Estate Planning
Planning for the Future
Estate planning: At our New York and Long Island based firm, Scheich & Goldsmith, P.C., we firmly believe that every adult should have an estate plan that is tailored to the person's specific situation and goals. If you would like to meet with us to discuss a plan that meets your needs, please contact our office and make arrangements for a consultation.
A Will: A carefully drafted will, properly witnessed and stored where it will be easily found in the event of your death, directs the distribution of your personal property and assets to your heirs. Our estate planning lawyers often see the damage done to families where there is no valid will, or a contest over a will. Even if you have little property, the will allows you to designate your personal representative to handle your debts and assets as you direct. You should also consider the possibility that you may have assets you don't even know about. For example, you could die with a winning lottery ticket in your pocket, inherit money shortly before you pass away, or die in a fatal accident for which the estate receives a large settlement.
Guardianship: If you have minor children, or an adult child with special needs, it is extremely important that in your will you designate a guardian to care for your children when you no longer can and a trustee to manage their inheritance until they come of age. You can also designate a guardian for yourself in the event you become incapacitated.
A Living Will: Spare those who care about you - leave a Living Will to provide guidance regarding life support or the use of extreme measures to prolong your life in the event you are unable to make decisions for yourself. You also need a health care proxy, a document that names a specific health care representative and an alternate health care representative to make decisions for you regarding health care in the event you lose the ability to do so.
Durable Power of Attorney: This document names your chosen representative to administer your assets and debts even after you are physically or mentally disabled. If you have no durable power of attorney (POA) in place, the court can appoint a person - often the first relative who asks to serve. This can be a long and costly process that is easily avoidable through the use of a power of attorney.
Trusts : You may benefit from a trust or another instrument to avoid taxes, preserve an inheritance for your children, or provide for your care if you need Medicaid. Trusts can help avoid the costs and the publicity of probate, as well as manage your assets after you die.
Contact Scheich & Goldsmith to speak with an estate planning lawyer. New York City (NYC) and Long Island communities served by our firm include Queens, Richmond Hill, Hicksville, Ozone Park, South Ozone Park, Bethpage, Woodhaven, Woodside, Rego Park, Flushing, Syosset, Mineola, Levittown, Plainview, Kew Gardens, Jamaica, Elmont, Hempstead, Valley Stream, Laurelton, Rosedale, Hollis, Queens County, Nassau County and Suffolk County.
Click here to send us information about your case
