There are so many issues that would likely cross your mind as you get older. You begin to think about all the assets you’ve toiled all your life to achieve, and how you would like them disposed when you pass away. You also think about the family and loved ones you would leave behind. How do you ensure you are able to provide for those who depend on you financially even when you are no more? How do you protect your estate to ensure only those who are deserving get a hold of it?
All these questions are addressed during estate planning. And the best way to secure your financial future and that of your loved ones is by doing estate planning now.
Our estate planning attorneys in Bronx are ready to help you
An estate planning attorney Bronx can help you harness the estate laws and provisions of Bronx to your advantage. Your attorney can help you establish estate planning documents that would represent your wishes when something happens to you, thereby giving you a say in your affairs even when you become incapacitated. An estate planning attorney in Bronx will know the local laws applicable and will ensure your estate plan is legally valid and compliant.
To get peace of mind for your future and that of your loved ones, contact us for a free consultation with an estate planning attorney Bronx, NY.
Things an estate planning attorney will do for you
Creation of a last will and testament
A last will and testament is a basic estate planning document on which you express your wishes concerning how you want your assets distributed when you are gone. You can decide to leave assets for anyone of your choice, including your spouse, parents, children, grandchildren, friends, charity, or even strangers. However, your will must be written in the right terms to say exactly what you mean. This is where an estate planning attorney comes in.
Your attorney will help you draft your will using the standard terms as recognized by Bronx law to avoid things going in a way you didn’t plan for when you die. They also help you determine what assets you should address in your will and those best left out.
Executing trusts
Trusts are very powerful, complex, but highly advantageous estate planning document. An estate planning attorney in Bronx will most likely advise you to establish a living trust because trusts avoid probate.
Probate is a legal process that takes place when you pass away before your assets can be inherited. Probate in New York is most often complicated, lengthy, and expensive, but unfortunately, all wills are subject to it. But by passing your assets in a trust rather than a will, those assets will pass outside probate.
Hence, by using a trust, your attorney can enable your beneficiaries inherit without stress.
Plan for incapacity
By establishing a document known as power of attorney, an estate planning attorney Bronx can help you appoint a competent agent to manage your affairs when you become unable to manage them yourself. The agent may make financial or healthcare decisions for you as you authorize in the document.
Offer you asset protection
If you have too many debts, chances are your loved ones would have almost nothing to inherit when you pass away. But you can avoid that by holding your valuable assets in an irrevocable trust. Irrevocable trusts offer asset protection in that you, your creditors, tax, nursing home, and others who would normally have a claim to your property would no longer be able to reach it. Hence, your beneficiaries would receive the full value of your possession tax-free when you die. Also, even when you are involved in a lawsuit, your shielded assets cannot be used as settlement.
Avoid huge taxes
In NY, if the estimated value of your entire possession (your estate) exceeds $5.93 million at the time you die in 2021, an amount known as estate tax must be paid to the state of New York. But through proper planning, an estate planning attorney Bronx can help you prevent this, ensuring your valuable money goes to your loved ones who deserve it.
Get help from an Estate Planning Attorney Bronx
You have peace of mind when you know you have a solid practicable plan for the future. And you get this peace when you work with a professional. Call us today to speak with an experienced estate planning attorney Bronx.
