Davidov Law Group
Estate Planning Attorneys

Customized Estate Planning to Preserve Your Legacy

Estate Planning can be challenging, especially for high net-worth individuals. The nuances of estate planning can be complex, plus the industry changes so often that it can be difficult to keep up with the laws associated with New York estate planning. Whether you are concerned with tax laws, tax liabilities, protecting your legacy for your heirs, avoiding the probate process, choosing the right trust—and the right trustee—or minimizing estate taxes, navigating the process can benefit greatly from having Davidov Law Group estate planning attorneys in your corner.

We will ensure the process goes smoothly and that your best interests are always taken care of. We will also ensure necessities like a revocable trust, power of attorney, health care proxy, or other necessary provisions are in place in the event of incapacitation. When warranted, we will make sure your heirs can avoid the hassle of probate. From wills and trusts to Medicaid planning and Medicaid qualifications, powers of attorneys, charitable giving, trust and estate administration, and financial planning and coaching, Davidov Law Group is here to help, answering your questions comprehensively, and really listening prior to offering solutions.

• Wills — A will is an effective tool used in estate planning—and one of the most common estate planning documents. A Last Will and Testament can be used to appoint a guardian for your minor children (something a trust cannot do) and make provisions for the disposition of your assets to your heirs. You can designate an executor in your will who will work with the probate court while carrying out the wishes stated in your will. Wills can be created and modified at any point in your life—so long as you are mentally competent at the time of the change, modification, or revocation. Wills, or estate plans in general, should never be a “one-and-done” task, rather must be updated on a regular basis, particularly when you experience life changes like birth, marriage, divorce, a new job, or a move. A Living Will is different from a Last Will and Testament. Living wills can state your wishes for end-of-life care while outlining medical decisions in the event you become incapacitated. Even if you have a trust that outlines the disposition of your assets, if you have minor children, you still need a will to name a guardian. You can also implement a “pour-over” will, which “captures” any assets you inadvertently neglected to include in your trust.
• Trusts — The estate planning process often involves establishing trusts to provide management assistance for beneficiaries, potentially avoid probate, increase privacy, provide for the special needs of a loved one, preserve your assets and your legacy, and help you save on estate taxes. A trust is a tool that allows the grantor (the owner of the property) to give another person (the Trustee) assets to hold and manage. If you are the grantor, you can also be the trustee for trusts like a revocable living trust, naming a successor trustee in the event of your death or incapacitation.  There are many different types of trusts available, including:
  • Family LLPs—Family limited liability partnerships are often established as a means of preserving generational wealth. Family LLPs allow for the tax-free transfer of assets, real estate, and other wealth. Within a Family LLP, each family member can buy shares in the venture, anticipating a future profit.
  • Revocable Trusts—A revocable trust is the most common type of trust available, giving you the ability to change the terms of the trust or revoke the trust at any time. A revocable trust allows you to receive all the benefits of trust assets during your lifetime, then after your death, the trust assets will be distributed according to your wishes. You can use a revocable trust to manage assets when you are incapacitated or to transfer out-of-state assets to avoid probate in other states. While a will is a public document, a revocable trust affords you privacy.
  • Living Trusts — A living trust is created during your lifetime, allowing you control over your assets. In the event of your death or incapacitation, the successor trustee you have chosen steps in to manage the assets for the benefit of your heirs.
  • Special Needs Trusts — A special needs trust is often used by parents, grandparents, or guardians of a special needs child. In order for the special needs individual to be able to remain eligible for government benefits like Medicaid and SSI, the special needs trust places income or assets in the trust, accessing the trust for “extras” that government benefits might not provide.
  • Charitable Trusts — A charitable trust is an irrevocable trust established for charitable purposes or organizations. Charitable trusts offer varying degrees of tax benefits while allowing an individual to engage in charitable giving.
• Power of Attorney — A power of attorney document provides legal authorization for a designated person (agent or attorney in fact) to act on your behalf. You are known as the “principal” in this situation, and you can give broad or limited authority to your agent to make decisions about your property, finances, investments, or medical care.
• Health Care Proxy — A health care proxy is also known as a durable power of attorney for health care. The health care proxy allows you to designate another person as your agent to make decisions about your health care in the event you are incapacitated. When a health care proxy is used in combination with a living will, it may be known as an Advanced Directive.
• Asset Protection — Estate planning and asset protection go hand in hand. Some people even wonder whether asset protection is legal, and in many ways, it certainly remains a mystery. Asset protection involves legally protecting your assets from a variety of things, including creditors. Assets can be protected through the use of an irrevocable trust, which prevents creditors from attaching any assets held in the trust. Assets can also be protected through the use of a limited liability company or family limited partnership or through insurance policies.
• Medicaid Planning — Since few people can afford the steep price of long-term care, Medicaid planning is essential to ensure you will qualify for Medicaid should you need nursing home or other forms of long-term care. If you fail to plan, Medicaid may not pay for this care, meaning you and your family will have to come up with the funds.
• Medicaid Qualifications — Medicaid qualifications change from year to year regarding income and asset limits. There are exemptions that allow you to keep your home, your car, and other items by not counting them as your assets. If your spouse will be staying in the marital home, there are also provisions for this. It is so important that you understand the Medicaid qualifications and that you work with New York estate planning attorneys to qualify for Medicaid.
  • Home Care Applications—Enrolling in a Managed Long-Term Care plan is a two-step process. You must first go through a nurse’s assessment who will verify that you require long-term care. Once you have been approved, you will go through another evaluation. The attorneys at Davidov Law Group can walk you through the application process to ensure no mistakes are inadvertently made that could result in a delay or denial of benefits.
  • Nursing Home Applications—Our attorneys can also assist you with nursing home applications, ensuring your application has the best chance of success. It is always much simpler to ensure there are no errors before the application is submitted than to attempt to re-do an application.
• Trust Administration includes notifying beneficiaries and heirs of the estate, identifying and inventorying assets and properties, paying debts and taxes, and distributing assets according to the trust instructions. At Davidov Law Group we represent trustees and beneficiaries. We understand that the process can seem complex and tedious. We will guide you through the process, helping you settle the estate as quickly as possible while minimizing the potential for conflict and disputes.
• Probate — If your loved one left a will in addition to a trust—or left no will or trust—you are likely to have to go through the New York probate process. Probate can be time-consuming, expensive, and is a very public process. Dealing with all the details associated with probate after losing a loved one can be overwhelming. The New York estate planning attorneys at Davidov Law Group can help you accomplish probate tasks efficiently in order to resolve the estate of your loved one.
• Estate Administration is routinely handled by the New York estate planning attorneys at Davidov Law Group.  When a person passes, all their possessions and assets become a part of their estate. These assets are then collected, managed, appraised, and distributed, either according to the decedent’s wishes or to New York probate law. Dealing with the complexities of estate administration after losing a loved one is a difficult thing to do. We can guide you step-by-step through the legal processes, whether your loved one had a comprehensive estate plan or passed away without even a will.
• Financial Planning and Coaching are services provided by Davidov Law Group. This includes planning for retirement, tax planning, and asset and risk management.  We have a wealth of experience in estate planning, elder law, and financial planning and are ready with our legal and financial acumen to help you protect your assets and your legacy.