Estates and Trusts

Overview

The term "estate" refers to all the property under ownership or control. The property can be in possession of an individual, joint arrangements, or a trust and may include various monetary proceeds (such as through life insurance) upon the owner's demise. An estate may consist of real property, attachments to it, and other intangibles; all personal property (bank accounts, investment vehicles, collectible items, art, jewelry, personal transportation, etc.); businesses and business interests; life insurance, dividends, pension benefits and plans; and all claims against others for which an indemnity is reasonably expected. Estate planning is one of the many specialties of Leonid Murashkovskiy, PLLC. Due to fairly complicated, frequently changing legal regulations and taxation aspects of estate management, it is generally recommended to seek professional guidance for the majority of estate-related transactions. The primary objective of estate planning is to help individuals and legal entities to retain wealth while minimizing tax liability and other related expenses. Trust, due to their complexity and importance, often constitute a stand-alone category of estate planning. Trust is an arrangement by which property is legally owned and managed by individual or corporate fiduciary as trustee for the benefit of another, called a beneficiary, who is the equitable owner of the property. In our firm, we assist our clients with setting up trusts, drafting all necessary documents, making modifications to the trust and providing legal representation in the event of litigation or trust asset distribution.

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