Law Offices of Steven M. Adler, PLLC
 
Committed to Meeting the Needs of Each Individual Client

Adler Law E-Newsletter
March 2013

Steven M. Adler, Esq. 
Steven M. Adler, Esq.

Law Offices of Steven M. Adler, PLLC
666 Old Country Road, Suite 605
Garden City, New York 11530

 

Phone: (516) 876-1105
Fax: (516) 794-0463
Greetings!

Welcome to the March 2013 edition of the Adler Law E-Newsletter. This month, we have two (2) articles for your review.  The first discusses the difference between a Will-based estate plan and a Trust-based estate plan, and the second article lists ten (10) Asset Protection guidelines for small business owners.

 

If you have any questions or concerns with respect to any particular legal subject, please contact me or Dolores Jannuzzi, Esq. and we would be happy to discuss your topic in person or in a future issue of Adler Law. Finally, if you know of someone who may be interested in receiving this newsletter, please forward it to them by clicking the "Forward Email" link at the bottom of this page.


Thanks and if you havn't done so already, please "Like" my firm's Facebook Page.

Sincerely,
Steven M. Adler
  
WILL OR TRUST ESTATE PLANNING
   

What is the Difference Between a Will-based plan and a Trust-based plan?Last Will

 

In this article I will explain the difference between a Will-based plan and a Trust-based plan so you can make an educated decision for your family about what is best for you and, ultimately, for them.

 

A Will-based plan is an estate plan that does not include a Living Trust to hold title to your assets.  If you work with us and choose our Family Plan, which is a will-based plan, your legal documents will include a Health Care Directive, Power of Attorney, a Will and, if you have minor children, a Kids Protection Plan�.

 

A Trust-based plan is an estate plan that does include a Living Trust to hold title to your assets during your lifetime and to provide for ease of transfer of those assets in the event of your incapacity or death.  If you work with us and choose our Trust Plan or Wealth Plan, your legal documents will include all of the documents included in the Family Plan plus one or more Living Trusts.

 

So, what's the practical difference?

 

The difference between a Will-based plan and a Trust-based plan  is that without a Trust in place your family would have to go to Court to get access to your assets in the event of your incapacity or death.


Your Will indicates who you want to have access to those assets and how you want them distributed, but it does not keep your family out of the Court process.  Going through probate (or guardianship in the event of incapacity) is expensive, time-consuming, totally public and unnecessary.  And that could happen when you have only a Will in place and not a Trust.

 

When you have a Trust in place, there is a bit more work for you to do upfront because you need to make sure that all of your assets are owned in the Trust throughout your lifetime (or insurance assets are beneficiary designated to the Trust), but we help you with that or even do it for you.

 

And, with our regular review process, we continue to make sure your assets are owned the right way throughout your lifetime, while also ensuring your plan stays up to date as your life changes, your assets change and even the law changes.

 

During your initial consultation, we will walk you through an assessment of whether a Will-Based Plan or Trust-Based Plan is right for you based on the specifics of your family circumstances, what you own now and where you are going in the future.  One thing you can be sure of is that we will help you make the right decisions every step of the way.

 

Be sure to follow Channel 7 Eyewitness News at 11:00 P.M. in the near future for a Special Report by Michelle Charlesworth on Digital Asset Estate Planning featuring an interview with Steven Adler.

TOP 10 ASSET PROTECTION GUIDELINES FOR SMALL BUSINESS OWNERS
  
Asset Protection1.  The best time to create an asset protection plan is prior to having a claim made against your busienss; after that, it may be too late.
  
2.  Trying to put asset protection in place after a claim is made without legal counsel could make things worse, not better.
  
3.  Asset protection planning should not be confused with insurance; it is not a substitute.
  
4.  Putting your personal assets into the business is not the weay to protect them; you should creat a trust instead.
  
5.  The purpose of a good asset protection plan is to stike a good balance of control; you are not protected if you still have major control over the assets.
  
6. Asset protection planning should not be confused with estate planning; the goals of each can differ.
  
7.  Placing all of your assets in an offshore account is not always the best plan.
  
8.  Bankruptcy does not solve all your problems.
  
9.  Asset protection planning should not be so complex that you can no longer unsterstand what and where your assets are.
  
10.  Plan with the assumption that creditors will discover your asset protection plan; but make it difficult enouph for them to seize them.
  
If your a small or mid-size business owner, call us today to schedule your comprehensive business audit (legal, insurance, financial and tax).  Normally, this session is $1,500.00, but if you mention this article and we meet before the end of this month, your business audit will be free.
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The Law Offices of Steven M. Adler, PLLC are committed to providing their clients with the highest level of professional legal services at reasonable prices. Steven M. Adler, Esq., along with the rest of his law firm's highly competent support staff, gives all of his clients the personal attention and the legal expertise which they are entitled to receive. The Law Offices of Steven M. Adler, PLLC takes pride in the quality, effectiveness and efficiency of their legal services.


Law Offices of Steven M. Adler, PLLC
666 Old Country Road, Suite 605
Garden City, New York 11530
Phone: (516) 876-1105
Fax: (516) 794-0463


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