Wills & Trusts Lawyer in Long Island

Helping You Accomplish Your Estate Planning Goals with a Long Island Estate Planning Attorney

Estate law allows you to manage your assets both during your life and after your passing. With proper planning and professional guidance, you can select beneficiaries, outline what each beneficiary will receive, designate a person to manage your assets and affairs after you die or become incapacitated, and even protect your assets from excessive taxes. Ultimately, estate planning provides the opportunity to convey your final wishes in legally binding documents.

At Robert H. Solomon, PC, we have years of experience helping clients accomplish their estate planning goals. We listen closely to each client's current situation and future needs before developing a personalized strategy to protect what matters most.

To learn more about our estate planning services, contact our wills and trusts lawyer on Long Island at (516) 407-8199 today.

Our Estate Planning Services

One of the most well-known legal devices in estate planning is the will. A will is a document that outlines instructions for the distribution of your money and property after you die. Although confronting your mortality in this way can be an emotional undertaking, completing the process sooner rather than later can grant you invaluable peace of mind. With a will, you can rest assured your loved ones will receive what they need.

A trust is another way to manage your assets and transfer ownership of properties. There are many different types of trusts, and the best choice will depend on your wishes and needs. The main difference between a trust and a will is that, while a will goes into effect when you pass away, a trust can take effect immediately.

During your estate planning process, our team can help you:

• Designate beneficiaries
• Select an executor/administrator
• Avoid probate, if possible
• Continue to ensure proper care for your dependents
• Avoid excessive estate taxes
• Establish a succession plan for your business

We understand that every person has unique goals and requires a personalized estate planning strategy. As such, we will take all the time we need to understand your current situation, your network of assets and beneficiaries, and your long-term goals.

We cannot predict what tomorrow has in store, but we do have today. Call (516) 407-8199 or contact us online to begin your estate planning process with Robert H. Solomon, PC.

Frequently Asked Questions with Your Long Island Will Attorney

What Is Estate Planning, and Why Is It Important?

Estate planning is the process of organizing your assets and determining how they will be distributed upon your death. It includes drafting wills, creating trusts, and making arrangements for estate taxes. Having a comprehensive estate plan ensures your wishes are honored, your loved ones are taken care of, and potential legal disputes are minimized. This also helps you avoid the lengthy and costly probate process. For Long Island residents, where state laws can impact estate distribution significantly, a well-structured plan is essential to protect your legacy and provide peace of mind.

How Does a Trust Differ from a Will?

While both trusts and wills are tools for managing assets and outlining wishes after one's passing, they serve different purposes and functions. A will is a legal document that specifies how you want your assets distributed and appoints guardians for minor children. It becomes effective after your death and typically requires probate, which can be time-consuming and public. Conversely, a trust can take effect immediately and provides a way to manage your assets during your lifetime and beyond. Trusts avoid probate, offer privacy, and can stipulate terms for asset distribution. Therefore, many Long Island residents incorporate both into their estate planning to optimize their asset protection strategies.

Do I Need an Estate Planning Attorney?

Yes, engaging an estate planning attorney is highly recommended to navigate the intricacies of estate law, especially in regions like Long Island, where state-specific laws can heavily influence estate outcomes. An attorney can assist you in drafting both simple and complex documents, ensuring all legal requirements are met, and advising on the potential tax implications of your estate choices. They offer invaluable support, from establishing trusts and wills to addressing issues like incapacity planning and asset protection, crafting a custom plan that respects your wishes and serves your family’s best interests.

What Should I Consider When Selecting Beneficiaries?

Choosing beneficiaries is a critical aspect of estate planning that requires careful consideration of both personal and financial implications. Start by listing all potential beneficiaries, including family members, friends, and charities. Think about the individual needs of each person or organization and the impact your assets might have on them. It’s important to consider factors like the responsible management of assets, age, and financial savviness. Additionally, keep in mind that laws in New York may affect how you designate beneficiaries and that certain accounts, such as retirement and insurance, require explicit beneficiary forms outside your will or trust.

How Often Should I Update My Estate Plan?

Regular updates to your estate plan are vital to ensure it remains aligned with your current wishes and life circumstances. It’s advisable to review your estate plan every three to five years or whenever you experience major life changes like marriage, divorce, the birth of a child, or significant alterations in your financial situation. Legislative changes at the state or federal level, particularly concerning tax laws, also warrant a review of your estate planning documents. By staying proactive and regularly consulting with your attorney at Robert H. Solomon, PC, you can ensure that your estate plan accurately reflects your current intentions and protects your assets effectively.