-term medical care and avoid a nursing home. If you don’t have an estate plan yet, it’s never too early for an estate planning consultation. Estate planning isn’t just for the wealthy — with our customized planning, you can eliminate the burden of your healthcare expenses to maintain the assets you’ve worked so hard for.

Our team at the Law Offices of Patricia G. Micek PLLC will sit down with you and get to know your future goals before crafting an estate plan that’s right for you. For more information about our services, contact our office today at 914-533-1756.

Can an Estate Plan Help Me Pay for Medical Care?

Paying for healthcare expenses and planning for future disabilities is a concern for many people as they age. No one wants to see their assets drained by hospital visits, physical therapists, and other expensive medical bills. With the right estate plan, you can keep your assets safe while still paying for the medical care that you need.

If you are concerned about paying for medical care, our team can help you set up a trust. A trust separates your assets from your estate, minimizing the amount it is worth. With the right kind of trust, you can still control your assets while also qualifying for Medicaid and receiving healthcare assistance. A trust can also protect your family home, allowing you to reside there in peace for as long as you’d like to.

In today’s world, some aging adults fear that they will be assigned a guardian who will control their money as they get older. Physical and mental disabilities can sometimes sway the courts into signing over your rights to a family member. We can help protect you from this possibility to ensure that your hard-earned money remains under your control.

Can an Estate Plan Help Minimize Taxes?

Estate taxes are a big concern for many people. Inheritance tax, estate tax, and other taxes have the potential to eat away at your estate, leaving less of your money to loved ones. Fortunately, through the estate planning process, our lawyers can use tools to protect your assets while lowering your tax burden.

Below are the tools we commonly use to reduce the tax burden of an estate:

  • Revocable living trusts
  • Medicaid asset protection trusts
  • Simple and complex last will and testaments
  • Family limited partnerships
  • Limited liability companies
  • Special needs trusts
  • Irrevocable life insurance trusts
  • Personal residence trusts

Depending on your circumstances, any or all of these tools may be beneficial for you. Our team will review your estate to determine what the best planning strategy is for you. Contact us today to learn more about any estate matter.

How Does an Estate Plan Protect Assets?

There are many ways to protect your assets in an estate plan. Depending on your goals, you can use an estate plan to separate your assets from your name or put them in different accounts with named beneficiaries. Protecting your assets is essential in the event of a divorce, lawsuit, or creditor claim after death. The right asset protection tools can also help you qualify for medical care and plan for future disabilities.

Below are just a few of the estate planning tools you could use to protect your assets:

  • Limited liability company (LLC). Creating an LLC is a popular way for business owners to protect their assets. LLCs have additional protection to prevent creditors from seizing assets or taking control of the company. Lawsuits against an LLC would also not affect your personal assets.
  • Insurance coverage. Liability insurance protects your assets from lawsuits in the event you get sued. You could use homeowner’s insurance, auto insurance, personal liability coverage, or umbrella coverage to safeguard your assets.
  • Asset protection trust. An asset protection trust is an irrevocable trust with a named trustee. You are no longer the legal owner of the assets in the trust, lowering your tax burden and making you eligible for medical coverage.
  • Retirement accounts. Retirement accounts like a 401(k) and a traditional IRA safeguard your money via federal law. Most retirement accounts are protected from bankruptcy, making them a safe place to keep your money. These accounts can be used to protect your assets while still maintaining control over them.

What Are the Benefits of Having a Will?

A will is one of the most common and fundamental pieces of an estate plan. In a last will and testament, you will name beneficiaries to receive your property,  investments, and other assets. Your will describes exactly how these assets should be distributed, saving your family members time and money after you pass away.

Using a simple will is no longer enough to protect your assets, especially if your spouse remarries after you pass. If your spouse has control over all your assets, which is common in a simple will, your assets could be left to their second spouse, foregoing your children entirely. Creating a will protects your loved ones from being unfairly treated, even if you are no longer around.

There are many other benefits to having a will, including:

  • Assigning a named executor of the will as a neutral third-party
  • Reducing delays in the distribution of assets
  • Documenting your specific wishes to avoid speculation and questions
  • Providing a means of charitable giving
  • Giving your friends and family members peace of mind

Dying without a will can be detrimental, as it leaves your estate in the hands of the state. Your assets may be divided unfairly, as you will not have a say in their distribution after death. To create a will and protect your assets, contact our experienced team today.

What Does an Estate Planning Lawyer Do?

Estate plans are complex and require many documents and a lot of legal preparation. If you are interested in creating an estate plan, hiring an estate planning lawyer on our team is the best way to ensure every document is legally binding. Creating vague or illegitimate documents can lead to legal trouble down the line, causing your family to spend time in litigation unnecessarily.

Additionally, an estate planning lawyer on our team will work with you to protect your assets while still qualifying for long-term care aides. If you would like to avoid spending your final years in a nursing home, we can help you do it. There is no need to use up all of your assets to qualify for the medical care you deserve. You can maintain your normal lifestyle while still setting yourself up for success in the future by contacting our estate planning team today.

Should I Contact an Estate Planning Lawyer?

Your assets are part of the legacy you have built for yourself. Protecting those assets through an estate plan is the best way to ensure they are safe even after your death. The right estate planning tools can also help protect your health and safety as you age. If you are considering creating an estate plan, don’t leave your future up to chance by hiring an inexperienced attorney. Contact the Law Offices of Patricia G. Micek PLLC today at 914-533-1756 to learn more about your estate and how we can assist you.