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June 18, 2025
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Estate Planning in Forest Hills Gardens
70+ Years of Guiding Our Clients Towards a Brighter Future
Your Guide to Estate Planning Excellence
Estate planning is an essential process that ensures your assets are managed and transferred according to your wishes, providing peace of mind for you and your loved ones. In Forest Hills Gardens, understanding the nuances of estate planning can make all the difference in securing your legacy.
At DeFreitas & Minsky LLP CPA Firm, we specialize in personalized estate planning services tailored to meet the unique needs of high-net-worth individuals in the Forest Hills Gardens area. Our expertise helps you navigate complex financial and legal landscapes with confidence.
Why Estate Planning Matters
Effective estate planning protects your assets from unnecessary taxation and legal complications, ensuring your wealth is preserved for future generations. It also allows you to designate guardianship, manage healthcare decisions, and provide for charitable contributions, reflecting your values and intentions.
Experience You Can Trust
DeFreitas & Minsky LLP combines decades of experience with a deep understanding of New York estate laws. Our CPA firm is committed to delivering comprehensive estate planning strategies that align with your financial goals and family needs.
Understanding Estate Planning
Estate planning involves creating a detailed plan for the management and distribution of your assets after your passing. This includes wills, trusts, power of attorney, and healthcare directives.
Our approach ensures that all elements work harmoniously to minimize taxes, avoid probate delays, and protect your beneficiaries’ interests.
What is Estate Planning?
Estate planning is the process of arranging your financial affairs to manage your assets, debts, and healthcare decisions while you’re alive and to distribute your estate efficiently after your death.
Key Components of Estate Planning
Estate planning includes drafting wills and trusts, establishing powers of attorney, planning for taxes, and setting up healthcare directives. Each component plays a critical role in ensuring your wishes are fulfilled.
Estate Planning Terms You Should Know
Familiarizing yourself with common estate planning terms helps you make informed decisions and communicate effectively with your advisors.
Will
A legal document that outlines how your assets will be distributed after your death.
Trust
An arrangement where a trustee holds assets on behalf of beneficiaries according to your instructions.
Power of Attorney
A legal document granting someone authority to act on your behalf in financial or medical matters.
Probate
The court-supervised process of validating a will and distributing assets.
Choosing the Right Estate Planning Approach
Estate planning can range from basic wills to complex trusts and tax strategies. Selecting the right approach depends on your financial situation, family dynamics, and long-term goals.
When a Simple Plan Works:
Modest Estates
If your assets are straightforward and below certain thresholds, a simple will or basic power of attorney might suffice.
Clear Family Dynamics
When family relationships are uncomplicated, less complex estate plans can effectively manage asset distribution.
Benefits of a Full-Service Estate Plan:
Complex Assets
High-net-worth individuals with diverse investments, business interests, or real estate benefit from comprehensive planning to minimize taxes and protect assets.
Tax Efficiency and Legacy Goals
Advanced strategies such as trusts and charitable planning help optimize tax outcomes and fulfill philanthropic intentions.
Why Choose a Comprehensive Estate Plan?
A thorough estate plan provides control, flexibility, and security for your assets, ensuring your wishes are honored precisely.
It also prepares your family for the future, reducing uncertainty and potential conflicts during difficult times.
Tax Minimization
Strategic planning can significantly reduce estate and inheritance taxes, preserving more wealth for your beneficiaries.
Asset Protection
Properly structured trusts and legal documents shield your estate from creditors and legal challenges.
Practice Areas
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Estate Planning Pro Tips
Start Early
Begin your estate planning well before major life changes to ensure your wishes are documented and effective.
Review Regularly
Update your estate plan after significant events such as marriage, births, or changes in financial status.
Work with Experienced Professionals
Partnering with knowledgeable CPAs and attorneys ensures your plan is comprehensive and compliant with current laws.
Why Estate Planning is Essential
Estate planning safeguards your legacy and provides clarity for your beneficiaries, reducing stress and confusion during challenging times.
It also offers peace of mind knowing your financial affairs are in order and your wishes will be respected.
When You Should Consider Estate Planning
Certain life events and financial situations make estate planning particularly important to address promptly.
Marriage or Divorce
Changes in marital status affect asset distribution and beneficiary designations.
Starting a Family
Planning for guardianship and inheritance ensures your children’s future is protected.
Significant Wealth Changes
Receiving an inheritance, selling a business, or other major financial events require updated estate strategies.
Estate Planning Services for Forest Hills Gardens Residents
Though not physically located in Forest Hills Gardens, DeFreitas & Minsky LLP CPA Firm proudly serves the community with expert estate planning tailored to your unique needs.
Why Choose DeFreitas & Minsky for Estate Planning?
Our firm offers a blend of CPA expertise and personalized service, ensuring your estate plan is both financially sound and legally robust.
We stay current with New York laws and tax codes, providing proactive advice that adapts to regulatory changes.
Our client-focused approach means we take the time to understand your goals and craft strategies that reflect your values and legacy.
Secure Your Legacy Today
Estate Planning Process at DeFreitas & Minsky LLP
Our structured process ensures a thorough and efficient approach to creating your estate plan, tailored to your circumstances.
Initial Consultation and Assessment
We begin by understanding your financial situation, family dynamics, and goals for your estate plan.
Gathering Information
Detailed review of your assets, liabilities, and existing estate documents.
Goal Setting
Discussing your objectives including tax minimization, asset protection, and beneficiary considerations.
Plan Development and Strategy
Crafting a customized estate plan using best practices and legal tools to meet your needs.
Document Preparation
Drafting wills, trusts, powers of attorney, and other necessary legal documents.
Review and Revisions
Collaborating with you to refine the plan until it aligns perfectly with your intentions.
Implementation and Ongoing Support
Finalizing documents, executing your plan, and providing continuous updates as circumstances change.
Document Execution
Assisting with signing and notarizing all legal estate planning documents.
Periodic Reviews
Regularly revisiting your estate plan to ensure it remains current and effective.
Estate Planning FAQs
What is the difference between a will and a trust?
A will is a legal document that specifies how your assets will be distributed after your death and can appoint guardians for minor children. A trust, however, is a fiduciary arrangement that allows a third party or trustee to hold assets on behalf of beneficiaries, often providing more control over when and how assets are distributed. Trusts can help avoid probate, provide privacy, and may offer tax benefits depending on the type used.
How often should I update my estate plan?
It’s recommended to review your estate plan every three to five years or after any major life event such as marriage, divorce, birth of a child, or significant changes in financial status. Regular updates ensure your plan reflects your current wishes and complies with the latest laws. Keeping your estate plan current helps avoid unintended consequences and protects your legacy.
Can estate planning help reduce taxes?
Yes, effective estate planning can significantly reduce estate and inheritance taxes through strategies like establishing trusts, gifting, and charitable planning. These methods help transfer wealth more efficiently and preserve more of your assets for your beneficiaries. Consulting with a CPA who specializes in estate planning ensures that your tax strategy aligns with your overall financial goals.
What happens if I die without an estate plan?
If you die without an estate plan, state laws will determine how your assets are distributed, which may not align with your wishes. This process, known as intestacy, can lead to delays, increased taxes, and family disputes. Additionally, without designated guardianship, the court decides the care of minor children. Creating an estate plan avoids these uncertainties and provides clear instructions.
Do I need a CPA for estate planning?
While an attorney drafts the legal documents, a CPA brings critical expertise in tax implications and financial planning. Collaborating with a CPA ensures your estate plan is not only legally sound but also optimized for tax efficiency and aligned with your overall financial strategy. This integrated approach provides comprehensive protection for your assets and legacy.
How does a power of attorney work?
A power of attorney is a legal document that authorizes someone you trust to make decisions on your behalf if you become incapacitated. There are different types, including financial and medical powers of attorney, each granting specific authorities. Having these in place ensures your affairs are managed according to your preferences during times when you cannot act for yourself.
What are the benefits of charitable planning?
Charitable planning allows you to support causes you care about while also gaining tax benefits. You can establish charitable trusts or make planned gifts that reduce estate taxes and create a lasting impact. This planning reflects your values and can enhance your family’s legacy by fostering philanthropy across generations.
How can I protect my estate from creditors?
Protecting your estate from creditors can be achieved through specific trust structures and asset titling strategies. By placing assets in certain irrevocable trusts, you may shield them from claims and lawsuits. It’s important to work with experienced professionals to navigate these protections legally and effectively.
Is probate always required?
Probate is not always required; assets held in trusts or jointly owned with rights of survivorship typically avoid probate. Avoiding probate can save time and money and maintain privacy. Comprehensive estate planning often includes strategies to minimize or eliminate probate proceedings.
Can I change my estate plan after it’s been created?
Yes, you can change your estate plan at any time while you are alive, provided you remain mentally competent. This flexibility allows you to update beneficiaries, modify trusts, or adjust to life changes. It’s essential to review changes with your estate planning advisors to ensure consistency and legal validity.
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DeFreitas & Minsky maintains high standards, produces detailed information and gets involved with our company so they can understand the operation on a more personal level. The information they provide is always accurate and current. We have been with them for more than 30 years!
4 years agoThis is my second year filing my taxes with DeFreitas & Minsky. I was referred by a friend. Honestly, It’s a blessing sent. Everyone there is professional and knowledgeable about tax codes. They even keep me abreast via email whenever there’s a new tax law and what it entails. I feel safe and sound when doing business with them.
True professionals and attentive to all of my needs. Manny, Melissa, and Michael are all super helpful. They took the time to help me with my taxes, financial planning, and estate tax needs. I highly recommend them.
We’ve been working with Manny for the last 10 years. Whenever we have a question he’s there and if he’s in a meeting during Tax Season (it happens), Jay is always there. Thank you Gentlemen.