In New York, estate owners mitigate common risks through asset protection and planning. The most common risks they face are liens and the potential seizure of assets during the probate. These events could lead to significant losses for the family after the owner dies. An Estate Planning Lawyer Nassau County NY offers clarity of these owners and their family.
How Irrevocable Trusts Work
An irrevocable trust is set up for transferring property and assets out of the estate. According to the law, once the asset is transferred to the trust, it is no longer owned legally by the estate owner. However, they maintain full control over the asset. They retain the right to transfer assets out of the trust at any time. They also identify their successor who will take control of the trust when they die.
Why Trust Funds are Vital
Trust funds are vital for ensuring that children receive their inheritance. The estate owner sets up provisions for the trust fund that prevent others from gaining access to it. The provisions stop new guardians from taking advantage of the child and using their inheritance unethically. Typically, the owner sets an age limit for the trust fund. They can also limit the total amount that is disbursed each year.
Transfers of Ownership
An Estate Planning Lawyer Nassau County NY can manage earlier ownerships transfers. The transfers are beneficial for estate owners who were diagnosed with Alzheimer’s or dementia at an early stage. They can transfer the property to their family while they are lucid. The transfers can prevent nursing homes from acquiring the assets as payment for their services.
Health Care Plans and Proxies
Health care plans including living wills. They determine if extraordinary measures are allowed by the individual. The estate owner can also designate a health care proxy to make decisions about their health care.
In New York, estate owners manage risks to their assets through the planning process. Their attorney helps them create a will along with trusts that secure their assets. They also direct their family when the estate owner dies. Owners who need to speak with an Estate Planning Lawyer contact The Law Offices of Peter Morra in Nassau County NY today.