Often times, people delving into estate planning try to go it all alone and end up making costly mistakes that put their surviving family into unnecessary stress and expenses. Proper estate planning is required to perform the exact opposite. Estate planning is a very delicate business and one simple misplacement or omission can render your will or trust void or going against your primary intention. It is therefore advised you seek capable and experienced hands in doing something as delicate as creating an estate plan. For help with estate planning in Brooklyn NY 11212, you can contact our law firm to speak with an expert estate planning attorney near you.
Top reasons why you need an estate planning attorney in 11212
1. Local estate laws govern estate planning
The laws of each state provide specifications regarding what a will, trust and other estate planning document can and can’t do. The requirements for making each estate planning document valid in Brooklyn are clearly stated in NY state laws. It specifies what assets you can put in a will or trust, who you can appoint as your executor, attorney-in-fact, or trustee, etc. For example, some testators carelessly name people as their Will’s executor not knowing New York laws only allow a New York resident to settle the estate. Violating one of these rules can render the document invalid. This means that only someone with an in-depth knowledge in the laws can establish these documents rightly.
2. An estate planning attorney can help solve complex situations in your family and estate
Some families are your typical household: a husband, wife, a few kids and then assets. Families like this may only need basic planning but there are more complex families that would require critical planning and a lot of considerations in order to adequately distribute wealth as should be appropriate. Consider the following situations:
- A blended family with kids from previous marriages
- Lately got divorced
- A single man or woman without any child
- Owning properties in different states other than New York
- A family having a child with special needs
- Having a problem child
- Owning multiple companies
- Desiring to leave considerable funds to charity
- A highly valuable estate surpassing the state and federal estate tax exemption amounts
If you can associate any of the above instances with your current situation, then you should be in for some serious estate planning. You would need professional advice from an experienced estate planning attorney to understand the consequences of each situation to your estate plan. For example, if you do not clearly specify assets for your own children in a blended family, they may end up receiving nothing if you die before your spouse. And there is nothing they can legally do about it unless you plan now.
3. Tax planning
New York imposes a tax amount of up to 16% of your estate when you die leaving an estate worth over 5.85 million. If it exceeds $11.58 million, then tax must also be paid to the federal government. What this means is that if your estate surpasses these amounts, a huge chunk of your estate would be going to the government who didn’t work for it unless you get a well-seasoned estate planning attorney to help you avoid these taxes now. There are certain strategies by which an estate planning attorney can accomplish this, either by gifting, creating irrevocable trusts, etc.
4. Probate planning
Probate is another matter of concern as it is a very tedious process in New York. A New York estate planning attorney 11212 such as we have can help you plan to limit the amount of assets that are passing through probate.
5. Updating your documents when necessary
Estate laws change as do your financial situations. Wills, trusts amongst other estate planning documents are not things to just create and dump in a safe. On the contrary, they need to be occasionally reviewed to see if they meet up with your present situation. Newly acquired assets, a divorce and new kids are just a few situational changes that would require relative adjustments to your will.
Your estate planning attorney can help alter your will through a simple codicil or amendment without starting from scratch.
In simple terms, estate planning attorneys offer a lot of benefits when involved. Our estate planning attorneys are highly experienced and will work hand in hand with you to offer you the best. Call our office today.