Law Offices of Lawrence Cohen  PC - Your Family's Most Trusted & Caring Advisor

200 Broadhollow Road - Suite 207, Melville, NY 11747

North Shore Towers & Country Club, 272-36 Grand Central Parkway, Suite C, Floral Park, NY 11005

Estate Planning

protection & preservation of assets

COMPREHENSIVE ESTATE PLANNING

No one likes to think about illness, disability or death, but they are unavoidable parts of growing old. Your loved ones will be saved from trouble and grief by planning now for inevitable life events. Comprehensive Estate Planning includes protection and preservation of assets – and a person’s dignity. A comprehensive Estate Plan can have many components, however there a few basic essentials that every estate plan must include. Every Estate Plan must include Advance Directives which will allow you to select the person who will make healthcare and financial decisions for you in the event that you are unable to do so for yourself due to incapacity. Your Advance Directive documents will include a Healthcare Proxy, Living Will and a Durable Power of Attorney.

LAST WILL & TESTAMENT

In addition to the Advance Directives, every comprehensive Estate Plan will include a Last Will & Testament which will allow you to determine the beneficiaries of your estate and who your executor will be, to administer your estate. It will also allow you to establish trusts for a loved one so that your assets are held for them in a protected way. For example, a Supplemental Needs Trust can protect your assets for a surviving spouse or a child with special needs so that they can continue to receive governmental benefits such as Medicaid. Most important for seniors that are concerned about the extreme high cost of Long Term Care, we can skillfully implement Medicaid Planning through the use of a Medicaid Asset Protection Trust to protect your assets for you and your family. For those individuals with Taxable Estates, we can implement strategies to minimize or eliminate estate taxes.

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Living Trusts

To accomplish the goal of avoiding the high cost, extensive delay, and the lack of privacy caused by Probate, a Trust is the most sought after estate planning tool. Although Trusts have more upfront costs over a traditional Will, a Trust has many benefits, which include asset protection, tax reduction, probate avoidance and cost savings. A Revocable Living Trust is a complete Will substitute and allows you to entirely maintain control over your assets, with the freedom to change the terms at any time during your lifetime. A big benefit is the designation of a backup Trustee, who will have the ability to seamlessly step in and manage your assets and provide for your needs if you become incapacitated or disabled. Unlike a Will, a Revocable Living Trust provides continuity in the management of your affairs after your death, and your assets will go directly to your beneficiaries without delay and with complete privacy, no court costs, and significantly reduced attorney fees.

Let Our Office Help You & Your Family with All of Your Estate Planning Needs

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