Nassau County Wills and Trusts Lawyers
Long Island Estate Planning Attorneys · Nassau County Charitable Trust Lawyer
McCoyd, Parkas & Ronan LLP, is an estate planning law firm serving individuals and families in Nassau County, the New York City metro area and throughout the region. When it comes to writing a will or setting up a trust, every strategy and situation is unique because every client has a unique set of circumstances. Because of our extensive background in taxation and in resolving litigation related to wills and trusts, we approach wills and trust planning both from a tax-sensitive posture and an awareness of the need to minimize the potential for successful attacks by disgruntled heirs. That means making sure the language is clear, concise and legally airtight.
Individuals and families turn to our firm for all of their estate planning needs. Contact us to talk to one of our experienced attorneys today.
Why Do You Need a Will?
A will ensures that a person’s wishes regarding the transfer of their wealth at death are fulfilled. While state law does provide a framework for the distribution of a person’s assets upon his or her death in the absence of a will, that framework may not be consistent with the person’s true wishes. A will also allows you to choose the person who will be responsible for administering your estate. You particularly need a will if you have minor-age children in order to designate guardians of their person and their property.
Why Do You Need a Trust?
By establishing a trust, you can determine the exact conditions under which your assets will be distributed to beneficiaries you name in the trust. When you fund a trust, you are placing the trust assets in the hands of the trustee, who is responsible for overseeing the administration and distribution of assets under the specific terms of your trust. Some common types of trusts include revocable living trusts, charitable trusts, split-interest trusts, and insurance trusts.
In addition to setting up a trust, we also offer complete trust administration services and can work with a trustee to ensure compliance with the terms of the trust, other aspects of fiduciary responsibility.
Special Estate Planning Options
Our attorneys are ready to help you with an individual need, such as a simple will, or we can put together an affordable package that includes:
- Health care proxy with HIPAA authorization
- Advanced health care directives
- Designation of a guardian
- Power of Attorney
Estate Tax Planning
Our firm has handled complex estates worth millions of dollars as well as smaller estates whose administration is relatively straight forward. We understand New York and federal estate tax laws and know what strategies will help to minimize the impact of these taxes on your assets. We investigate every strategy to protect your assets from high taxes now, and to keep your surviving family members from having to deal with burdensome tax issues upon your death.
Retirement Asset Preservation
After 30 or 40 years, it is not unusual for a working couple to accumulate several million dollars in retirement savings. We will help you to minimize the combined impact of estate taxes and income taxes on these savings at death. Contact our Nassau County wills and trusts attorneys to arrange an initial consultation.