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Estate Planning in Franklin Square
70+ Years of Guiding Our Clients Towards a Brighter Future
Your Guide to Estate Planning in Franklin Square
Estate planning is a critical process that helps individuals manage and preserve their wealth for future generations. In Franklin Square, understanding the nuances of estate planning can ensure your legacy is protected and your financial goals are met with precision.
DeFreitas & Minsky LLP CPA Firm specializes in providing comprehensive estate planning services tailored to the unique needs of clients in Franklin Square and beyond. Our expertise blends financial strategy with legal insight to create a plan that safeguards your assets and supports your family’s future.
Why Estate Planning Matters for Your Legacy
Estate planning goes beyond simply deciding who inherits your assets. It involves creating a strategic framework that minimizes tax liabilities, avoids probate delays, and ensures your wishes are honored. With proper planning, you can protect your family from unnecessary financial burdens and provide peace of mind for all involved.
DeFreitas & Minsky’s Expertise in Franklin Square
Our firm has decades of experience serving clients throughout New York, including Franklin Square. DeFreitas & Minsky brings together seasoned CPAs and estate planning professionals who understand the complex interplay of tax law and financial management. We work closely with you to craft personalized strategies that reflect your goals and circumstances.
Demystifying Estate Planning
Estate planning is the process of organizing your financial affairs to manage and distribute your assets effectively after your passing. This includes drafting wills, establishing trusts, designating powers of attorney, and planning for tax implications.
An effective estate plan anticipates future needs and unforeseen events, providing mechanisms to handle property management, healthcare decisions, and legacy gifts. It’s essential to work with professionals who understand both the legal and financial complexities involved.
What Constitutes an Estate Plan?
An estate plan is a set of legal documents and financial arrangements designed to ensure your assets are distributed according to your wishes. This typically includes a last will and testament, trusts to manage and protect assets, and directives for healthcare and financial decision-making.
Core Components and Planning Steps
Key elements of estate planning involve: – Drafting wills to specify asset distribution– Establishing trusts to manage assets and avoid probate– Designating powers of attorney for financial and healthcare decisions– Planning for tax efficiency to minimize liabilities– Regularly reviewing and updating your plan to reflect life changes
Estate Planning Glossary: Essential Terms
Understanding estate planning terminology helps you make informed decisions. Here are definitions of some common terms:
Will
A legal document that outlines how your assets will be distributed after your death. It can also appoint guardians for minor children and specify funeral arrangements.
Trust
A fiduciary arrangement where a trustee holds and manages assets on behalf of beneficiaries. Trusts can help avoid probate and provide control over asset distribution.
Power of Attorney
A legal authorization that allows someone to act on your behalf in financial or healthcare matters if you become incapacitated.
Probate
The court-supervised process of validating a will and distributing assets. Estate planning aims to minimize the time and costs associated with probate.
Choosing the Right Estate Planning Approach
Estate planning can range from simple to complex depending on your financial situation and goals. Understanding when a limited approach suffices and when comprehensive planning is necessary helps you make the best choice.
When a Limited Estate Plan Works:
Smaller Estates
If your assets are modest and straightforward, a basic will and power of attorney may be sufficient to cover your primary needs without excessive complexity.
Minimal Tax Concerns
When your estate is below certain tax thresholds, complex tax planning strategies may not be necessary, making a simpler plan more practical.
The Case for Comprehensive Planning:
Complex Financial Situations
For those with diverse assets, business interests, or multiple beneficiaries, comprehensive planning ensures all elements are coordinated effectively.
Tax Efficiency and Legacy Preservation
Advanced strategies such as trusts and charitable planning reduce tax burdens and help preserve your legacy for future generations.
Advantages of a Thorough Estate Plan
A well-constructed estate plan provides clarity, control, and protection over your assets. It can prevent disputes, reduce taxes, and ensure your financial and healthcare wishes are respected.
Moreover, it offers peace of mind knowing your family will be supported and your legacy preserved according to your intentions.
Tax Minimization
Strategic use of trusts and gifting can significantly reduce estate and inheritance taxes, maximizing what your heirs receive.
Avoiding Probate Delays
By establishing trusts and other mechanisms, your estate can bypass lengthy probate proceedings, ensuring timely distribution of assets.
Practice Areas
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Estate Planning Pro Tips
Start Early
Begin your estate planning as soon as possible to maximize benefits and adapt the plan as your life circumstances evolve.
Work with Experienced CPAs
Partner with professionals like DeFreitas & Minsky who understand both tax implications and estate law for a comprehensive approach.
Review Regularly
Update your estate plan after major life events such as marriage, divorce, births, or significant changes in assets.
Why Estate Planning Should Be a Priority
Estate planning protects your assets from unnecessary taxation and probate delays, ensuring your loved ones receive what you intend.
It also provides a framework for managing healthcare and financial decisions if you become incapacitated, safeguarding your interests.
When You Need Estate Planning
Estate planning is crucial in situations such as accumulating significant wealth, owning a business, having dependents, or wishing to support charitable causes.
Starting a Family
With children, establishing guardianship and trusts is vital to protect their future and financial wellbeing.
Owning Property or Business
Complex assets require tailored plans to manage ownership transfer and tax implications effectively.
Planning Charitable Giving
Incorporating philanthropy into your estate can create a lasting legacy while providing tax advantages.
Your Franklin Square Estate Planning Resource
Although DeFreitas & Minsky LLP is not physically located in Franklin Square, we proudly serve clients in the area with expert estate planning and financial services tailored to local needs.
Why Choose DeFreitas & Minsky for Estate Planning
Our firm combines deep CPA expertise with personalized estate planning strategies. We focus on minimizing taxes, avoiding probate, and structuring your estate to meet your unique goals.
We maintain close communication and provide detailed, current information to keep you informed and confident throughout the planning process.
With over 30 years of client relationships and a commitment to excellence, DeFreitas & Minsky is your trusted partner for estate planning in Franklin Square.
Secure Your Legacy Today
Our Estate Planning Process
At DeFreitas & Minsky, we follow a structured approach to ensure your estate plan is comprehensive and tailored to your needs.
Step 1: Initial Consultation and Assessment
We begin with a detailed discussion of your financial situation, goals, and family circumstances to understand your unique needs.
Gathering Financial Information
Collecting documentation on assets, liabilities, income, and existing legal documents to form a complete financial picture.
Understanding Your Objectives
Clarifying your wishes regarding asset distribution, tax planning, and healthcare directives.
Step 2: Plan Development and Strategy
We craft a customized estate plan incorporating wills, trusts, powers of attorney, and tax strategies suited to your goals.
Legal Document Preparation
Drafting necessary documents that comply with New York laws and reflect your intentions accurately.
Tax and Financial Strategy Integration
Aligning your estate plan with tax minimization tactics and financial management to optimize outcomes.
Step 3: Review, Execution, and Ongoing Support
We review the plan with you, assist with execution, and offer ongoing updates to adapt to changes in your life or law.
Plan Review and Adjustment
Ensuring clarity and making any necessary modifications before finalizing your plan.
Continued Guidance
Providing support for future amendments and answering any questions as circumstances evolve.
Estate Planning FAQs
What is the difference between a will and a trust?
A will is a legal document specifying how your assets will be distributed after your death, and it must go through probate. A trust, on the other hand, is a fiduciary arrangement that can manage and distribute assets during your lifetime and after death, often avoiding probate and offering more control over timing and conditions of distribution.
Why is tax planning important in estate planning?
Tax planning is essential in estate planning to minimize the tax burden on your heirs. Without proper strategies, substantial portions of your estate could be lost to estate or inheritance taxes. Thoughtful tax planning, including the use of trusts and gifting, helps preserve more of your wealth for your beneficiaries.
How often should I update my estate plan?
You should review and update your estate plan regularly, especially after significant life events such as marriage, divorce, the birth of a child, or major changes in your financial situation. Laws also change over time, so periodic reviews ensure your plan remains effective and compliant.
Can estate planning help avoid probate?
Yes, estate planning can help avoid probate through mechanisms like trusts and beneficiary designations. Avoiding probate can save time, reduce costs, and keep your affairs private. However, some assets may still be subject to probate depending on how they are titled and your state’s laws.
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 can also lead to delays, increased costs, and potential family disputes. Having a plan ensures your assets are managed and distributed according to your preferences.
How does a power of attorney work?
A power of attorney is a legal document that authorizes someone to act on your behalf in financial or healthcare matters. It becomes especially important if you become incapacitated and unable to make decisions yourself, ensuring your affairs are handled by a trusted individual.
What are the benefits of working with a CPA for estate planning?
Working with a CPA like DeFreitas & Minsky brings expert knowledge of tax laws and financial strategies to your estate plan. This expertise helps optimize tax savings and ensures your plan is financially sound and tailored to your unique situation.
Can I include charitable donations in my estate plan?
Yes, you can include charitable donations in your estate plan through charitable trusts, bequests, or foundations. These options allow you to support causes important to you while potentially providing tax benefits and creating a lasting legacy.
Is estate planning only for wealthy individuals?
Estate planning is important for individuals of all wealth levels. Even modest estates benefit from having a clear plan to manage asset distribution, healthcare decisions, and minimize legal complications for loved ones.
How does DeFreitas & Minsky support clients in Franklin Square?
DeFreitas & Minsky supports Franklin Square clients by providing personalized estate planning services that combine CPA expertise with tailored financial strategies. Though not physically located in Franklin Square, we offer remote consultations and maintain close communication to ensure clients receive expert guidance and support.
Testimonial
WHAT OUR CLIENTS ARE SAYING!
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.