FOR BREAKING NEWS VISIT www.queenscourier.com may 1, 2014 • HEAlth • The Queens Courier 9 FREE WORKSHOPS ON WILLS & LIVING TRUSTS Queens Law Firm Reveals 3 Major Mistakes That Could Cost Your Family Everything! Act Now to learn the secrets to protecting your family home and nest egg from lawsuits & creditors The funeral is only the start of your family’s problems. Even though you’ve worked hard your entire life and saved up something you’d like to pass on to your family, they may end up with nothing. You can spare your family a second round of grief. Keep reading and we’ll share just 3 critical reasons your family may be facing difficulties. Our names are Michael Davidov and Ilana Davidov, and we have reviewed countless wills and trusts here in New York. Recent legal trends cause us great concern. In this article, we’d like to highlight just some of the issues which may affect your family. Risk #1 - Lost in Probate Court Chances are high your estate is going to wind up in probate court. In probate court they decide if your will is valid, try to settle disputes, distribute your assets to your heirs, and settle any outstanding issues. Probate is a lengthy process, and it may take some time until your will clears probate. Another problem is everything about your will is in the public record so virtually anyone has access to every single detail of your finances. For example, in New York, assets over 2 Million may be subject to estate tax. But there is a way to pass on your entire estate regardless of its size– to your loved ones while legally avoiding probate and minimizing or eliminating New York and Federal Estate Taxes. Risk #2 - Not Protecting Yourself or Your Estate You’ve worked hard your entire life and you’d like to pass on your estate to your loved ones. But unless you quickly take action, there may be nothing left for your family. Statistics reveal you are six times more likely to become disabled before you die. The US Government Census Bureau expects the disability rate to double in the next decade. Yet most people plan their wills for what will take place after their death. This is a serious mistake. Very frequently we see plans people have made for their heirs become undone because of the need for long term nursing care. The average nursing home stay in NYC exceeds $137,076 per year. It’s been reported that more than 500,000 seniors a year go broke because of these long-term care costs. Before Medicaid picks up a dime, your assets may be exhausted. You may die and leave nothing to your heirs. Risk #3 - Not Protecting Your Family Most people fear once they’re gone their spouse and kids will be taken advantage of by creditors, lawsuits or divorce or squander the estate with foolish financial decisions. Most wills and trusts we’ve examined do nothing to protect against these risks. Many wills and trusts give your assets outright to your heirs when you and your spouse are gone. This is a huge mistake. If one of your goals in establishing a trust was to protect your family, your work may have been in vain. There are three principal issues of concern with regard to protecting your family. Skyrocketing Divorce Rate With the divorce rate hovering at 50%, you cannot afford to ignore another very real danger. In New York, a divorcing spouse can walk away with 50% of your assets if things are not properly handled. You worked your entire life to build up a nest egg and planned carefully to make sure it was transferred into the right hands. You don’t want a sizeable chunk of it to end up in the “soon to be ex” in-law. Irresponsible Behavior Sometimes protecting your family means protecting individual members from their own irresponsible behavior. Perhaps there is a young person in your family who has not fully matured yet and may take the money you saved and squander it in one afternoon. There are simple ways around this problem we will detail at our free seminar. Special Needs Relatives If you have a child or grandchild with special needs and this child inherits wealth from your estate–all of the government benefits will stop immediately. Your gift may cause them a double problem–first the loss of services, and then when their money rapidly runs out, the inability to arrange for a resumption of government services. We’ll show you how you can look after your special needs family member even after you are gone. Free Workshop reveals a Better Way If you are concerned about making sure the money you’ve earned goes to your loved ones without going through probate you owe it to yourself to attend our upcoming Free Legacy Wealth Planning Workshop. At this workshop we’ll highlight some of the most common risks you’ll want to consider and show you how to protect yourself and your family. Here’s What You’ll Discover We’d like to invite you to join us at an upcoming Legacy Wealth Planning presentation. In this workshop, you’ll find out what a “bare-bones” estate plan is and how dangerous it can be for your family. The most common remark we hear after these seminars is that most people are amazed at how exposed their family was. Some people might even be a little angry their planner didn’t advise them of many of these issues. The good news is that it’s not too late to fix the problem and get the real peace of mind you deserve. Your family’s troubles only start with the funeral. Even if you think you’ve taken care of your family with a will or a living trust, recent legal activity shows your family could lose most or all of your estate. Our free workshop will reveal if your family is at risk and how to fix the problem if they are. Reserve Your Seat EXCLUSIVE BAYSIDE Tuesday, May 6, 2014 10:00 A.M. Adria Hotel and Conference Center 221-17 Northern Boulevard BELLEROSE Tuesday, May 6, 2014 6:30 P.M. Trattoria Lucia 247-63 Jericho Turnpike HOWARD BEACH Wednesday, May 7, 2014 10:00 A.M Vetro 164-49 Crossbay Boulevard MASPETH Wednesday, May 7, 2014 6:30 P.M. Connolly’s Corner 71-17 Grand Avenue FLUSHING Thursday, May 8, 2014 2:00 P.M. Mythos 196-29 Northern Boulevard EAST ELMHURST Friday, May 9, 2014 10:00 A.M. Bruno’s on The Boulevard 88-25 Astoria Boulevard Attend one of these workshops and receive a FREE 1-hour consultation by Michael Davidov and Ilana Davidov Davidov law group LEARN ABOUT THE 2014 ESTATE TAX LAW CHANGES 80-02 Kew Gardens Road, Suite 605, Kew Gardens, NY 11415 Seating Is Limited, Call (888) 836-3909 Today! 24-hr Reservation Line or Register Online www.DavidovLaw.com SPONSORED BY: Your RSVP Code #C502 Attorney Advertising
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