Scifo Estate Planning Corp

Add to Favorites

Estate Appraisal & Sales, Auctioneers, Auctions

Add Hours

(516) 227-1100Call Visit WebsiteVisit Website Map & DirectionsDirections178 Herricks Rd Ste 1Mineola, NY 11501 Write a ReviewWrite Review

More Info

Extra Phones: TollFree: (800) 405-7526
Neighborhood: Garden City Park
Other Link: http://www.scifo.com/contact.htm
Categories: Estate Appraisal & Sales, Auctioneers, Auctions, Real Estate Management

Gallery

Add Photos

Be the first to add a photo!

Reviews

Hi there!
Be the first to review!

Click to Rate

Details

Phone: (516) 227-1100

Address: 178 Herricks Rd Ste 1, Mineola, NY 11501

Website: http://www.scifo.com/contact.htm

Scifo Estate Planning Corp

Taxes

Tax Planning
The use of irrevocable trusts in sophisticated tax planning involves a multitude of complex tax rules. You should consult with a tax planning professional to obtain the optimal tax results.
Estate Taxes
Avoiding Probate
Probate is a legal process for managing estates of decedents and disabled persons. A court appoints and supervises a responsible individual or trust company, usually as designated by you in your will, who administers and distributes assets. If you have a will, the person appointed is called an "executor," and if you do not have a will, then the person appointed is called an "administrator." Probate has the advantage of involving a judge to help sort out disputes and supervise unsophisticated executors. It also has standard procedures for the orderly payment of claims and distribution of assets. Because a court is involved, probate can be somewhat cumbersome, with the need for preparation of special court documents and attorney appearances in court. With a sophisticated trustee or when all the beneficiaries are in agreement, avoiding probate may be desirable.
Income Tax
An irrevocable life insurance trust (ILIT), often called by dynasty trust due to its ability to forever escape estate taxes, is a unique legal document to help keep the proceeds of a life insurance policy outside of the estate and thus potentially free of estate tax and income tax.

Planning

Retirement Planning
Scifo brought up many points that others didn't bring up. For me, they implemented a Living Trust, a Limited Partnership, and a Family Foundation and set up pension plans and long term care for my corporation. Some estate planners - you sit around for an hour and you are ready to put a blanket over your head and fall asleep. With Scifo, you are trying to catch every word they say.
Annuities
We were working with Scifo a while back and they were coming out to our house when my father was dying of cancer. That was the foundation for a very strong relationship with Scifo. My father died 7 years ago and that got things rolling for me to go forward. The Aldrich family as a whole set up a Family Limited Partnership (FLP), which includes my brother, my mother, and me. We have also life insurance and annuities.
Long Term Care
Long-term care insurance is designed to pay for the cost of your care in a variety of settings, such as a nursing home or assisted living facility, if you can no longer care for yourself independently. Long-term care policies vary widely in their coverage, limitations, and exclusions.
Living Trusts
Both a living trust and will can be used to reduce or eliminate death taxes under certain circumstances, and especially for married couples. Tax saving clauses that are included in your living trust are virtually identical to the tax saving clauses that would be included in your will. However, in addition to potential tax savings derived from a comprehensive estate plan, a living trust can also assist in organizing your finances. Thus, a living trust is well suited to both of these purposes.
Asset Protection
The asset protection benefits of the limited partnership are based on a general rule of law that limits the claims of a creditor to a "charging order" that gives the creditor of a partner the right to take any amounts that are distributed to that partner. However, the creditor is not usually able to secure access to the assets held by the partnership. This of course does not protect the partnership assets from claims against the partnership as an entity. And, there have been some cases where the courts have granted creditors the right to force some distributions where the partnership is not distributing any funds to the partners.

View All Services

Provided by

Browse

Scifo Estate Planning Corp

More Info

Gallery

Reviews

Details

People Also Viewed

Scifo Estate Planning Corp