Law Office of Ira S. Karlstein
Attorney – Estate Planning
Probate & Trust, Elder Law, Business Succession & Tax Law
Business Succession Planning
Estate & Trust Planning
The law firm’s Mission is “To provide the highest level of Estate & Wealth Design Planning available, using the most powerful and creative solutions in the most efficient and caring way possible, wile establishing long and meaningful relationships with our client families.” We bring our own unique expertise and experience, and dedicate large amounts of time each year to improving our skills, through national, regional and local seminars. We chose the field of Family Estate and Wealth Design Planning because helping others gives us a strong feeling of accomplishment while allowing us to meet personal and professional goals. Our Estate and Wealth Planning law practice is focused on improving people’s lives and not simply maintaining the Status Quo.
“Essential” Estate Plans are prepared for all of our clients, and are concerned with lifestyle, disability and distribution planning, basic marital tax planning and retirement. These plans may include a revocable living trust as the superior form of essential legal planning for most of our client families, although in some instances a Will based plan may be preferred.
“High Net Worth” Estate Plans are prepared for clients with comprehensive personal or tax planning goals, and involve special trusts, entities, and cash flow planning that generally require formal plan design and financial modeling prior to drafting of legal documents.
Estate & Trust Administration
Whether it is a plan that we have created that “matures” or a new client that has suffered a recent loss we have the experience, maturity and sensitivity to guide clients through difficult times. Most people only face estate administration once or twice in a lifetime. We have assisted hundreds of clients over more than thirty five + years. It is not just about “Probate”. Financial, emotional, tax and family issues are addressed.
Planning for Medicaid
The likelihood of living a long and healthy life is greater than ever. However, you may, eventually face staggering healthcare costs. Very few people can afford to pay medical expenses out-of-pocket and most people don’t want to. Although many have medical insurance while they are working, or Medicare (for serious medical problems) after sixty five (65) years of age, few have provided for long term care. We believe insurance is often the best solution, but for those who don’t qualify or would prefer not to make the necessary investment, Medicaid is often considered. Medicaid was designed for indigents but many people believe they would prefer to transfer assets to their loved ones. Since Medicaid often involves a “waiting period” (3 years or more) planning for this option should occur as soon as possible.
“Special Needs” Planning
This type of planning often involves children but can also apply to adults. A “Special Needs” person is eligible, or receiving, government benefits because he or she is unable to care for his self. This becomes a critical situation when you are no longer available, or unable to care for them because of your own advanced age or incapacity. If a child is born with “Special Needs”, do you eliminate them from your financial life or use a special trust to treat such a child equally while still qualifying for the use of government resources.
While most of our time is spent in avoiding government intrusion into or clients life “estate litigation” or resort to the Courts may be necessary if proper planning has not occurred. Whether it be an application for a guardianship, a resolution of disputes between survivors or a determination that your legacy under a Will or Trust has been properly determined we are experienced to provide caring, sensitive advice.