Estate planning is a crucial part in a person’s life. You get to plan for the disbursement of your estate to your loved ones when you pass away, and the management of your affairs should something happen to you during life and later years.
And to get the best estate planning services in Queens, it’s important you consult a local estate planning attorney serving Queens, NY.
Call us to speak with an experienced estate planning attorney near you, Queens County. We are always ready to give you all the help you need.
Queens estate planning attorney – Helping you plan for the future
You can always give us a call and enjoy a first free consultation with us. In this consultation, we would like to hear about your estate situation and goals to enable us determine the right estate planning strategies to adopt that would offer you the best benefits.
We carry out a holistic approach covering the management of your financial and personal affairs during incapacity, asset transfer during life or death, asset protection, tax minimization, probate administration, and lots more.
Drafting a will for asset transfer
A will, formally called 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 Queens 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.
Plan for digital assets
In today’s world, digitalization is taking center stage. Almost everyone now has at least one digital asset or the other, and it is important you address these in your estate plan to prevent valuables getting lost just like that.
Digital assets we can help you include in your estate plan includes but are not limited to:
- Cryptocurrency wallets
- Monetized social media channels
- Tokenized investments
- Important account passwords and emails, etc.
Living trust and probate minimization
While every will is subject to probate, a complex and expensive court process that takes place after you pass away, a living trust avoids this process. Your beneficiaries can therefore inherit quickly and cost-effectively if you use a living trust to bequeath assets to them.
Since living trusts are complex estate planning instruments, it’s crucial you seek assistance from an estate planning attorney near you.
As you get older, you may likely have concerns about the management of your estate when you become too old or incapable of running things your self. To this end, we would include power of attorney documents in your plan. With these documents, you can authorize a trusted and competent person to make financial or medical decisions on your behalf in the event you become incapacitated.
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 Queens can help you prevent this, ensuring your valuable money goes to your loved ones who deserve it.
If you have too many debts, chances are your loved ones would have almost nothing to inherit when you pass away. But we can help you 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.
How do I find an Estate Planning Attorney near me Queens?
Call us to get in touch with an estate planning attorney near you in Queens.