Authors:
Law Office of Bonnie Lawston “NY Estate Probate Litigator”
Star Multi Care “In-Home Health Care Services”
When you have been injured in a car accident, (or any accident) it makes sense that your focus will be on getting healthy, and on getting full and fair compensation for all your losses. But it’s also important to think about getting your estate in order, especially if you have received, or expect to receive, a substantial settlement or judgment. If you die without putting an effective estate plan in place, state law will determine how your property is divided.
Here are the most common ways to prepare for the orderly transfer your property:
- You can use a dispositive document, such as a will or trust. A will only goes into effect upon your death, and customarily costs less up front, but any property passed through a will must go through probate, which increases the cost on the back end. The assets placed in a trust pass outside of the probate process, avoiding that expense entirely. Accordingly, a trust involves more expense up front, but little expense upon your death.
- You can re-title assets during your lifetime. If you put your heirs on the title to your home, car, bank account or other property, when you die, the property will automatically pass to them, avoiding the probate process. You can also set up ownership such that you have the right to use and enjoyment of the property during your lifetime.
- You can give property to others during your lifetime. Federal gift tax laws allow you to make individual gifts of up to $10,000 annually without incurring any tax liability.
Hire an Attorney
Determining which estate planning strategy makes the most sense for you can be challenging. At the Law Office of Bonnie Lawston, in Huntington Station, New York, we have helped hundreds of clients achieve the peace of mind that comes with putting an effective estate plan in place. To schedule an appointment, contact our office or call us at (855)479-4700.
To protect your rights and help you get full and fair compensation after a motor vehicle accident, contact the Personal Injury law offices of John Fazzini or call (631) 547-8989 for a free initial consultation.
Consider Your Health Care Options
When you have been hurt in a car accident and require long-term medical treatment, you should consider whether a home health care provider might be in your best interest. Star Multi Care, licensed in New York, New Jersey, Pennsylvania and Florida, offers a wide range of in-home health care services. Contact Star Multi Care online or call our office at (877)920-0600 to learn more about how we can help you.