PLANNING WITH WILLS A Will is presumptive evidence of your wishes after your death. A properly executed Will streamlines the transfer of your assets by specifying beneficiaries, nominating an Executor to oversee your estate administration, and addressing potential family and tax issues.
Having a Will to address the custody and financial security of minor children is especially important. Absent specific planning, assets might not be readily available to assist a minor child or might pass to that child as soon as they become a legal adult at age 18.
When someone dies without a Will, their heirs have no direction. In those cases, state law dictates who can act as Executor and who will receive shares of your estate. This process can often become complicated if family members are in conflict, and incur substantial expense due to litigation.
PLANNING WITH TRUSTS Trusts are increasingly common in today’s estate planning world. Living Trusts are trusts created while you are living and funded during your lifetime; Testamentary Trusts are trusts that are created by your Will after your death and may be funded in a variety of ways. Whether a trust is a Living Trust or a Testamentary Trust, it can fulfill a variety of purposes including: estate tax reduction, asset management, asset protection for inheriting individuals, providing for second spouses while preserving assets for the children of the first marriage, providing for individuals with special needs (and enabling them to have supplemental funds to add to their lives, without reducing government benefits), probate avoidance, reduction of administration costs of estates, generational purposes, and a variety of specific other purposes.
Trusts offer many advantages over outright ownership by your heirs, and we would be honored to explore these advantages and your particular needs with you.
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RICHARD A. KROLL ATTORNEY
Richard A. Kroll, Esq. has an active practice in the area of Estate Planning, Trusts, and Probate. He is a member of the... View More
CAROLYN A. REARDON ATTORNEY
Private practice in Rochester, New York with the Kroll Law Firm since 2007, a group practice in Brighton, New York with emphasis on... View More
MARCUS W. KROLL ATTORNEY
Marcus's practice involves estate planning for all families, including LGBT couples, second marriages, and families who have members with... View More
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