Estate Planning: Preparing for the Future
Everyone should prepare for the future. While there are few things certain in life, each of us knows that one day, we will pass on. By just taking the simple step of writing a will, you can do a tremendous service to your children, grandchildren, dependents, and any cause or organization you personally care about.
I am David G. Wallace, a Bath, New York attorney with more than 30 years of experience helping clients solve legal problems, meet goals, and prepare for the future. To schedule an initial consultation at my law firm, David G. Wallace, P.C., call 607-583-3062 or contact my online.
Different Options and Tools for Estate Planning
By using a few common estate planning instruments, clients can prepare for both the inevitable and the unexpected:
- Wills and Trusts: a will tells your survivors and the State where to distribute your assets in probate court after your death. A trust allows you to avoid probate by detailing how and when division of assets should occur.
- Special Needs Trusts: if you want to leave behind money to support a child with special needs (or even one who just handles money irresponsibly) you can set up a special needs trust to pay out money in controlled increments, providing for a long-term source of care.
- Charitable Trusts: you can leave money to any charity of your choosing.
- Powers of Attorney: you can designate someone you trust (often a spouse) to make decisions about your healthcare and finances in case you ever become unable to do so yourself. This is part of my office's elder law service.
I also help clients with estate planning issues like asset protection and Medicaid planning. You can move assets into a trust and out of your name so that, if you ever start receiving Medicaid benefits, the government can't take those assets as a form of repayment. However, moving assets into a trust may disqualify you for Medicaid for five years, so you need to do it early.
Every client's situation is different. As an experienced lawyer, I can help you evaluate your current situation and achieve your estate planning goals. To schedule an initial consultation, call 607-583-3062 or contact me online today.
