Estate Planning Attorneys Smithtown
Prepare for the Future with an Experienced, Dedicated Attorney By Your Side
Estate Planning for All Stages
Creating a comprehensive estate plan is often that item on our to do list that gets pushed. Unfortunately, we never know when the unexpected might happen. Wherever your circumstances, a proper estate plan will designate your wishes and directions as it relates to your assets, property, health, and other factors in the event of an unexpected accident. Discussing your potential death or incapacity or speaking with a loved one about their demise is never easy, but making sure your wishes are known in preparing for the unexpected is far better than being unprepared. Taking the steps to complete your estate plan not only outlines your express decisions and wishes but also protects your loved ones, while easing the burden on your family of managing your affairs absent the necessary authority.
We understand the difficult nature in starting these conversations and addressing the worst case scenario. Our compassionate Fratello Law attorneys have the knowledge and resources to guide you through creating a comprehensive estate plan that is right for you. We are a small firm with a big heart, and our goal is to ensure your family and friends understand your wishes after you pass.
Do You Need an Estate Plan in New York?
Estate planning is not limited to older adults. It is a crucial process for individuals of all ages who want to ensure their affairs are in order and their wishes are followed, regardless of what the future holds.
At Fratello Law, we know how essential it is to have a clear plan in place so loved ones know exactly how to handle your affairs. Our New York estate planning team works vigorously to craft estate plans unique to your circumstances and goals that effectively and efficiently communicate the wishes of our clients. We outline estate plans for:
- Domestic partners
- Life partners
- Married couples
- Parental guardians
- Guardians of people with special needs
- Small business owners
- Individuals or loved ones with Disabilities
When you partner with a Fratello Law estate planning lawyer, they will personally analyze your specific needs and goals. We pride ourselves on working with each client one-on-one so that we can construct an estate plan that you can trust to securely protect your wealth and assets for the people you care about.
What does Comprehensive Estate Plan cover?
While many believe an estate plan only protects and distributes assets, many elements within the process safeguard various aspects of an individual’s life. A basic estate plan includes a Power of Attorney, Health Care Proxy, Living Will and Last Will & Testament. Depending on your circumstances, creating a Revocable or Irrevocable Trust may also be apart of your estate plan. With a comprehensive estate plan, you will have tangible and trustworthy health, legal, and financial management in the event you become incapacitated or incapable of making important decisions on your behalf.
Consider the following benefits of developing a solid, comprehensive estate plan with Fratello Law:
Protect Your Assets
Estate planning allows you to determine how your assets will be distributed upon your death. By creating a Will or establishing a Trust, you can specify who will manage and distribute your assets when you pass and who will inherit your property, wealth, and other assets, as well as ensure any other wishes are carried out.
Establishes Beneficiaries and Guardians
In working with a knowledgeable estate planning attorney, you may ensure proper beneficiary designations on appropriate accounts, designate individuals to receive specific property and assets as well as appoint an individual to become the legal guardian for any minor children when you pass away.
Solidifies Health-Related Wishes
Life can be unpredictable, and accidents or illnesses can occur at any age. By establishing documents like a Power of Attorney, Health Care Proxy and Living Will, you can designate someone you trust to make crucial decisions on your behalf if you cannot do so yourself and provide important direction as to your wishes.
Eliminates Family Arguments
Estate planning can help prevent or minimize conflict among your loved ones. By clearly outlining your wishes and distributing your assets according to a well-thought-out plan, you may avoid disputes and disagreements after you are gone.
Estate planning allows you to take control of your financial and personal affairs, protect your loved ones and ensure your assets are distributed according to your wishes. Consulting with an experienced estate planning attorney will help you navigate the process and tailor a plan to suit your unique circumstances and goals.
Create an Estate Plan with a Trusted New York Estate Planning Lawyer
Any compete estate plan requires more than just a simple Will. An effective estate plan should also outline contingency plans regarding your:
- Health care treatment
- Guardianship of Minor Children
- Planning for loved ones with disabilities
- Legal and financial management in the event of incapacity
- Life insurance
- Employee benefits (including your 401K)
- Other assets or property you may own
- Long term care and benefits
Proper advanced planning with an experienced attorney can help you offset the cost of long term care and allow you to maintain essential benefits. An attorney with extensive experience in estate planning can also design your estate plan in a way that will minimize any potential deductions that your loved ones could face, including Federal and State gift and estate taxes or recovery from governmental programs such as Medicaid.
Items to Include in Your Estate Plan
Regardless of your age or current circumstances, it is important to consult with an experienced estate planning attorney or professional who can guide you through the process and help you create a comprehensive plan that aligns with your goals and desires. At Fratello Law, our New York lawyers can outline estate plans that consist of the following:
Last Will and Testament:
Transfers your property to the people or organizations of your choosing and names your Personal Representative and Guardian if you have minor children.
Health Care Proxy: Appoints a person of your choosing to make decisions regarding your health care treatment if you cannot provide informed consent.
Living Will: An advance directive that provides healthcare providers with your end-of-life wishes regarding your care.
Power of Attorney: Designates a person of your choosing to act for you and handle your financial and/or legal matters if you are unable to do so.
Provides a mechanism to manage your property during your lifetime and potentially maximize governmental benefits and avoid probate.
Provides a mechanism to manage assets upon your demise and hold in benefit for a loved one unable to manage their own affairs or under governmental assistance.
Supplemental Needs Trust: Provides a mechanism to manage and distribute assets on behalf of a disabled individual to ensure continued care without jeapodizing governmental benefits.
The arrangements set up in your estate plan will legally bind your wishes. Comprehensive estate plans give you the power to decide who will make important legal, financial and health care decisions in the event that you are unable to give those directions, allowing your wishes to be honored during your lifetime and after your death.
Estate Planning Services We Offer
Our dedicated disability planning attorneys will guide you in creating the right power of attorney and healthcare proxy to ensure your finances and wellbeing are cared for in the event of an illness. They will also help you draft a living will that ensures all of your end-of-life wishes are upheld. Learn more.
Estate Tax Planning
Our estate planning attorneys at Fratello Law will guide you in transferring your hard-earned assets with as little taxation as legally possible by way of the many testate planning vehicles available. Both New York State and the federal government impose a tax on your right to transfer your property at your death if your gross estate exceeds a predetermined exclusion amount. This amount changes every year. We work with you and your accountant to determine the best panning to shelter your wealth.
Schedule a Free Consultation with a Smithtown Estate Planning Attorney
Taking the time to plan out our final affairs while we are still alive can alleviate some of the pressure placed upon our surviving loved ones after we pass away. As lawyers who focus on estate planning, we understand how essential it is to have a clear and thorough plan documented for your estate. Poorly drafted and inadequate estate plannig documents typically become financial and emotional nightmares for surviving family members. At Fratello Law, we draft detailed estate documents carefully designed to ensure your wishes and instructions are upheld.
We are one of the select firms on Long Island with attorneys on staff who focus solely on estate planning and elder law. But more importantly, we treat our clients like family.
Since estate plans must be prepared while you are still alive and have the legal capacity to enter a contract, do not wait to get your estate plan started. The Fratello Law team has extensive experience in estate planning and will discuss your options during your no cost initial consultation. Call our office in Suffolk County at (631) 406-5580 or Nassau County at (516) 321-4010. You may also reach out to us online via our convenient contact form. We look forward to welcoming you to our client family.