High Net Worth Estate Planning Serving Families Throughout Melville

High-Net-Worth Estate Planning in Melville, NY

As a high-net-worth individual, you have unique estate planning needs. Your goals likely include limiting or reducing potential inheritance taxes, preserving wealth for future generations, and ensuring your long-term care needs don’t negatively impact the estate’s value.

Fortunately, a Melville, NY, high-net-worth estate planning lawyer can help you reach your goals, thus eliminating stress when thinking about the future.

As a small firm, we’re able to take a hands-on approach when customizing estate plans for high-net-worth individuals. At the same time, our resources and assets are similar to that of a larger firm. Thus, you will have all the tools you need when using our firm, along with one-on-one support. Contact us today to discuss your needs and goals to formulate a legal strategy to protect your wealth.

High-Net-Worth Asset Protection Trusts

High-net-worth individuals often benefit from asset protection trusts. Our Melville, NY, high-net-worth estate planning lawyer can assist with:

Irrevocable life insurance trusts
Intentionally defective grantor trusts
Qualified personal residence trusts
Charitable remainder trusts
Spousal limited access trusts

These are just some of the options at your disposal. Our firm will help you choose the right vehicle to protect your assets.

Why Choose Schneider, Garrastegui, & Fedele, Pllc?

Hyper-focused on Your Needs – While some firms dabble in numerous practice areas, we focus on elder law and real estate. Our limited scope of practice allows us to stay up-to-date and provide hyper-focused, client-centric legal services.
Highly Rated – Our firm has accumulated numerous 5-star reviews on Google, Facebook, Yelp, and Avvo.
Two Locations to Serve You – Visit our fully staffed Class A office space in Melville, NY, or make an appointment at our satellite office in Hauppauge, NY.
Small Firm with Big Firm Assets – As a small firm, you can expect hands-on, customized service with us. At the same time, our assets are comparable to a much larger firm, so we have the resources to help clients of varying and even challenging needs.
Bilingual Support – With both English and Spanish-speaking staff and attorneys, you’ll feel at home at our firm.

Family Limited Partnerships And Estate Planning

Your Melville, NY, high-net-worth estate planning lawyer can help you form a family limited partnership to preserve your assets. After establishing the partnership, you can transfer assets to it, thus removing them from your estate. Then you can gift interests in the limited partnership to your beneficiaries, including your children.

You can use the partnership to send gifts up to the annual gift tax exclusion. Additionally, you can receive a tax discount for additional gifts that go over the threshold. Finally, the assets inside the partnership are protected from creditors and other litigants. Thus, if someone wins a judgment against you in court, you won’t have to worry about those assets being seized, as long as you don’t transfer them after being served with a lawsuit.

Contact our firm to learn more about family limited partnerships and other legal options. After discussing your goals, our firm can help you craft a strategy.

Avoiding Probate

Probate is time-consuming, complicated, and opens estates up to legal challenges. Thus, many New York residents take steps to avoid probate. Your high-net-worth estate planning lawyer can help you create one or more trusts to hold your assets. The assets inside the trust are not subject to probate, so you can keep the proceedings private.

Still, it’s wise to include a will as part of your estate plan. Without a will, any assets you forget to include in the trust will have to go through probate. Then they’ll be distributed based on the state’s inheritance laws. You can avoid this by drafting a pour-over will to send all remaining property into the trust. Consult with your lawyer to go over strategies you can use to avoid probate.

Powers Of Attorney

Your Melville, NY, high-net-worth estate planning lawyer can help you draft a power of attorney to protect your finances. You’ll name an agent to manage your finances in the event of incapacitation. Due to the size of your estate, it’s important to choose an agent you can trust. Sadly, some high-net-worth individuals report that people come into their lives with the sole purpose of taking advantage of them and might act in their interests if allowed to serve as an agent. Our attorney can discuss possible agents to help you make a wise decision. Then you’ll know that your finances will be in good hands if you cannot manage them yourself.

Long-term Care Planning

You can likely afford to pay out of your pocket for long-term care. However, the cost will reduce your estate’s value and can chip away at your lasting legacy. Thus, you might want to consider long-term care planning to offset the cost of your future healthcare needs. One such option includes long-term care insurance, although you have other choices as well. Consult with our Melville, NY, high-net-worth estate planning lawyer to discuss options for planning for long-term care. With the right strategy, you can maintain your estate’s value while receiving care.

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