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Estate Planning and Asset Protection

Estate Planning and Asset Protection

Quality of life assurance crafted to fit your circumstances

The art of estate planning comes down to two things: communication and implementation. At Mark H. Weiss, P.C., we listen to your concerns. We thoroughly review your financial circumstances and your health history. We work with you to articulate and outline your goals for your retirement and eventual succession. Then we craft a plan specific to you that structures your assets properly, to succeed if all goes well and withstand any foreseeable disruptions to your health or your income stream.

A carefully constructed, well-thought-out estate plan is best made when there are no impending crises. However, provisions made at the onset of trouble are certainly better than no provisions at all — and may be the difference between salvaging and losing crucial family assets, such as your home.

A trust arrangement based on more than trust

Your estate plan from Mark H. Weiss, P.C. relies on a variety of trusts — legal entities that hold, manage and disperse vital assets. Among the most common are:

  • QTIP trusts
  • Charitable remainder trusts

Most people don’t know what these trusts are or how they operate, and many attorneys do not take the time to educate their clients. As a result, clients may wind up with a trust arrangement that suits their lawyer’s practice, but does not fully address their needs. Mark H. Weiss, P.C. takes the time to discern your needs and craft a plan that addresses your quality-of-life issues. We explain all aspects of the plan we hope to put in place. Later, we send you drafts of the documents so you have the opportunity to review them on your own. Finally, we review them with you in the office so that you completely understand the documents before you sign them.

Periodic review and adjustment of Long Island estate plans

Ideally, your estate plan will enable your personal representatives to pass on your assets to your children, family, charities or other beneficiaries without great delay, cost or controversy. To ensure its smooth operation, your estate plan should be adjusted periodically to reflect changes in your financial, family or health circumstances or upon material changes in the law. If it’s been a while since you’ve spoken to an attorney about your estate plan, it’s a good idea to do a detailed review.

Commack estate planning attorney safeguards your vulnerable dependents

You restate plan should take into account the special needs of any of your family members. Minor children require governance until they reach the age of majority. Developmentally or physically disabled adults need some type of guardianship or conservatorship arrangement for the duration of their lives. If you find yourself among the sandwich generation — raising minor children and ministering to the needs of aging parents — you must develop a contingency plan to meet their needs in your absence. Mark H. Weiss, P.C. drafts legal instruments that make provisions for the physical, emotional and financial welfare of your vulnerable loved ones.

Personal attention to your retirement and long-term care planning

Asset protection is an umbrella term for a variety of strategies employed by Mark H. Weiss, P.C. to ensure that your hard-earned wealth is not eaten up by excessive taxation. Asset protection is a key element for those who are concerned that they will lose their accounts and even their home to pay for medical or care services not covered by private insurance plans or Medicare. Legal instruments, such as trusts, life insurance policies and IRA accounts, are as important to maintaining your wealth as a balanced investment portfolio is to growing your wealth. For more than 20 years, Mark H. Weiss, P.C. has provided sound advice on legal instruments to protect your assets and enhance your overall financial plan.

Wealth protection in New York

Transfer property to an adult child too soon and you’ll be hit with large capital gains taxes while losing your real estate tax exemptions. Hold the property too long and it may be counted against you should you have to apply for Medicaid. Mark H. Weiss, P.C. designs trust instruments that anticipate your future needs and protect against those contingencies.

An additional advantage of establishing a trust is that after your death, property can be transferred without going through probate. Depending upon the organization of the estate, probate can be a time-consuming and expensive process. Avoiding probate means avoiding fees that will diminish the value of the estate. It also means that assets will be released sooner to your heirs who may depend upon your legacy.

Personal attention to your individual financial needs

Asset protection is an umbrella term for a variety of strategies employed by Mark H. Weiss, P.C. to ensure that your hard-earned wealth is not eaten up by uncovered medical charges, rehab and nursing home charges and home health care charges as well excessive taxation.
Legal instruments, such as trusts, life insurance policies and IRA accounts, are as important to maintaining your wealth as a balanced investment portfolio is to growing your wealth. For more than 20 years, Mark H. Weiss, P.C. has provided sound advice on legal instruments to protect your assets and enhance your overall financial plan.

Contact a skilled Long Island estate planning lawyer

To schedule an appointment with Mark H. Weiss, P.C. to discuss a new or existing estate plan, call 631-462-5577 or contact our Commack office online.