Senior citizens in Buffalo are faced with issues such as possible incapacitation, long term care, nursing home, managing their estate through all these, and disbursing it to their chosen beneficiaries after death.
But there are legal provisions available to cater to all of these. It is referred to as estate planning.
Our elder lawyers in Buffalo, NY are experts in estate planning, and will help you plan towards the management of your estate, incapacity, and the efficient distribution of your assets while minimizing risks and taxes.
We understand that each estate is different, which is why we always listen to your peculiar situation and needs to better understand how to create a plan that covers all your needs.
Call us today for a consultation with a New York elder lawyer in Buffalo. Your first consultation is free!
Elder law services
Estate planning has to do with making plans for the management of your personal and estate affairs during capacity, the distribution of your estate when you die, and minimizing taxes and cost of the distribution. Through proper estate planning, you can have peace of mind knowing that your dearest ones will receive exactly what you have in mind for them to receive.
As your elder lawyer highly knowledgeable in estate planning, we can help you create a last will, trust, living will, and powers of attorney.
In your last will, we help you address the distribution of your assets among your loved ones. If you do not want them to suffer the cost and stress of probate, we can help you execute a trust document by which your loved ones can inherit directly without going through probate. Your power of attorney determines who manages your affairs when you become incapacitated.
Probate avoidance and minimization
Your will does not become active until death, which is why you can alter your will at any time. At death, it becomes active and must be taken to your county probate court by your executor, someone who you should name in your will.
During probate, the court checks your will for validity, your debts and estate taxes will be paid, and your estate disbursed according to your will. This process can take anything between 3 months to years, and not until it concludes can your loved ones inherit.
That is why we often advise executing a living trust instead of a will. Trusts avoid probate and enable your loved ones inherit immediately you pass away. This document is more complex than a will, so it’s crucial you get help from a trusts and estates lawyer Buffalo.
Another important aspect of estate planning is incapacity planning. It is possible that due to old age, you develop a disease such as dementia such that renders you incapable of managing your estate and making competent decisions. Now that you’re sound, you can appoint a trusted individual to manage things for you when you fall into incapacity. There are options to achieve this:
- Appointing a trustee: We can help you create a living trust and name a successor trustee. During incapacity, your trustee will manage the trust assets on your behalf and always to your best interest.
- Powers of attorney: If you have property outside a living trust, we recommend creating a financial power of attorney to appoint someone who will make decisions concerning such assets. This person can manage your business, make investment, sell, buy, or pay bills on your behalf. A healthcare power of attorney is also important to name someone to make medical decisions for you.
You may have creditors and possible nursing home costs. But on estimating your estate, you have less than enough to foot these while leaving enough for your loved ones. Through asset protection, our estate planning & probate lawyers can help you keep your assets beyond the reach of creditors, nursing home costs, and probate court, enabling the full amount to pass to your heirs.
Depending on the value of your estate, a huge amount of money may be going to the state as estate tax. Our estate planning attorneys are proficient tax planners and can help you minimize the tax liabilities of your estate.
Elder Lawyer near me Buffalo, NY
Our Elder Lawyers and estate planning attorneys in Buffalo are ever ready to help you plan for the future. Contact us today to get in touch.