Frequently Asked Questions About Estate Planning

Do you work with clients who are not LGBTQ+?

Yes. We welcome individuals, couples, families, and business owners from every background. Our firm has particular experience serving LGBTQ+ clients and families, but our services are available to everyone. Each engagement begins with learning about the client’s relationships, concerns, property, and goals.

What is a last will and testament?

A will states how property passing through your probate estate should be distributed after your death. It also nominates an executor to administer the estate and may nominate guardians for minor children. A will generally must be filed with the appropriate court before the executor receives authority to act. Assets with a surviving joint owner, valid beneficiary designation, or properly funded trust may pass outside the will.

Do I need an estate-planning attorney?

Not every situation requires the same level of legal assistance. However, estate-planning documents can affect probate, taxes, beneficiary rights, property ownership, incapacity, and family decision-making.

An attorney can identify issues that standardized forms may not address, explain the available choices, and coordinate the documents with your assets and beneficiary designations. Legal advice is particularly valuable when a family structure, asset, business interest, or planning objective is not straightforward.

How much does estate planning cost?

The cost depends on the work required, the documents selected, the complexity of the assets and family circumstances, and whether tax, long-term-care, business, or trust-funding advice is needed.

After we understand the proposed scope, we explain the applicable fee before the engagement begins. If additional work becomes advisable, we discuss its scope and cost before proceeding.

What is a trust?

A trust is a legal arrangement under which a trustee holds and administers property according to written terms for one or more beneficiaries.

A revocable trust may allow the person creating it to retain control during life and designate a successor trustee to act after incapacity or death. It can avoid probate only for assets that are properly transferred to or otherwise directed to the trust.

Trusts can also be used for beneficiary protection, special-needs planning, tax planning, charitable objectives, or long-term-care planning. The legal, tax, creditor, and Medicaid consequences depend on the trust terms, the assets involved, and applicable law.

Is estate planning only for wealthy people?

No. Estate planning can be important whenever someone wants to choose who will manage financial or health-care decisions, receive property, care for minor children, or administer an estate.

For families with limited resources, avoiding preventable delay and expense may be especially important.

What happens to my estate plan if I move?

Moving to another state does not necessarily invalidate documents properly executed under another state’s law, but state rules differ regarding probate, trusts, marital rights, powers of attorney, health-care directives, taxes, and document execution.

After a permanent move, have an attorney licensed in the new state review the plan. Our firm advises clients regarding New York and New Jersey law.

Frequently Asked Questions About Planning for Minor Children

Is naming a guardian in my will enough?

A will is an important part of guardianship planning, but it may not address every circumstance. Parents may also want written instructions identifying trusted adults who can assist during a short-term emergency before a court-appointed guardian is available.

Financial planning for children is separate. A will or trust should also address who will manage inherited property, under what standards, and for how long.

Should parents work with an attorney?

An attorney can help parents coordinate guardian nominations, temporary-care arrangements, beneficiary designations, and trusts for children.

Legal advice is particularly useful when parents are unmarried, separated, part of a blended family, concerned about a proposed guardian, or leaving assets to young or vulnerable beneficiaries.

How much does planning for children cost?

The fee depends on whether the engagement involves guardian nominations alone or a broader estate plan containing wills, trusts, powers of attorney, health-care documents, and financial protections for children.

We provide the proposed scope and fee after learning about the family’s needs.

How does planning for children fit into an estate plan?

Planning for minor children commonly includes guardian nominations, instructions for an immediate emergency, and provisions governing inherited property.

These provisions form part of a broader estate plan that also addresses incapacity, asset transfers, beneficiary designations, and estate administration.

Frequently Asked Questions About Asset Protection

What assets may receive creditor protection?

The answer depends on the type of asset, how it is titled, applicable federal and state law, the owner’s residence, and the nature and timing of a creditor’s claim.

Certain retirement benefits, insurance products, jointly owned property, business entities, and properly structured trusts may receive protection in particular circumstances.

Transferring property can produce gift, income-tax, estate-tax, Medicaid, control, and fraudulent-transfer consequences. No transfer should be made without reviewing the client’s current and reasonably foreseeable obligations.

Do I need an attorney for asset-protection planning?

Asset-protection strategies are highly dependent on timing and individual circumstances. An attorney can evaluate the governing law, existing risks, business structure, asset ownership, and tax consequences.

Planning intended to hinder, delay, or defraud an existing or anticipated creditor may be ineffective and unlawful.

How much does asset-protection planning cost?

The cost depends on the assets, jurisdictions, potential risks, and planning structures involved. Some matters require only advice or changes in ownership and insurance; others involve entities, trusts, contracts, or coordination with tax and financial professionals.

We define the work and fee after an initial assessment.

Are retirement accounts protected from creditors?

Many employer-sponsored retirement plans receive substantial protection under federal law, but exceptions apply.

Protection for traditional and Roth IRAs may depend on federal bankruptcy law, state law, the source of the funds, and the type of claim. A plan should be reviewed before relying on any retirement account as protected.

Does asset-protection planning guarantee that property cannot be reached?

No. A lawful plan may reduce exposure, but no attorney can guarantee protection against every creditor or legal claim.

Results depend on the governing law, the planning completed, the client’s retained rights and control, the timing of transfers, and the facts of a future dispute.

Frequently Asked Questions About Special-Needs Planning

What is a supplemental-needs or special-needs trust?

These trusts are designed to hold property for a person with a disability while preserving access to means-tested public benefits when the applicable requirements are satisfied.

Different rules apply depending on whose property funds the trust, the beneficiary’s age, the benefit program, and whether repayment to a government agency is required at the beneficiary’s death.

Should I use an attorney for special-needs planning?

Professional guidance is strongly recommended. A poorly structured gift, beneficiary designation, or trust distribution can affect eligibility for public benefits.

The attorney may also need to coordinate with benefits counsel, a financial adviser, a care manager, or other professionals.

How much does special-needs planning cost?

The cost varies with the type of trust, funding source, family circumstances, benefits involved, trustee arrangement, and related estate-planning work.

We explain the proposed scope and fee after evaluating the relevant facts.

How much may my child receive in government benefits?

Eligibility and benefit amounts depend on the particular program and the beneficiary’s income, resources, disability status, living arrangement, and other facts.

Program rules and payment amounts can change. A benefits analysis must therefore be based on current law and the individual’s circumstances.

How can I provide practical information to a future caregiver or guardian?

Parents and caregivers may prepare a nonbinding letter of intent describing the person’s medical providers, medications, education, routines, communication needs, preferences, relationships, housing, and long-term goals.

The letter should be reviewed periodically and stored where the appropriate people can locate it. It supplements—but does not replace—legal documents and professional care planning.

Frequently Asked Questions About Elder Law and Long-Term-Care Planning

Can I own a car and still qualify for Medicaid?

Possibly. Medicaid treatment of a vehicle depends on the program, jurisdiction, household, use of the vehicle, and current eligibility rules.

Because Medicaid standards change and differ between community-based and institutional care, eligibility should be reviewed using current rules rather than a general assumption based on the vehicle’s value.

Do I need an elder-law attorney?

Elder-law matters can involve Medicaid, Medicare, long-term-care services, retirement income, asset transfers, taxes, incapacity, guardianship, and spousal rights.

Legal advice can help identify how a proposed decision in one area may affect another. Depending on the matter, the attorney may coordinate with accountants, financial advisers, care managers, and benefits professionals.

How much does elder-law planning cost?

The fee depends on the client’s objectives and urgency. Reviewing existing documents differs from preparing a new estate plan, applying for benefits, establishing and funding a trust, or responding to an immediate care need.

We explain the proposed work and fee after evaluating the circumstances.

What is a Medicaid asset-protection trust?

A Medicaid asset-protection trust is generally an irrevocable trust designed to hold certain assets as part of advance long-term-care planning.

Whether property in the trust is treated as available, whether a transfer creates a period of ineligibility, and what rights the person creating the trust may retain depend on the trust terms and the Medicaid program involved.

These trusts involve significant restrictions and may affect taxes, control, access to principal, real estate, and future planning. They are not suitable for every person or every asset and should not be created without individualized legal and tax advice.

How does elder law differ from estate planning?

Estate planning generally addresses incapacity, administration at death, and the transfer and management of property.

Elder law may include those subjects but also focuses on aging, long-term-care options, public benefits, health-care decision-making, guardianship, retirement issues, and protection of a spouse or dependent family member.

When should I consider long-term-care planning?

Planning is usually more flexible when completed before a health crisis. There is no single appropriate age.

Relevant considerations include health, family history, insurance, income, assets, housing, retirement plans, and anticipated sources of care. Anyone facing an immediate diagnosis or care need should seek advice promptly because some planning opportunities are time-sensitive.

Frequently Asked Questions About Business Law

Does every business owner need an LLC?

No single entity is right for every business. An LLC, corporation, partnership, sole proprietorship, or other structure may be appropriate depending on liability, ownership, licensing, tax treatment, management, financing, and administrative cost.

Forming an entity alone does not guarantee personal-liability protection. Owners must also observe legal formalities, keep business finances separate, maintain appropriate insurance, and avoid personal guarantees when possible.

Why should I consult an attorney if I already have an accountant or financial adviser?

Each professional has a different role. Accountants advise on accounting and tax matters, and financial advisers address investments and financial strategy.

Attorneys advise on legal rights, entity governance, contracts, employment matters, regulatory obligations, transactions, liability, and succession. Coordinating these perspectives can produce a more complete business strategy.

How much do business-law services cost?

The cost depends on the requested work. An entity formation, contract review, ownership agreement, compliance project, transaction, and ongoing general-counsel relationship each require a different scope.

We discuss the proposed services and fee before beginning the engagement.

What is an S corporation?

An S corporation is a federal tax classification, not a separate type of state-law entity. An eligible corporation or LLC may elect S corporation tax treatment if it satisfies applicable requirements.

Whether the election is beneficial depends on the company’s ownership, income, payroll, distributions, state taxes, administrative costs, and other circumstances. The decision should be coordinated with an accountant or tax adviser.

Does a side business need legal planning?

Even a small or part-time business can create contractual, tax, intellectual-property, licensing, privacy, employment, and liability issues.

The appropriate level of planning depends on the activity and risk. At minimum, the owner should consider entity structure, separate financial records, written agreements, required permits, insurance, and tax compliance.

Are legal and professional fees deductible?

Some ordinary and necessary business expenses may be deductible, but the treatment of legal, accounting, insurance, and financial-advisory fees depends on the nature and purpose of the expense.

Certain organizational, capital, personal, or mixed-purpose expenses may be treated differently. Clients should retain invoices and consult their tax professional regarding deductibility.

This page provides general information and is not legal, tax, financial, or benefits advice. Laws and program requirements vary by jurisdiction and change over time. Reading this page does not create an attorney-client relationship.