Planning for the future:

Planning for the future means you have to make some possibly difficult decisions about private matters. This includes asset distribution, allocation of wealth and money, and providing a guideline or directives as to the future. The Rozhik Law Firm team will work closely with you to develop an estate plan that will address your needs and concerns, which may include:

1. Disposition of your estate
2. Asset protection, asset management & the division of assets
3. Health care proxy, health decision making
4. Possible Guardianships (If necessary)
5. Briefing you on things to keep in mind tax wise
6. Creating a retirement plan

The Five Crucial and Necessary Estate Planning Documents You Should Have

• A Last Will and Testament
  A will is a legal document used that expresses and explains your last wishes and directives once you pass/die. It essentially dictates how your estate will be allocated after death.
• Durable Power of Attorney
  This is where the principal gives another person the ability to make decisions on their behalf in the case you become incapacitated or not of sound mind and cannot handle matters yourself.
• Healthcare Proxy
  This legal document allows you to appoint another individual AKA a trustee to make decisions about your healthcare if you become unable to do so.
• Living Will
  This legal document states your expressed wishes for medical care if you were to be under certain medical conditions.
• Revocable Living Trust
  Revocable living trusts are a popular estate planning tool used to determine who gets your estate after your death.

How The Rozhik Law Firm In NYC Will Help You With Planning Your Estate?

No two estate plans are quite alike, but all require some or all of the following twelve actions to be taken with your estate planning attorney:

1. Inventory property to determine what you own and what you owe.
2. Understand how your property is owned.
3. Name beneficiaries.
4. Identify strategies to avoid probate and Court or to reduce the amount of property which must pass through probate court.
5. Create a will / draft a Last Will and Testament.
6. Use trusts, if necessary.
7. Analyze and evaluate insurance policies.
8. Understanding techniques and strategies to avoid or minimize taxes and expenses associated with the distribution of your estate.
9. Select the right professionals to assist with the creation of an estate plan.
10. With time, review and update your plan as the need arises.
11. Establish ahead of time the expenses for your funeral, burial, and tombstone.
12. Create a detailed plan in order to liquify assets and to pay debts.

These are some of the main actions to ensure that property, assets, and money will go to those you want without any misappropriation, disputes or hassles and most importantly, they will ease the administrative burden placed on your survivors who are already trying to deal with the emotional trauma of death. It will also help you avoid costly mistakes

Frequently Asked Questions Pertaining to Planning Ones Estate and The Future Beyond Ones Death:

What assets can I transfer into my Trust?

Any property real or personal can be transferred into the trust with the exception of the IRA plans and Life Insurance policies. Although you cannot transfer your IRAs into the trust there are ways to ensure that the IRA funds will be received by the beneficiaries even if the beneficiaries are minor children. An experienced estate planning attorney will explain the process to you in great details and complete all transfers into the trust in accordance with applicable state the Rozhik Law Firm PLLC represents clients in their estate planning even if the property is located in NY, NJ, PA, CT, FL, CA, and other states.

Why should I Create a trust? Is it a good idea to just transfer the title or deed to my real property to my children?

It is never a good idea to just transfer a deed from one name to another. By transferring your assets outright you are not only making a gift which is a taxable event, but you are also incurring real estate transfer taxes and other fees that can be easily avoided with proper estate planning from an experienced trusts and estates lawyer in New York. Moreover, the person who receives a gift outright will automatically inherit donor’s tax basis on the property which could have appreciated in value significantly over the years. This will in turn cause capital gain taxes to be much higher than if the property were to pass to the same person through a will or trust. The Rozhik Law Firm PLLC can help you accomplish the same goal of transferring property to your loved ones and reduce tax burden, but instead do it as a tax exempt transaction and with minimal capital gains.

Will Medicaid take my house if I get into a nursing home or other long term care facility?

The answer depends on your particular situation. If you live with your spouse and only one of you gets into the nursing home without proper elder care planning in place, the house will remain in the other spouse’s possession during his life. However, the Medicaid can put a lien on the house if the proper Medicaid planning is missing. Thus, losing your home to pay back to Medicaid is a real possibility. The Rozhik Law Firm attorneys will evaluate your long term care needs and will find optimal solution for you and your family to protect your money and properties from nursing home claims.

How long does it take to probate a Will? How much shall my beneficiaries pay to put my Will through probate?

In New York probating a Will may take anywhere from 12 to 18 months. Unfortunately Kings county probate is the most complicated and cumbersome process. Probate fees and expenses will depend on the value of the estate, and can range from anywhere from $1,000- $25,000 depending on the amount of assets that estate has. Our Firm mostly litigates in Kings county and New York county. Call us to save time and money on probate proceeding in the state of NY.

What is the difference between a Will and a Trust?

The simple answer to this question is a will has to undergo a process of “Probate” in the surrogate’s court of the state where the decedent died, which is a long and complicated procedure no matter what state you are in. In New York, it takes over one year to probate the will and the cost of such probate can be as high as 10% of the value of the entire estate. The will is not valid unless it is probated and the letters of testamentary are issued. A Trust does not need to go through probate and allows your beneficiaries to get access to your estate immediately after the death of the settlor of the trust without going through any court proceedings. While it typically costs more to set up the trust than draft a will, a trust is a more cost effective way of owning your assets and allows one to pass its estate to the beneficiary without extra expenses of probate. A trust also becomes effective on the day of its creation while a will is only legal on the day when the Surrogates court “validates the will” and issues letters of testamentary.