A successful estate plan combines tax advantages and flexibility. Everyone should have a basic will to make sure that their property will go to the right people after their death. The following documents should also be considered:
Power of Attorney – A springing power of attorney allows a person to appoint someone to make decisions after their disability.
Trusts – A testamentary trust, unlike a will, does not just distribute property but also allows a person to control what happens to their property after their death. A trust also provides more options to manage federal and New York state tax liability.
Family Company – A family company allows for a smooth transition of ownership of family assets with minimal tax liability.
For all your estate planning needs, contact Long Island estate planning attorney Albert Gurevich, Esq. at (516) 777-0647.