Levittown Estate Planning Lawyer
Protect Your Assets & Your Future
Levittown is a hamlet in the town of Hempstead, located within Nassau County, New York on Long Island. Levittown was named after its builder, Levitt & Sons, Inc. which was founded by Abraham Levitt in 1929, who was responsible for building the planned community between 1947 and 1951. Levittown is unique in that it's the first mass-produced suburb and is widely regarded as a typical example for postwar suburbs throughout the nation.
At the Law offices of Steven M. Adler, PLLC, our Levittown estate planning attorneys have been assisting the residents of Levittown with their estate planning needs for over 30 years. An estate plan is not just for the wealthy, for virtually everyone can benefit from planning for their futures. Even working class families that strive to own a home or put their children through college can benefit dramatically by learning how to protect their assets and plan for their long-term care.
Your estate consists of everything that you own, from your home to your automobiles, to your bank accounts, insurance, jewelry, and even your prized stamp collection. No matter how big or small your estate is, the tax burdens, legal fees and court costs against your estate can be minimized and your beneficiaries can receive more by implementing important, time-tested strategies.
Other benefits of estate planning include:
- You can name a guardian for your minor children
- You can appoint an agent to make health care and financial decisions for you if you become incapacitated through advance directives
- You can establish insurance policies to go to named beneficiaries
- You can decide who gets what property and when
- You can choose an executor to administrate your estate
- You can plan for your long-term care
- You can plan for Medicaid
- If you're wealthy, you can shield your assets from potential lawsuits
- You can arrange for a trustee to manage an adult child's inheritance if they are irresponsible with their finances
- You can maximize the value of your estate while minimizing taxes
We Represent Personal Representatives with Administration
Once someone passes away, their estate will go through probate if there was a will and alternately, through administration if there was no will. If the decedent died with a trust, their estate will need to be administered by the trustee, but if there were any probate assets that were not moved into the trust, then probate and trust administration may be required to transfer the title from the decedent's assets to the beneficiaries.
Personal representatives, otherwise known as executors, administrators, and trustees have an enormous responsibility to settle the decedent's estate. The duties of the personal representative include paying off claims against the estate, producing periodic accountings to the court, notifying creditors, filing the decedent's final state and federal income tax return and paying estate taxes where applicable. With this responsibility comes a liability as well, and if a personal representative makes a mistake, he or she can be held personally liable for any harm done to the estate; therefore, it's very important to hire a probate attorney from our firm to represent your interests and guide you through your duties.
For further assistance, we encourage you to contact our office at (516) 740-1184 to discuss your legal matter and how we can be of service to you.