Estate Planning

New York, New Jersey and Pennsylvania Estate Planning and Asset Protection Attorney

New York City: Brooklyn, Manhattan, Queens, Staten Island, the Bronx and Long Island.

What is Estate Planning? Estate planning is developing the strategy for the distribution of your property and wealth to your selected beneficiaries (usually children and grandchildren), protection of your assets from creditors, and maximizing the tax advantages available from the federal and state governments. Estate planning should begin with a thorough discussion of your financial goals and your wishes regarding the disposition of your property and wealth. For estate planning purposes, will, trusts, estates, and some other mechanisms can be used to achieve the result that fits your objectives best. I can help you through this difficult process and develop an estate plan tailored to your individual goals and needs.

Please click on the images next to the practice areas to learn more.

I offer counseling and services in the following Estate Planning areas:

Wills:

  • Developing an estate plan tailored to your individual goals.
  • Drafting and executing wills that reflect your intent to distribute your wealth and property.
  • Revising and revocation of wills.
  • Joint wills (husband and wife).
  • Powers of appointment and powers of attorney.
  • Probate services (probating a will) and estate administration.
  • Advance health care directives, including living wills and powers of attorney for health care.
  • Inheritance issues and disputes over estates of people who died intestate (without a will).

Trusts and Estates:

  • Developing an estate plan tailored to your individual goals.
  • Drafting and executing trust documents:
    • Lifetime and testamentary trusts; revocable and irrevocable trusts; tax advantage trusts; Bypass Trusts, Qualified Terminable Interest Property (QTIP) Trusts, Totten Trusts, and Crummey Trusts.
    • Support trusts for the support of named beneficiaries and discretionary trusts.
    • Private, charitable, and honorary trusts.
  • Revising trusts (where possible).
  • Protection of assets from creditors.
  • Powers of appointment and powers of attorney.
  • Trust and estate administration.
  • Inheritance issues and disputes over estates of people who died without a will or trust.

Definitions:

Will - last will and testament by which a person provides for a transfer of his wealth and property after his or her death.
Testator - the person who creates a disposition of property by a will.
Intestate - a person who dies without a will.
Executor - a person named in the will who will carry out the terms of the will.
Probate Proceeding - a court proceeding to administer the property of the testator.
Probate Estate - assets held in the decedent's name alone that do not pass by operation of law and that are administered in accordance with the decedent's will.
Trust - an arrangement for making gifts of property and for the management of assets (property held by one person as a trustee for the benefit of another).
Trustee - the person appointed to hold and manage property in trust for the benefit of another. The trustee holds the legal title of the trust property and the burdens of ownership (duty to manage, safeguard, and invest). The trustee may receive fees for his or her services, usually a small percentage of the estate value defined in the trust instrument.
Settlor - person who sets up the trust.
Beneficiary - the person for whom the trust is set up. The beneficiary holds the equitable title of the property and enjoys the benefits of the ownership.
Estate - (1) an arrangement for passing property (somewhat similar to trusts because property passes as a gift), such as a life estate; (2) an overall term for inheritance left by someone in a will and/or trust.

If you are looking for wills, trusts and estates, please contact attorney Leonid Mikityanskiy at our Brooklyn office at 718-256-3210