Estate Planning may be the most important task that you undertake for yourself and for your loved ones. Estate planning gives you peace of mind knowing that if something happens to you, your family will be financially cared for and that your business can continue without you.
What is Estate Planning? Estate Planning is making provisions and preparing for your death or possible incapacity, which is often unexpected. Additionally, creating an estate plan confirms that you decide who will be in charge of your person and property if you should become incapacitated or die. Importantly, if you fail to plan ahead and then become physically and/or mentally incapacitated a Court will be required to appoint a Guardian to take control of your person and/or property. The Guardianship process is costly, complex and time consuming and the Court decides who will become your Guardian.
The most important and useful estate planning tools include: Last Will and Testament, Health Care Proxy, Living Will, Power of Attorney, Statutory Gifts Rider, Post Mortem Declaration, Revocable and Irrevocable Trusts and Deed transfers. At Christina M. Panzarella, P.C., we tailor each client’s estate plan to the needs of the client. We understand that every person and every situation is different. Our goal is to find and create the estate plan that addresses the specific needs and address the issues of each client.
Trusts can be an extremely useful tool for many people. However, Trusts are not for everyone. Trusts should be tailored to the client’s specific needs and goals. Unfortunately, many people obtain “cookie-cutter trusts” that are useless for their purposes. Also, many people pay for a trust to be created but then fail to fund or properly administer the Trust. Christina M. Panzarella, P.C. can help you and your loved ones determine if creating a Trust is right for you. The following is a brief description of the different types of Trusts our attorneys can prepare for you:
Supplemental and/or Special Needs Trust: Provide financial support for someone with a persistent and chronic disability without interfering with their governmental benefits (Medicaid, social security disability, etc.) Special needs trusts are intended to supplement rather than duplicate or replace Medicaid benefits.
Medicaid Asset Protection Trust: Plan for the future by creating a Trust that will preserve your assets in the event you or your loved one needs Medicaid. This type of trust will protect your assets from being wiped out to pay for nursing home costs and uncovered medical expenses.
Living or Inter-Vivos Revocable Trust: This type of Trust can provide financial support for you and/or your loved ones if you should become incapacitated. For parents with young children this is an excellent way to ensure that their children’s financial needs will continue to be met even if the parent(s) become incapacitated. Additionally, such a Trust if properly written and funded can avoid probate. Living Trusts can facilitate the transfer of your assets to your loved ones immediately upon your passing without the need to go to Court to probate or administer an estate. Generally, Revocable Trusts can be easily amended and revoked, if needed.
Irrevocable Trust: Generally, such Trusts cannot be changed or revoked. There are many benefits to creating an Irrevocable Trust including avoiding probate, reducing your estate and/or income taxes.
Pet Trust: Provide for the custody and continued care of your beloved pets in case of your incapacity.
Testamentary Trust: A trust created in a Last Will and Testament that becomes effective upon one’s death. Testamentary trusts are an excellent tool for providing an inheritance for minor children.Our attorneys can also assist with amending Trusts and administering Trusts. Give us a call today!
If you were hurt in a car accident, slip and fall, trip and fall, dog bite, construction accident or any other type of accident that caused injuries we are here to help you get compensation for your injuries. We provide free consultations for such matters. Please call us to find out if you have a viable case.
Losing a loved one is difficult and stressful enough. Let Christina M. Panzarella, P.C., handle the complexities of preparing the petitions, paperwork and filings needed to set up your loved one’s Estate and to have an Executor or Administrator appointed. We have been successfully probating and administering all types of estates for our clients for more than a decade. Whether you need to obtain Letters Testamentary to appoint an Executor, Letters of Administration to appoint an Administrator, Letters of Trusteeship to appoint a Trustee, Letters of Guardianship to appoint a Guardian and/or Certificates of Voluntary Administration we can assist you.
There are many types of business ownership. Whether you are starting a new business or need legal help with an existing business our attorneys can assist you. We have helped many clients to create new businesses. We are able to help you form a corporation, LLC (limited liability company), partnership, sole proprietorship or any other type of business entity you desire. Additionally, we can prepare and amend business agreements, shareholder agreements, corporate minutes, by-laws, resolutions, waivers, notices, stock certificates and stock purchase agreements.
Leases are agreements which define the landlord and the tenant’s rights and responsibilities. Often leases are very difficult to read and understand. No one should sign a lease unless they understand what it means. Let our attorneys prepare, negotiate and/or review your lease so that you know exactly what you are getting yourself into and to help ensure that your rights are protected.
Do you or a loved one need to become Medicaid eligible? Medicaid laws are complex and ever changing. We can help guide you through the process of applying for and obtaining Medicaid. Whether you or your loved one needs Community Medicaid or Nursing Home Medicaid, our attorneys can assist you. We can also assist you with asset protection planning with a Medicaid Asset Protection Trust and other types of planning.
Whether you are buying or selling a house, condominium, cooperative apartment or commercial property we can assist you. We have successfully handled hundreds of real estate transactions over the years. We handle all aspects of the transaction from preparing and negotiating Contracts to attending closing. Additionally, our attorneys order and review title reports, assist with obtaining title insurance, clearing title issues, obtaining permits, Certificates of Occupancy and Certificates of Completion.
Christina M. Panzarella, P.C., can assist you with all types of deed transfers including adding or removing an owner and creating Life Estates.