Elder & Estate Planning
Understand Estate Planning
Elder & Estate planning can be confusing. The intricacies of composing your will, understanding the probate process, and the laws and taxes that apply to your estate when you’re gone is a lot for somebody to worry about, especially later in life. That’s where the experienced team at Rheinhardt & Bray comes in handy. We have the legal acumen to guide you through the whole process and protect your assets and loved ones.
The following are common questions that arise in regards to Elder & Estate Planning, for more in-depth assistance contact us.
Do I Need A Will?A will is a great way of protecting assets and beneficiaries from unwanted creditors. Trusts are created for beneficiaries with credit problems, disabilities, or a handful of other issues. A will is the most effective way of knowing what will happen to your assets after you’re gone.
What Happens If I Don’t Have A Will?Without a will, your estate is left to the whims of New York State law. There will be no personal representative and you cannot control who \ your beneficiaries are and what percentage of your estate each of them gets.
What Is A Testamentary Trust?Testamentary Trusts are created as part of an estate plan, they dictate the way in which assets are distributed to beneficiaries. Without a Testamentary Trust assets are immediately transferred to the designated beneficiaries. These trusts are a useful way of protecting assets from matrimonial legislation a beneficiary may be going through as well as a way of protecting disables beneficiaries, young beneficiaries, etc.
What Is A Revocable Trust?
The Revocable Trust is a Will substitute that helps to avoid probate– this aids in issues with administrative costs on estates when dealing with beneficiaries. They come in various forms, some of which protect assets in the case of medical care etc.
What Is A Supplementary Needs Trust?
Supplementary Needs Trusts are intended for disabled beneficiaries who are unable to work. These trusts allow the beneficiary to maintain eligibility for assistance programs and benefits. Supplementary Needs Trusts can be used to purchase goods and services that aren’t covered under public assistance.
What About Taxes Associated with Estate Planning?
Taxes are never fun. The estate tax exemption is high enough that most folks in Central New York need not worry about it. However, income taxes are something that should be taken into account for anyone planning their estate.
What Is Probate?
Probate is the process by which your will is given effect. Your will only has legal effect after it has gone through probate. This process can be confusing and is something that you’re going to want a good lawyer for.
What Are Probate Assets?
Probate Assets are assets that are administered through your will. They do not have direct beneficiaries designated for them outside of your will.
What Is Power Of Attorney?
Power of Attorney is the document in which you have appointed an agent to handle your financial, business, and property affairs. These agents protect you if you are unable to sign legal documents or write things off to protect your loved ones.
What Is A HIPPA Authorization?
HIPPA Authorization is the document by which individuals are given access to your protected health information, this is extremely important in order to prepare for potential medical incidents or hospitalization.