In New York, estate owners acquire asset protection through a strategic planning process. This process enables them to make final decisions about their estate and lower the time in which it is in probate. It also presents the owner with methods of protecting their wealth and ensuring that their family receives a larger majority of their assets. The following are the most common concepts involved in Estate Planning Nassau County NY.
Devising Strategies for Trust Funds
Trust funds are sound options for presenting a family member with financial support. The estate owner may impose provisions onto the trust to limit the value of proceeds provided each year. They may also require additional steps to prevent a caregiver from accessing these funds and using the unethically. The trusts may also be used to provide funding for a college education.
The Steps for an Irrevocable Trust
An irrevocable trust is set up through Estate Planning Nassau County NY to protect certain assets. The owner transfers these assets into the trust to achieve protection. Once they are transferred, the assets no longer belong to the estate. This decreases the overall value of the estate and prevents the probate court from accessing these assets entirely. The trust is owned by the estate owner until they die. A successor takes over and acquires full control over the trust after the owner’s death.
Health Care Directive and Assigning a Proxy
A health care directive determines what life-saving measures are allowed by the estate owner. This living will details the estate owner’s wishes for their health care. It also assigns a health care proxy who has the authority to make health-related decisions for the estate owner. This authority begins when the estate owner becomes incapacitated or otherwise unable to make their own decisions. Visit here for more details.
In New York, estate owners complete the planning process to maintain control over their assets. These plans allow them to designate what family members receive their wealth and assets. It also allows them to make final decisions about their funeral and ways to support their family financially. Owners who need Estate Planning Nassau County NY contact Business Name today.
