Creating an estate plan is often more than just creating a will that oversees the disbursement of your wealth. Often, there are so many things to consider such as how to avoid financial issues and taxes as well as family conflicts when your heirs are about inheriting your property, avoiding probate for the sake of its cost and complexities, asset protection, planning for eventual disability, incapacity and retirement, and things of that sort. You may create an estate plan that even ruins your chances for qualifying for Medicaid and other government benefits. This is because there are legal criteria for these things and as you may lack appropriate knowledge, seeking assistance from a professional becomes highly crucial. An estate planning lawyer is one who has undergone years of training in estate planning and has come to understand all the laws affecting your estate and how to use them to your advantage.
Over the years, the estate planning attorney 10007 has worked with clients within area code 10007 and throughout New York and has insight regarding all problems which you may face while estate planning. In that regard, it becomes quite an easy matter for him to create an efficient estate plan that covers all your estate concerns, giving you assurance that when you get old or deceased, all your intentions would be duly effected, and your estate and family adequately protected.
What the estate planning attorney will do for you
Everyone has a different goal. While the goal of one person may be basically to transfer his assets to his beneficiaries, another may seek ways to address his complicated assets which may be owned in multiple states, protecting his assets from creditors, or finding ways to avoid taxes and probate. Whatever your concern is for your estate, the estate planning attorney New York has what it takes to address that issue and find you the best possible solution. Typical services of the New York estate attorney includes:
- Preparing a will that states how your property passes down to your heirs, ensuring that this will conforms with New York laws
- Preparing durable Powers of Attorney to appoint persons who would make financial and medical decisions for you when you are unable to do so (due to old age, incapacitation or terminal illness)
- Creating a tax-efficient plan that greatly reduces your estate tax or completely avoids it
- Help executors and estate administrators during the probate process and disbursement of property
- Help facilitate the transfer of your assets during your lifetime by creating a trust
- Gives you asset protection that seeks to shield your assets from creditors and taxes
- Help to transfer your IRAs, insurance policies, personal properties into a trust
- Easing probate or altogether avoiding it.
Probate and why you need to avoid it
Probate is a court process by which your will gets validated before it is effected. This process takes place after your death and must be done in a Surrogate’s Court where you own property. Should you own property in two states, probate would be done in both states, and the sad thing about that is your family would be put through a lot of legal formalities and stress while dealing with the trauma of losing you to death. Probate is also very expensive. The more valuable your property is, the more probate fees it attracts. Also, when you will doesn’t conform with the state laws, it is discarded and your estate is declared intestate, that is, subject to the intestate laws of the state. In New York, the intestacy laws give property only to the closest living blood relatives of the deceased, regardless of whether this is your intention. Wills can also be contested by dissatisfied parties, leading to court cases and disagreement among family members. This publicity is often undesirable.
But the good news is all these can be avoided by simply creating a revocable living trust and transferring your assets into the trust. Those assets would then take the name of the trust and would no longer belong to you. By so doing, your assets go to your beneficiaries without passing through probate, since probate is only for assets which are in your name.
The New York Estate planning attorney 10007 can help you avoid probate
By creating a living trust and funding it with your assets, Probate can be avoided. But trusts are are delicate estate planning tool. There are different types of trusts and each has its own merits and demerits. Also, not all assets should be transferred into a trust. It is therefore important to seek professional help from the estate planning lawyer. Greatly experienced in Trusts and estates, he’ll offer you professional advice and help in creating a trust that serves your estate goals. Living anywhere with the zip code 10007? Contact the New York Estate planning attorney 10007 today.