Hiring an estate planning lawyer near you is your surest best in achieving an estate plan that meets your local legal requirements and addresses issues common to your area. A local estate planning lawyer will be accustomed to your state and county estate laws and ensure your documents are compliant. Having worked with several other clients in Queens, an estate planning lawyer in Queens will be familiar with the common estate issues the residents face, and will work to avoid any future complications in your estate plan.
Our law firm is home to estate planning lawyers serving the entire Queens borough, and it is our pleasure to assist you in creating your estate plan.
From asset transfer to incapacity and tax planning, we are ready to give you all the help you need.
Call us to get in touch with an Estate Planning Lawyer near you in Queens.
Our estate planning services Queens
Establishing estate planning documents compliant with Queens laws
There are several estate planning documents but the most essential ones include:
- A Will – to express your final wishes concerning the distribution of your assets when you die. It can also be used to establish guardianship for your minors if you pass away before they come of age. It goes into effect after death.
- Living trust – Also used to pass assets to beneficiaries but more efficiently than a will because the assets would pass outside probate. It takes effect once executed and funded with assets.
- Durable financial power of attorney – A durable financial power of attorney is a document on which you appoint an agent (attorney-in-fact) to manage your financial affairs in the event you become unable to manage them yourself.
- Durable medical power of attorney – A medical power of attorney or healthcare surrogate is a document on which you appoint an agent to make healthcare decisions on your behalf when you become unable to do so yourself.
- Living will – In this document, you make decisions on what medical actions you would want taken when you are in an end-of-life situation.
If you leave behind minors, these ones are not allowed to inherit by NY laws. To protect their interests, your lawyer will help establish guardianship in your will, whereby your appointed individual will manage assets for your minors until they come of age to inherit.
If you also have an elderly loved one who needs to be looked after because of their disability, we also represent you in guardianship application.
Helping you save on tax
Across states, there is an amount known as estate tax exemption amount. In New York, this amount is $5.93 million as at 2021. If the estimated value of your estate falls below this amount at the time of your death, you estate can pass to your inheritors tax-free. But if your estate exceeds that value, an amount known as estate tax must be paid to the state of New York.
However, through proper planning, an estate planning attorney in Queens can help you prevent this, ensuring your valuable money goes to your loved ones who deserve it.
Preventing possible issues that may apply to your estate
Not all estates are the same. Some may do well with just a will, while others require intensive planning. For example, you may own property in other states. In such a situation, you would have to retitle these properties into a living trust to avoid placing heavy probate burden on your survivors since probate must be conducted in each state where you own property. But assets in a trust avoid probate; hence, that hassle is prevented.
Updating your estate plan
Your documents will need to be checked from time to time if they align with your current situation and goals. For instance, 5 years ago, you may have named Joel as a beneficiary in your will. But it’s possible that Joel predeceases you, so you would need to remove their name. If not, it becomes confusing who their allocated inheritance will go to. You may also have new assets that you need to address in your estate plan. While being busy with your life, you may forget to d all these so it’s always best to have an estate planning lawyer working with you to ensure everything is as it should be.
Estate planning lawyer near me, Queens
Get peace of mind by working with an expert estate planning lawyer near you in Queens. Contact us today to get in touch with one.