In New York, estate planning helps owners set up asset protection and lower any risk of seizure by creditors. The plans outline how assets are distributed to the family. An estate lawyer explains options available through Estate Planning Law in Nassau County NY.
Irrevocable Trusts for Estate Owners
Irrevocable trusts are set up to transfer assets out of the estate. Once the assets are transferred, they are no longer a part of the estate. If they aren’t a part of the estate, the assets won’t enter probate after the owner dies. The trust is an effective way of providing an inheritance without serious risks. The owner identifies the beneficiary as their successor.
Setting Up Trust Funds for Financial Support
A trust fund is set up to provide financial support for a family member. The funds could provide a lump sum payment to the beneficiary or ongoing payments over a predetermined amount of time. The money could be used for expenses or to cover the cost of a college education.
Should the Owner Transfer Ownership Earlier?
In some cases, it is more beneficial for the estate owner to transfer ownership to a beneficiary at an earlier time. If the estate owner is diagnosed with a progressive illness such as Alzheimer’s disease, it is beneficial to transfer ownership early. If he or she must enter into a nursing facility, the facility could try to seize the properties as payment for services.
Managing Outstanding Debts
The estate owner must also set up a plan to manage outstanding debts. A life insurance policy could provide adequate funds to pay off the debts. If a plan is in place, the probate process is a breeze. The creditors won’t attempt to seize property to cover the cost of the outstanding balance.
In New York, estate planning helps owners evaluate plans for protecting their assets for their family. The plans include irrevocable trusts that are controlled by the estate owner throughout their lives. Trust funds are used to accumulate wealth for a specific family member. Early transfers could prevent the loss of certain assets if admission into a nursing home is necessary. Owners who need help under Estate Planning Law in Nassau County NY can Browse the Site right now.
