Law Office of Andrew B. Peltzman, LLC
Under the intestacy laws, your assets will be distributed to various relatives, sometimes distant relatives, according to a rigid formula. Without a will or a trust, your property may be inherited by people you do not want to share in your estate.
Talking about estate planning is not always comfortable, but we will clearly explain every aspect of the process with sensitivity and in plain language. When we are done, you can rest assured that your family will be financially secure after you are gone. You will also know that your financial and medical decisions will be in good hands if you are ever unable to take care of them yourself.
A Peltzman Law attorney will make the determination, based on a careful analysis of your situation, as to what provisions should be in your will or trust, or if you need more advanced planning (i.e., trusts).
WILLS: Wills and trusts are two different documents that accomplish the same goal of passing on your assets to the people and institutions you choose. In your will, you designate who will receive your bank accounts, real estate and other items. A well-crafted will expresses your last wishes, including your instructions for how your estate should be distributed and divided, and who will be in charge (Executor). A will provides certainty about your wishes, hopes, fears and values. Without one, your family could be headed for conflict and confusion. A valid, well-crafted will ensures clarity and assists in conflict avoidance.
TRUSTS: Depending on your circumstances and needs, a trust may be a smart way to minimize the impact of estate taxes and help you maintain control over how your assets are distributed after you are gone.
Unlike a will, which is effective only at death, a living trust is set up while you are living. Typically, an individual who creates a living trust will re-title his or her assets (home, accounts, etc) into the name of the living trust. You have complete control of those assets while you are living. In your trust, you write instructions as to how your assets are distributed when you die. The advantage of a trust is that its existence is continual, and can provide a more orderly distribution of an inheritance (for instance, a small portion on an annual basis).
A living trust should be used to avoid probate if a conflict exists, if you own property in multiple states, have a blended family, and for other reasons. Peltzman Law's lawyers will discuss with you what the requirements are to execute a valid trust, and help you decide whether a trust is right for you and your family. There are a variety of trusts that may suit your particular wants and needs, and which Peltzman Law's seasoned attorneys are experienced in crafting, including:
Each type of trust targets a specific objective and serves an individualized purpose, so discuss your options today with a Peltzman Law attorney.
INSURANCE PLANNING: Get guidance on how you can structure your insurance plan to avoid costly estate and federal tax liabilities and ensure that you have the coverage you need.