DIGIORGIO LAW FIRM, PLLC ESTATE PLANNING NEWSLETTER
Volume 6, Issue 3, November 23, 2023
The DiGiorgio Law Firm, PLLC specializes in providing estate planning and elder law services to our clients, their families and their family-owned businesses.
The legal services offered by DiGiorgio Law Firm, PLLC include, *Wills and Trusts, *Estate and Tax Planning, *IRS Estate & Gift Tax Audits & Appeals, *Long Term Care Planning *Medicaid Eligibility Planning, Medicaid Recertification & Appeals, *Probate Administration, *Elder Law, *Special Needs Planning, *Guardianship Applications, *Asset Protection Planning, *Business Entity Formation, *Business Succession Planning, *Buy-Sell Agreements, and *Real Estate Closings.
“You can’t take it with you, but you can decide where it goes!”
Featured in this issue of the DiGiorgio Law Firm Newsletter are planning techniques to help protect and preserve your assets for yourself and future generations:
I. Revocable Living Trusts:
- Avoid Probate/Reduce the time and cost of estate administration;
- Hedge against incapacity/Avoid the costs and controversy of guardianship;
- Select a Successor Trustee to distribute your assets according to your wishes;
- Reduce the risk of Will Contests
- Consolidate & organize your assets simplifying things for your heirs
II. Create a Special Needs Trust;
Third Party Trusts
- Provide for Special Needs Beneficiaries
- Preserve public benefits without denying your special needs child a share of your estate
- No Payback of public benefits received required
- Avoid guardianship for your disabled child
- Put a Trustee in place to manage, protect and preserve assets for your special needs child when you are gone.
Establish your own First Party Supplemental Needs Trust
- Preserve Proceeds from a Personal Injury or Malpractice Settlement
- Protect your inheritance and preserve your public benefits
- Safeguard unexpected gifts and other lump sum windfalls without sacrificing public benefits
- Payback of public benefits received required at death of beneficiary
- Select your own Trustee & avoid the need for guardianship.
III. Medicaid Asset Protection Trusts
- Protect your savings from the cost of long-term care
- Avoid Probate
- Access Medicaid & pass more on to your heirs
IV. Limited Liability Companies (LLCs)
- Organize business assets
- Protect business assets from your creditors
- Protect your assets from business creditors
- Learn the role that LLCs can play in reducing taxes and facilitating the administration of your estate.
V. Charitable Remainder Trusts (CRTs)
- Defer or eliminate capital gains taxes
- Reduce estate taxes
- Receive annuity or unitrust payments for a term of years of life
- Benefit your spouse or a loved one and then
- Benefit your favorite charity
JANUARY 2024 UPCOMING CLIENT WORKSHOPS
Pass more on to your heirs: Protect assets from the cost of Long-Term Care; Learn how to access Medicaid, Avoid Probate and streamline the cost of Estate Administration; Learn techniques to minimize taxes; Learn strategies to maximize your Social Security benefits.
Attend one of our workshops on January 23rd or January 25th from 5:00pm-6:30pm
These workshops will take place at: The DiGiorgio Law Firm, located at 258 Genesee Street, Utica, NY.
*Reservations are required for workshops call 315-732-3155 or email firstname.lastname@example.org
Does your “Estate Plan” need updating? Call us to schedule a consultation today!