Buffalo Estate Planning Attorney Explains How to Preserve Your Assets
As an experienced Buffalo Estate Planning Attorney, clients often ask what are the best ways to preserve their assets. If you have substantial assets, for instance, if you have retirement benefits for $400,000; you have a house for $250,000; and you have a bank account with $30,000 sitting in it. There are ways to try to preserve those assets so the state of New York does not require that you utilize those assets to take care of you in the event that you’re incapacitated or any event that you have to go into a nursing home.
Generally there’s a 5 year look back period, so you have to really think far ahead in deciding what you want to do with your estate. As a Buffalo Estate Planning Attorney I can do things such as deed transfers with life estates reserved in them; we can prepare revocable trust with regard to a part or a portion of your estate in order to maintain a certain degree of flexibility in utilizing your assets. We can deal with irrevocable trust with regards to the asset that you know that you’re not going to need or wanting to utilize entirely during the course of your life and at the same time, protect those assets so you can preserve them for your family or for your children.
If you have questions regarding preserving your assets, contact our skilled Buffalo Estate Planning Attorney for a free consultation. Let our experience work for you.