Regardless of the size of the assets, a prudent planner always reviews their assets to insure that they are protected both before and after they are no longer here. The law has many ways of protecting yours assets which can be readily accomplished without great expense. One of those techniques is a Living Trust which would help to avoid estate taxes as well as the fees involved in probate of a will. Although there are many kinds of trusts, in New York State, basically, there are only two kinds, Revocable, and Irrevocable. An Irrevocable trust will protect against creditors, including the government. This kind of trust goes hand in hand with Medicaid planning and other kinds of estate considerations.
Both varieties of trusts would help avoid the lengthy process of probating a will, but a careful review of the kind and nature of the asset to be protected must also be considered. At the Law Offices of Lewis C. Edelstein, Esq., P.C., we specialize in Estate/Trust preparation. We provide in-depth analysis of the assets to be protected, and the best ways of avoiding unnecessary taxes. Such estate planning is instrumental in avoiding claims from creditors, including claims by the government against the individual or the individual's estate.