Estate planning is the process of preparing for the transfer of a person’s wealth and assets after his or her death. Assets, personal belongings, life insurance benefits, pensions, real estate, cars, and debts are all part of one’s estate. We can advise you of the best way to distribute your assets and responsibilities so that your loved ones are taken care of, and your wishes are clear.
Tax Planning is the analysis of an Estate Plan from a tax perspective. The purpose of Tax Planning is to ensure that the elements of your Estate Plan work together in the most tax-efficient way possible. At The Law Office of Marina Dvorkin, our team can review your financial situation to create a plan that helps you and your loved ones to keep more of your assets.
A Trust is a legal document that creates a relationship in which one party, the Trustor, gives another party, known as the Trustee, the right to hold property or assets for the benefit of a third party, the Beneficiary. Trust can be used as part of an Estate Plan to help minimize taxation and ease the process of transferring assets.
A Trust can be revocable or irrevocable.
- Irrevocable Trusts are easier to understand. Property placed into an Irrevocable Trust cannot be retrieved. For all intents and purposes, the property belongs solely to the Trust.
- With a Revocable Trust, property placed can be removed and the Trust can be terminated sometime in the future.
Often the provisions of a revocable Trust call for the Trust to become an Irrevocable Trust at the time of death of the Trustor.
At the Law Office of Marina Dvorkin, we assess the need for one or more Trusts as a mechanism for seamlessly transferring your assets and can then establish those Trusts as part of your overall plan.
A Will is a legal document that communicates a person’s final wishes concerning assets, property, and dependents. Without a Will, you leave your wishes to interpretation, or subject to be distributed as determined by law. We can help you draft a Will that clearly conveys your wishes. Our specialized knowledge in this area enables us to advise you on all matters pertaining to your Will.
Power of Attorney
Power of Attorney is a legal document giving one person the power to act on behalf of another person. You may want to establish Power of Attorney to allow another individual to act on your behalf in a particular situation. You will also want to set up a durable Power of Attorney. This means that the POA (Power of Attorney) document remains in effect if you become incapacitated and unable to handle matters on your own. This is a crucial element to your plan. Imagine if you became incapacitated and no one was legally designated to handle your day to day affairs- including banking, paying bills, and running a business.
A healthcare proxy is a legal instrument in which a patient appoints someone to legally make healthcare decisions on their behalf when they are incapable of doing so. Similar to the Durable Power of Attorney, you do not want to put your loved ones in the position of needing to make a crucial decision about your healthcare, but not having the knowledge of your wishes or legal standing to be able to do so.
Elder Law and Medicaid Planning
Seniors may face financial challenges at the time in their lives when they may need significant medical care or support. There are several government benefits and healthcare programs available, but it is often necessary to strategize carefully to receive the maximum possible benefits. A major aspect of Elder Law involves Medicaid Planning and eligibility. In addition to understanding the complexities of the Medicaid program, which varies by state, our firm will suggest legal strategies to help older people qualify for benefits. Attorney Dvorkin can review your personal situation and help you navigate through the complexities of these programs to give you peace of mind.
Representation for Sale of an Estate
The Law Office of Marina Dvorkin can represent your interests after your passing to help administer your Will and sell your estate. Our compassionate and efficient process will provide the most benefit to your loved ones with the minimum of stress.
Our goal in virtually all cases is to achieve an amicable solution. We are fair and respectful to all parties, but always have your best interests in mind along with the needs of any children that are involved. We try to mediate cases, but we are prepared to go to court if needed.
We provide you with cost-effective and comprehensive Family Law counsel on a wide range of situations, including:
- Divorce & Uncontested Divorce
- Child Custody
- Child Support
- Pre-Nuptial and Post-Nuptial Agreements
Special Needs Trust
A Special Needs Trust is a way to take care of someone you love who has a disability- even if you are not their primary guardian or caretaker. The Special Needs Trust lets you pass assets to a disabled person without affecting their eligibility for government programs.
If you have a disabled person in your life and want to make sure they are provided for after your passing, contact Attorney Dvorkin for more information about a Special Needs Trust.
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- Real Estate Law