FOR BREAKING NEWS VISIT WWW.QNS.COM NOVEMBER 4, 2021 • THE QUEENS COURIER 31
PLANNING IS THE KEY TO
COPING WITH DEATH By Donna Furey, Esq.
As the old saying goes – “Nothing is certain except death and taxes.” However, you can plan for both!
Although it is not fun to think about death, planning it the key to coping with death. By planning properly, you
can make it easier for your family and friends and make sure the proper people and/or charities receive your
assets. Furthermore, your plan could help avoid court and taxes.
The most common estate planning document is the Will. A Will is a legally binding document that instructs who
will receive your property at your death and appoints an Executor to carry out your wishes. A Will only covers
property in your name alone and not joint property, trust property, or any account that has a beneficiary
including life insurance. A properly drafted Will can create a tax plan and/or plan for beneficiaries with
disabilities so they don’t lose their government benefits.
Probate is the name of the process of filing a Will with the court and the appointment of the Executor. Once
the Executor is appointed, they collect the assets of the estate, pay the bills of the estate and distribute the
assets of the estate to the beneficiaries.
If you die without a Will, the process is called Administration. The laws of New York determine who can apply to
become the Administrator of your estate and who is entitled to your assets. Unfortunately, your assets may
end up in the wrong hands!
One way to avoid court, is having beneficiaries on all your assets. Another way to avoid court is a Trust. A Trust
is a legal entity where the trustee holds the assets in the trust for the benefit of the beneficiaries and disburses
the assets when the creator dies. An irrevocable trust cannot be rescinded by the creator, while a revocable
trust allows the creator to change or rescind the trust. Trusts are often used to tax plan, avoid probate, long
term care planning and to protect assets from Medicaid.
Start coping today and make a plan!
2022
VVOTTEE FFORR USS
Thank You To All My Family, Friends, & Clients for Your Support!
LAW OFFICES OF
DONNA FUREY
ELDER LAW • WILLS • TRUSTS • ESTATES • MEDICAID• SPECIAL NEEDS
44-14 Broadway, Astoria, New York 11103
WINNER
2021
T: 347-448-2549 F: 718-721-0851 E: dfurey@fureylaw.net Web: fureylaw.net
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