FAQ
Long Island Estate Planning FAQs
Comprehensive Legal Services from a Seasoned Attorney
When it comes to estate planning and probate, there are many questions that need answering. Our Long Island estate planning lawyer has compiled a list of frequently asked questions to help you better understand your situation. If you have any further questions, feel free to contact the Law Office of Jonathan P. Rubin at (585) 584-6093.
What is Estate Planning?
Q: What is estate planning?
A: Estate planning is the process of arranging for the disposal of an individual's assets after death. This can include a variety of legal documents and strategies to ensure that your final wishes are carried out and that your loved ones are provided for. It can also include planning for potential incapacity and the management of your assets if you are unable to do so.
Jonathan P. Rubin can assist you with creating a comprehensive estate plan that can include the following:
In addition to these documents, we can also help you protect your assets from creditors and minimize the amount of taxes your estate will owe.
What is Probate?
Q: What is probate?
A: Probate is the legal process of transferring an individual's assets after death. A will is the most common method for dictating how assets will be distributed, but any property that is not transferred through a will is transferred through probate. This process is overseen by a probate court and can be time-consuming and expensive, but it can be avoided with proper estate planning.
Our firm can help you plan your estate to avoid probate. For assets that must go through probate, we can help you navigate the process.
What is a Living Trust?
Q: What is a living trust?
A: A living trust is a legal document that allows an individual to place his or her assets into a trust during his or her lifetime. A trustee is named to manage the assets in the trust, and the assets are then transferred to the beneficiaries named in the trust after the individual's death. This process can be helpful in avoiding probate and ensuring that assets are distributed to the right people.
Our firm can help you create a living trust that is tailored to your specific needs.
What is the Difference Between a Will and a Trust?
Q: What is the difference between a will and a trust?
A: A will is a legal document that directs how your assets will be distributed after your death. A trust can be used to distribute your assets after your death as well, but it can also be used to manage your assets during your lifetime if you are unable to do so. A trust is also a private document and does not have to go through probate, while a will is public and does go through probate. Our firm can help you determine the best option for you and your family.
What is a Durable Power of Attorney?
Q: What is a durable power of attorney?
A: A durable power of attorney is a legal document that allows you to name an individual to manage your financial affairs if you become incapacitated and are unable to do so. This can include paying your bills, filing your tax returns, and managing your investments. This document can be an important part of your estate plan and can help ensure that your finances are managed properly if you are unable to do so.
Our firm can help you create a durable power of attorney that is tailored to your specific needs.
What is a Health Care Proxy?
Q: What is a health care proxy?
A: A health care proxy is a legal document that allows you to name an individual to make medical decisions on your behalf if you are unable to do so. This can include decisions about what medical treatments you will receive and where you will receive them. This document can be an important part of your estate plan and can help ensure that your medical wishes are carried out if you become incapacitated and are unable to communicate your wishes.
Our firm can help you create a health care proxy that is tailored to your specific needs.
What is a Living Will?
Q: What is a living will?
A: A living will is a legal document that allows you to specify what types of medical treatment you would like to receive if you become terminally ill or permanently unconscious and are unable to communicate your wishes. This can include decisions about life-sustaining treatment and organ donation. This document can be an important part of your estate plan and can help ensure that your medical wishes are carried out if you become incapacitated and are unable to communicate your wishes.
Our firm can help you create a living will that is tailored to your specific needs.
What is a Charitable Remainder Trust?
Q: What is a charitable remainder trust?
A: A charitable remainder trust is a legal document that allows you to transfer assets into a trust and receive income from the trust for a certain period of time. After the trust terminates, the remaining assets are then transferred to a charitable organization. This can allow you to receive an income stream for a certain period of time and receive a charitable deduction for the assets that will eventually go to charity. This can be a complex legal document to create, but our firm can help you every step of the way.
Our firm can help you create a charitable remainder trust that is tailored to your specific needs.
What is a Limited Liability Company?
Q: What is a limited liability company?
A: A limited liability company (LLC) is a legal entity that is created under state law. An LLC can be owned by one or more individuals, and it can be managed by the owners or by one or more managers. An LLC provides limited liability protection to the owners and can receive pass-through tax treatment. This can be a complex legal entity to create, but our firm can help you every step of the way.
Our firm can help you create a limited liability company that is tailored to your specific needs.