Estate planning is crucial for the old and young, for the high and low, for employees and entrepreneurs, and for both men and women. So long you have assets in your name and wishes regarding how these assets should be managed or distributed when you are no more, then estate planning is for you. It is functional during life and after death. It is a way of mitigating financial risks by putting plans in place for every possible contingency. Through estate planning, you can protect your estate from terrible losses when you can no longer manage it (probably due to incapacity) by appointing someone to manage it on your behalf. You can also guarantee yourself that only those who matter most to you will benefit from your wealth. Through estate planning also, you can decide the kind of healthcare you want even when you are in a vegetative state because your documents would be there to speak for you.
So, do you have preferences for healthcare during terminal conditions? Do you wish to transfer assets to your loved ones in the simplest way possible with minimal complications and tax liabilities? Get help from an Estate Planning Attorney near Greenpoint Brooklyn by contacting us today. Our estate planning attorneys are proficient in establishing a comprehensive estate plan that covers all your concerns and achieve your estate goals.
Things we can help you do
· Plan for asset transfer
A crucial aspect of estate planning is the disbursement of your estate. Through estate planning, you can ensure that your hard-earned possessions only go to those who matter most to you. This can be achieved by writing a Will. When most people in Brooklyn think about estate planning, they generally box the whole concept into a Will but this is not so. A Will can only allow you to transfer assets to your loved ones. You can also name a guardian for your minors if any, as well as an executor to carry out your instructions in the Will when you die.
A Will can be downloaded online but drafting it yourself cannot be compared to doing same with professional assistance from an estate planning attorney. This is because not all assets can be transferred according to a Will. Depending on the nature of your estate, your attorney will guide you on what assets to address in the document in order not to make probate complicated for your survivors. This leads us to the next item.
· Minimize probate
Another crucial aspect of estate planning is addressing probate. Probate is the legal process by which your will is validated in court and the estate disbursed. It is most often complicated and lengthy in Brooklyn.
You have to consider how probate would be like given your estate and family situation. Is the estate large? Do you have properties in different states? Are there complex assets in your name? Are your family members estranged? If the answers are more yes’s that no’s, then you may consider avoiding probate altogether. This is because probate becomes even more problematic in the above situations.
An estate planning attorney from our firm can help you achieve this by establishing a trust on your behalf. Assets held in a trust will automatically pass to the named beneficiary without going through probate.
· Plan for incapacity
In legal terms, incapacity is a situation when an individual can no longer be expected by law to make reasonable decisions for themselves. This is mostly due to mental illness like dementia, Alzheimer’s, or a terminal condition. Howbeit saddening to think about, this may happen in the future and your estate may suffer because you can no longer make important decisions as you would have wanted to. But our estate planning attorney can help you establish durable powers of attorney, a healthcare proxy and advance healthcare directive in order to appoint someone to act in your stead during incapacity. You can also lay down instructions on the kind of healthcare you would desire during a terminal condition.
· Plan for tax
In New York, passing away with an estate worth $5.85 million will attract an estate tax of up to 16%. The amount must be paid to the state before your loved ones can inherit. If you prefer such a huge amount to go to a loved one instead, then it is important you get an experienced estate planning attorney to help you avoid the tax as provided by the law. This can be achieved through strategic periodical gifting, placing valuable assets in trusts, etc.
Get help from an Estate Planning Attorney near Greenpoint Brooklyn
It is dangerous to waste time as tomorrow is uncertain. Get peace of mind that comes with knowing you have coverage for all possible future contingencies. Contact us today for a consultation with a seasoned estate planning attorney near you.