A Hartford inheritance planning lawyer at Nirenstein, Horowitz & Associates can help you to make certain the inheritance that you provide to your loved ones is structured in the best possible way to provide for your family. We can work closely with you to identify the issues that could arise after your death and to take steps to mitigate the risk of loss and to use the right legal tools to transfer your wealth.
If you are making plans to provide an inheritance to your loved ones, you should give us a call to get personalized advice and information about how we can help you that is specific to your situation.
You can also read on to find out about five key reasons to talk with a Hartford inheritance planning lawyer.
An Inheritance Planning Lawyer Can Help You to Identify Possible Problems or Sources of Loss
There are many potential risks to assets during your life and after your death. You could find that the inheritance you wish to provide to your loved ones is lost because of creditor claims, if you incur high care costs because you require nursing home care that’s not covered by Medicare, or if you must pay a high estate tax bill when you pass on. You can take steps to protect against many of the common sources of risk so the inheritance that you wish to provide to your family can be kept safe.
An Inheritance Planning Lawyer Can Help You to Understand the Logistics of the Asset Transfer Process
In most cases after a death occurs, assets must transfer through the probate process. Unfortunately, this process can be very costly and can also be time consuming. If you don’t want your assets to have to pass through probate, you should consider working with an inheritance planning lawyer to take steps such as trust creation that will allow assets to transfer more efficiently and effectively.
An Inheritance Planning Lawyer Can Help You to Address the Special Needs Of Your Heirs
Your heirs or beneficiaries may have special circumstances that require you to use different estate planning tools. For example, you may need to use the Uniform Transfers to Minors Act or may need to create a trust if you want to leave assets to someone under the age of 18 and you want to control who is in charge of those assets until the child reaches adulthood.
If you have a disabled child you want to leave money to, the use of a special needs trust may be necessary to prevent loss of access to means-tested benefits. An inheritance planning lawyer can provide the help you need to identify the issues that could affect your loved ones so you can make plans to ensure that the inheritance you provide is structured to respond to their needs.
An Inheritance Planning Lawyer Can Help You to Make The Most Effective Use of Legal Tools
There are a wide variety of different legal tools that could be used to protect your wealth, provide for your family, and facilitate the transfer of assets. For example, you could use trusts to provide for a minor child or to provide for a disabled child. Trusts could also protect your wealth from many other possible sources of loss.
However, you need to make use of the right kinds of legal tools. For example, a living trust won’t protect your assets from having to be spent on a nursing home if you don’t qualify for Medicaid to pay for your care because the assets in the living trust will still count as resources that could disqualify you from Medicaid coverage.
A living trust also won’t protect your assets from estate tax, even though it does allow assets to transfer outside of the probate process. An experienced attorney can help you to understand the benefits and limitations of different estate planning tools so you can make use of the right tools for your situation.
Contact a Hartford Inheritance Planning Lawyer Today
A Hartford inheritance planning lawyer at Nirenstein, Horowitz & Associates can assist you in making a personalized plan that is right for your heirs or beneficiaries. To find out more about the services our legal team can offer to you as you determine how best to secure your legacy and provide for your loved ones, join us for a free seminar.
You can also give us a call at 860-548-1000 or contact us online at any time to get your plans underway.