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June 18, 2025
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Estate Planning in Valley Stream, NY
70+ Years of Guiding Our Clients Towards a Brighter Future
Comprehensive Estate Planning Services
Estate planning is essential for securing your legacy and ensuring your assets are distributed according to your wishes. In Valley Stream, NY, individuals and families rely on expert guidance to navigate the complexities of financial and legal considerations involved in this process.
DeFreitas & Minsky LLP CPA Firm offers customized estate planning services designed to protect your life’s work and provide peace of mind. Although we are not physically located in Valley Stream, our dedicated team serves clients throughout New York with expertise and personalized attention.
Why Estate Planning Matters
Estate planning is more than just drafting a will; it encompasses a comprehensive strategy to manage your assets, minimize tax liabilities, and ensure your loved ones are cared for. Key benefits include:– Avoiding probate delays and expenses– Reducing estate taxes– Protecting your assets from creditors– Designating guardians for minor children– Providing clear instructions for healthcare and financial decisions
Your Trusted CPA Partner for Estate Planning
DeFreitas & Minsky LLP brings decades of experience in tax, trust, and financial planning to the estate planning process. Our CPAs understand the intricate tax codes and fiduciary responsibilities that impact estate planning in New York. We collaborate closely with clients to develop tailored plans that align with their financial goals and family needs.
The Fundamentals of Estate Planning
Estate planning involves organizing your financial affairs to ensure your assets are managed and distributed in accordance with your desires after your passing. This includes creating wills, trusts, powers of attorney, and healthcare directives.
A well-structured estate plan can also provide for tax efficiency, asset protection, and continuity of business interests, making it a critical component of long-term financial security.
What Constitutes an Estate Plan?
An estate plan is a comprehensive set of legal documents and strategies designed to manage and distribute your assets. It addresses how your property will be handled, who will make decisions if you are incapacitated, and how to minimize taxes and administrative costs.
Core Components of Estate Planning
Effective estate planning typically includes the following elements:– Last Will and Testament– Revocable and Irrevocable Trusts– Durable Power of Attorney– Advance Healthcare Directive– Beneficiary DesignationsThe process involves assessing your assets, identifying your goals, and drafting legal documents that reflect your wishes.
Estate Planning Terms You Should Know
Understanding key terminology helps you make informed decisions. Here are some essential terms:
Will
A legal document that specifies how your assets will be distributed after your death and appoints guardians for minor children.
Power of Attorney
A legal document granting someone authority to act on your behalf in financial or medical matters if you become incapacitated.
Trust
A fiduciary arrangement where a trustee holds and manages assets on behalf of beneficiaries, often used to avoid probate and provide for specific conditions.
Probate
The court-supervised process of validating a will and distributing assets, which estate planning seeks to simplify or avoid.
Choosing the Right Estate Planning Approach
Estate planning strategies can range from simple wills to complex trusts and tax planning. The right approach depends on your financial situation, family dynamics, and long-term objectives.
When a Basic Plan Works:
Small or Simple Estates
Individuals with modest assets and straightforward family situations may find a simple will and power of attorney sufficient to address their needs.
Minimal Tax Concerns
If your estate is below federal and state tax exemption limits, basic planning can effectively manage asset distribution without intricate tax strategies.
When Advanced Planning Is Necessary:
Complex Family Structures
Blended families, special needs dependents, or family members with unique circumstances benefit from detailed estate plans to ensure fair and appropriate care.
Significant Assets and Tax Implications
High-net-worth individuals require strategies to minimize estate taxes, protect assets, and preserve wealth across generations.
Advantages of Thorough Estate Planning
A comprehensive estate plan provides clarity, reduces family conflicts, and ensures your wishes are honored precisely. It also offers financial benefits through tax savings and asset protection.
By addressing contingencies such as incapacity and unexpected life events, it gives you and your family peace of mind.
Tax Efficiency
Strategic planning reduces estate and inheritance taxes, preserving more wealth for your beneficiaries.
Asset Protection
Protects your assets from creditors and legal challenges, ensuring they are passed on as intended.
Practice Areas
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Estate Planning Pro Tips
Start Early
Begin estate planning well before major life changes or health concerns arise to ensure your plan is comprehensive and adaptable.
Keep Documents Updated
Regularly review and update your estate plan to reflect changes in your financial situation, family status, or tax laws.
Consult Qualified Professionals
Work with experienced CPAs and estate planning experts to create tailored strategies that maximize benefits and comply with current regulations.
Why Estate Planning Should Be a Priority
Estate planning protects your assets and ensures your family is provided for according to your wishes. Without a plan, state laws determine asset distribution, which may not align with your intentions.
Planning ahead also minimizes taxes, legal fees, and probate delays, making the process smoother for your loved ones during difficult times.
Common Scenarios That Illustrate the Need for Estate Planning
Many individuals seek estate planning after experiencing life events such as marriage, divorce, the birth of children, acquiring significant assets, or facing health challenges.
Starting a Family
Welcoming children prompts the need to designate guardians and establish trusts to provide for their future.
Business Ownership
Business owners require succession planning to ensure their enterprise continues smoothly after their passing.
Significant Asset Acquisition
When substantial property or investments are acquired, strategic estate planning helps protect and transfer wealth efficiently.
Estate Planning Assistance for Valley Stream Residents
Though based in New York, DeFreitas & Minsky LLP CPA Firm is committed to serving Valley Stream clients with personalized estate planning services. Our experts guide you through every step to ensure your plan is thorough and effective.
Why Choose DeFreitas & Minsky for Your Estate Planning Needs
Our firm combines decades of experience with a deep understanding of New York tax law and estate planning strategies, providing clients with comprehensive, tax-efficient plans.
We prioritize a personalized approach, taking the time to understand your unique circumstances and financial goals to craft a plan that truly fits your needs.
Our ongoing support ensures your estate plan remains current and effective, adapting to changes in your life and legislation.
Secure Your Legacy with Expert Guidance
Our Estate Planning Process
We follow a structured process to develop and implement your estate plan, combining legal expertise with financial insight to protect your assets and wishes.
Initial Consultation and Assessment
We begin by understanding your financial situation, family dynamics, and objectives to tailor the planning process accordingly.
Gathering Financial Information
Collect detailed information about your assets, liabilities, income, and existing legal documents to form a comprehensive picture.
Discussing Goals and Concerns
We explore your priorities, such as minimizing taxes, providing for family members, or charitable giving, to guide planning decisions.
Plan Development and Document Preparation
Our team drafts the necessary legal documents and tax strategies to implement your estate plan, ensuring compliance and effectiveness.
Drafting Wills and Trusts
We prepare customized wills and trust agreements that reflect your specific wishes and protect your assets.
Establishing Powers of Attorney and Healthcare Directives
These documents designate trusted individuals to make financial and medical decisions on your behalf if you become incapacitated.
Review, Execution, and Ongoing Support
After reviewing the plan with you, we assist with signing, notarizing, and storing documents, and offer ongoing reviews to keep your plan current.
Client Review and Approval
We ensure you fully understand and approve all aspects of the estate plan before finalization.
Periodic Updates and Adjustments
We recommend regular reviews to adjust your plan in response to life changes or new laws, maintaining its relevance and effectiveness.
Estate Planning Frequently Asked Questions
What is estate planning and why is it important?
Estate planning is the process of arranging for the management and distribution of your assets after your death. It is important because it ensures that your wishes are honored, minimizes taxes and legal complications, and provides for your loved ones. Without proper planning, state laws will dictate how your assets are distributed, which may not align with your intentions.A comprehensive estate plan also includes provisions for incapacity and can protect your assets from creditors or unnecessary probate, offering peace of mind to you and your family.
Do I need a trust or is a will enough?
A will outlines how your assets will be distributed and appoints guardians for minors, but it must go through probate, which can be time-consuming and costly. A trust can help avoid probate, provide greater control over asset distribution, and offer tax advantages.Whether you need a trust depends on your estate size, complexity, and goals. Our CPAs can help evaluate your situation to determine the best approach for your estate planning needs.
How often should I update my estate plan?
It is advisable to review your estate plan every 3 to 5 years, or sooner if significant life events occur such as marriage, divorce, birth of children, or major changes in your financial situation.Regular updates ensure that your plan reflects current laws and your evolving wishes, helping to avoid unintended consequences for your beneficiaries.
Can estate planning help reduce taxes?
Yes, effective estate planning can minimize estate and inheritance taxes through strategies like trusts, gifting, and charitable planning. This preserves more wealth for your heirs.Our firm specializes in tax-efficient estate planning tailored to New York laws, helping you maximize your estate’s value while complying with all regulations.
What role does a CPA play in estate planning?
CPAs bring expertise in tax law and financial planning to estate planning, ensuring strategies are tax-efficient and financially sound. They coordinate with attorneys to develop comprehensive plans that meet your goals.Choosing a CPA experienced in estate planning helps you navigate complex tax codes and avoid costly mistakes that could impact your estate’s value.
Is estate planning only for the wealthy?
Estate planning benefits individuals of all asset levels by providing instructions for asset distribution, healthcare decisions, and guardianship. It helps avoid legal complications regardless of estate size.Even modest estates can benefit from basic planning tools like wills and powers of attorney to protect your family and ensure your wishes are followed.
How do I get started with estate planning?
Begin by gathering information about your assets, beneficiaries, and goals. Consult with a qualified CPA or estate planning professional to assess your needs and develop a plan.DeFreitas & Minsky LLP offers free consultations to guide you through the process, providing expert advice tailored to your circumstances.
What documents are essential in an estate plan?
Key documents include a Last Will and Testament, revocable trusts if applicable, durable power of attorney, and advance healthcare directives. These ensure your wishes are legally recognized and implemented.Additional documents may include beneficiary designations and guardianship appointments depending on your specific situation.
Can I make changes to my estate plan after it is created?
Yes, most estate planning documents can be updated or amended as your circumstances or wishes change. Regular reviews with your CPA or attorney help keep your plan current.Certain documents like revocable trusts offer flexibility, while irrevocable trusts are more permanent and require careful consideration before changes.
Why choose DeFreitas & Minsky LLP for estate planning in Valley Stream?
DeFreitas & Minsky LLP combines extensive CPA expertise with personalized service to deliver comprehensive and tax-efficient estate plans. Our knowledge of New York laws ensures your plan is both compliant and optimized.We work remotely with Valley Stream clients, providing attentive support and professional guidance to help you secure your legacy with confidence.
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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.