Estate planning is something everyone needs to think about, no matter how young you are or how much money you have. If you have anyone counting on you, have any assets, or are concerned about maintaining your autonomy in the face of disability, you need an estate plan. The Law Offices of Kobrick & Moccia will help you to create one.
Our Long Island estate planning attorneys have extensive experience in the field of estate planning and we are members of the American Academy of Estate Planning Attorneys. We understand what it takes to create an asset protection, incapacity, and legacy plan and we make sure that your goals are met. Give us a call at 800-295-1917 to get started on your personalized estate plan. We’ll also answer some of the general questions that you may have about the estate planning process including:
- When should I get started with estate planning?
- What should be part of a Long Island estate plan?
- How can a Long Island estate planning lawyer help you?
When Should You Get Started with Estate Planning?
Many people wait too long to get started with estate planning, which puts their assets at risk and which can result in financial loss. You do not want to be one of them. You should begin estate planning as soon as you have any assets you care about or as soon as you have a family or loved ones who you wish to protect. In fact, it may be beneficial to begin estate planning even if you don’t find yourself with money or people to provide for, as you still need to ensure that you take care of your own future.
Estate planning isn’t something only for the elderly. Parents with young children need to create a plan for what will happen to their kids if something goes wrong. Anyone of any age is also at risk of an unexpected medical emergency. Because you owe it to yourself and to those you care about, you should contact an estate planning attorney today if you do not have a fully comprehensive estate plan in place now.
What Should be Part of a Long Island Estate Plan?
Your estate plan needs to address your own concerns about the future as well as the special needs of your family. This means that you must create a personalized plan which has been tailored to you. Our legal team will help you to explore some of the different legal tools which may be a part of your plan including:
- A power of attorney: A power of attorney allows you to take control over who manages your assets in case of incapacity. With no power of attorney, family members will need to initiate guardianship proceedings if they must take control over managing your affairs. This is time consuming, costly, and could result in someone you don’t like or trust being named as your guardian. It also involves the court in your personal affairs. When you create a power of attorney and name an agent, all of this is avoided and your agent can simply act for you.
- A living will / advanced directive: An advanced directive and/or living will can allow you to specify if you want CPR, a feeding tube, artificial hydration, or other extraordinary medical care measures taken in the event of a serious illness or injury.
- A healthcare proxy: When you create a healthcare power of attorney and/or name a healthcare proxy, you get to control who makes medical choices when you can’t. While your living will should address the important issues, your healthcare proxy will make other decisions that you didn’t communicate in advance.
- Trusts: Trusts can be used to protect your assets in case you need to pay for a nursing home, and in case your heirs are not responsible with money, are disabled, or end up getting divorced. Trusts can also be used to reduce or avoid estate taxes. There are many different kinds of trusts, so you should find out which type(s) are right for inclusion in your estate plan.
- A last will and testament: A last will can be used to determine who inherits property that does not transfer via trust or otherwise transfer automatically upon your death.
These are just a few of the different components which may be included in your estate plan. You should speak with an attorney to discuss your family and financial situation as well as your goals for the future so you can create a detailed plan that works to meet your needs.
How can a Long Island Estate Planning Lawyer Help You?
The Law Offices of Kobrick & Moccia provides estate planning advice to clients in Garden City, Hauppauge, Harrison, and surrounding areas in Long Island. When you are ready to ensure you have control over your own destiny and your own legacy, give us a call at 800-295-1917. We’ll assist you in making full use of the legal tools you need to secure your future and to provide for loved ones after you are gone.