WILLS & TRUST/ PROBATE
Wills, Trust and Probate Administration :
To meet our client's planning needs, we design and prepare wills, testamentary, irrevocable, revocable and "living" trusts, durable powers of attorney, family partnerships, corporations, LLC's and recapitalizations for gift making purposes, and where appropriate, recommend asset title changes. In addition, we assist clients in elder law planning, including Title XIX and Medicaid issues, and the preparation of living wills, durable powers of attorney, health care agent appointments and contingent appointments of conservators, as well as guardianship and conservatorship probate proceedings.
The Firm also represents estates and estate beneficiaries, and has served as Special Counsel to bank Executors and Trustees, in Probate Courts throughout the state. This often requires preparation and filing of state succession and estate tax returns, federal estate tax returns, and state and federal gift tax returns, as well as handling the tax audits of those returns.
Our Firm has been preparing wills and estate planning instruments since Bernard Pellegrino first hung his shingle in 1929. Our expertise in tax laws permits us to prepare estate plans that avoid death taxes while preserving family assets for the surviving spouse. We analyze our clients' needs and wishes and determine their death tax and probate exposure. We keep up with all the current gift, capital gain and death tax laws so we can provide you with all of the tax consequences which will enable you to make appropriate decisions for your estate plan.
To meet our client's planning needs, we design and prepare wills, testamentary, irrevocable, revocable and "living" trusts, durable powers of attorney, family partnerships, corporations, LLC's and recapitalizations for gift making purposes, and where appropriate, recommend asset title changes. In addition, we assist clients in elder law planning, including Title XIX and Medicaid issues, and the preparation of living wills, durable powers of attorney, health care agent appointments and contingent appointments of conservators, as well as guardianship and conservatorship probate proceedings.
The Firm also represents estates and estate beneficiaries, and has served as Special Counsel to bank Executors and Trustees, in Probate Courts throughout the state. This often requires preparation and filing of state succession and estate tax returns, federal estate tax returns, and state and federal gift tax returns, as well as handling the tax audits of those returns.
As the elderly population grows there is more and more concern about how they will pay for future medical needs. Our Firm stays current with Medicaid laws to educate our clients so they can best plan for long-term care expenses while maintaining family assets. Since there is so much misinformation circulating among the senior citizen population it has become one of our missions to educate our clients about Medicaid. There are limited planning techniques available which everyone should take advantage of. No one should find themselves in the position where they have saved every penny they earned and spent it on nursing home care, while the patient in the bed next to them never spent a cent on their identical care, because they qualified for benefits at an earlier date. We help our clients to understand that the purpose of Medicaid is to provide medical care to indigent persons. Eligibility is therefore predicated upon the income, and assets of the applicant. Because the program is for indigents, applicants are not permitted to have a substantial amount of assets. We simplify the rules for our clients and make certain that they take advantage of every exception they are entitled to. We utilize gifting techniques so that our clients become eligible for Medicaid benefits without losing the family farm.
It is all too common that pet owners do not know how to provide for their pets after they pass away. Most hope that one of their family members or close friends will provide care for their pet. That may or may not be the case. The cost of providing care for our pets has increased as technology has developed. It is not uncommon for a pet to require surgery, medication or a special (sometimes costly) diet. Most pet owners today would choose to incur the cost of repairing broken bones and fixing other ailments for their pets. Not too long ago we did not have such choices and sick pets were put to sleep. Veterinarians are able to perform medical procedures today that weren't offered 5 and 10 years ago. That explains the increase in pet owners purchasing pet health insurance.
Have you thought of who will care for your pet? Does that person have the funds to care for your pet as you would? A healthy pet can cost a couple of thousand dollars a year to maintain. Will that cost be a financial burden to who ever cares for your pet? Your pet is a member of your family and should be provided for as other members of your family. A recent trend in the estate planning field has been to create a trust in your Will that will set out who shall care for your pet, what measures should be taken to care for your pet and the funds needed to carry out your wishes. Many pet owners who don't have the funds to set up a trust for their pet will obtain a low cost, term, life insurance policy. When you pass away the policy amount could fund the trust and be available for your pet's needs. If your pet passes away prior to using all of the money in the trust, many pet owners will leave the balance in the trust to a charity organization to help other pets that are not as fortunate.
