Howbeit saddening to think about, everyone must someday die and when that happens, one’s possessions would have to be passed unto other parties. But the good thing is that you have a say concerning where your hard-earned possessions end up simply by creating a will. Deciding where your assets go by writing your wishes in a will is fundamental to estate planning but that is not all. So what then is estate planning?
What is Estate planning?
Estate planning has to do with planning for the management of one’s estate during life and its disposal after death, while mitigating expenses, tax and difficulties as well as preparing for contingencies.
In simple words, just as you have to plan for how you want your possession’s (estate) distributed to your beneficiaries when you die, you also have to plan for how the same estate should be managed during life when something happens to you such as incapacity.
There are so many things to consider when estate planning. The first thing to consider is estate laws. Estate laws in New York often change from time to time and can affect the tax value imposed on your estate which must be paid when you die before your inheritors can inherit. Keeping up with these laws and knowing what documents to prepare can prove daunting for most persons especially when their estate is complex.
It is therefore imperative you seek guidance from an experienced estate planning attorney near you. Our law firm offers esteemed estate planning services to New Yorkers. If you need to consult with an estate attorney 11547 Glenwood Landing, NY, simply put a call through.
Services We Render
- Creating wills and trusts. We can help you create wills and trusts with clear written instructions as regards what portion of your estate should go to each beneficiary. While it is possible for you to write a will yourself, it is important that your will contains the right words in order to perform exactly what you want it to. An experienced attorney knows the right terms to use so as to eliminate ambiguity and mistakes which may result in confusion and even lawsuits when you die. That can be disastrous for your family.
- Educate you on probate and why you may need to avoid or minimize it. Probate is a court-supervised procedure carried out after your death in order to validate your will and dispose your estate. Probate in New York is typically a challenging affair for surviving families especially for large estates. It incurs so many expenses and involves a lot of paperwork and time wastage. It may drag on for a year or more before your loved ones can inherit. If you do not want this, we can help you avoid it by holding your assets in trusts other than a will.
- Guide your executor through probate. We also provide legal guidance and representation to personal representatives executing a will or administering an estate in the absence of a will. We understand the complexities of New York Probate and so help the personal representative to navigate the process. Our aim is to make probate as seamless and short as possible.
- Prepare for incapacity. Incapacity is a contingency highly worthy of your consideration. At any time, one can become incapacitated due to terminal illness, dementia, etc., and so would need someone else to act on their behalf. Now that you are yet healthy is the right time to prepare for that. To prepare for incapacity, we can help you establish a:
- Durable financial power of attorney: in which you appoint someone to manage your assets and make financial decisions for you in the event of incapacity;
- Durable healthcare power of attorney: in which you appoint someone to make healthcare decisions for you in the event of incapacity;
- Living will: in which you state your healthcare preferences for end-of-life situations.
- Tax planning. The state of New York imposes a tax on estates valuing over $5.85 million for deaths in 2020. A federal estate tax will also be paid if your estate is more than 11.58 million. If your estate is well below this, you have nothing to worry about but if it surpasses it, then our estate planning attorneys can employ legal provisions by which you can avoid or minimize the tax as the case may be.
Estate planning attorney near me 11547
As estate planning is a delicate legal matter on which the future of your estate and loved ones may stand, it is important you have assistance from experienced hands in shaping it. Get the best of estate planning by contacting us today.
