With several sensitive laws guiding estate planning and inheritance in New York, it becomes imperative that you seek the guidance of a well-seasoned New York estate planning attorney. It is also advised you get in touch with one proximal to you as he or she would expectedly be more equipped with your local laws and is also more easily reachable.
We are here for you
So are you looking for an estate planning attorney near Southern Brooklyn? Simply call our office today to schedule an appointment with one highly knowledgeable in the local estate laws. Our estate planning attorneys are known for their personalized approach towards estate planning. In our first discussion with you, we endeavor to understand your estate situation and wishes. The ball then falls upon our court to recommend and apply certain strategies to achieve your goals.
Our estate planning approach does not only seek to cover your after-death wishes in terms of asset disposal, but also gives you coverage during life. We plan for the management of your estate in the event you fall into incapacity. We carry out comprehensive planning to cover every future eventuality that may limit your estate, avoiding tax in case your estate would be subject to it, planning towards probate minimization, long-term care and Medicaid amongst others. To have the best of estate planning in Southern Brooklyn, contact us today.
Essential documents we include in your estate plan
- A Will: A will is a very simple yet highly powerful and sensitive estate planning documents. With a will, you can leave all or any part of your estate to anyone of your desire; but any wrong or ambiguous use of words can be calamitous. For this reason, your estate planning attorney will help you draft your will using the right terms agreeable by law in order to effect your wishes accurately. If you have minors, we also advise using your will to name a guardian. Minors cannot inherit what you leave for them until they turn 18.
- Living trust: A living trust is another very powerful document by which you can leave assets for your loved one. It is however more complex than a will but offers more advantages including probate avoidance, guardianship avoidance, and tax savings. Our estate planning attorneys are well skilled in combining wills and trusts according to the nature of the estate to offer clients the best benefits.
- Durable power of attorney: To plan for eventual incapacity, we would help you establish a durable power of attorney. In this document, you name an agent who you trust to manage your estate in your stead should you become incapacitated in the future. They make financial decisions for you to ensure your business incur no significant loss during your absence.
- Advance healthcare directives: This document, just like the durable power of attorney, allows you to make decisions now for your future healthcare in the event of incapacity.
When incapacitated, you would be unable to make decisions as to the kind of healthcare you want but certain documents which we will help you establish now will speak on your behalf during that time.
Important things we consider in your estate plan
· Estate tax
Currently, if your estate is above $5.85 million, the state of New York is entitled to about 5-16% of the excess. Imagine having that amount go to a loved instead. But estate laws have provisions by which your estate planning attorney can help you limit your estate value below this threshold, therefore exempting your estate from the tax amount. By making annual gifting to your loved one during life or creating trusts for them, your estate planning attorney can make your estate become tax exempt.
Probate is another thing that can eat a considerable part of your estate, especially when it is a large one. Probate is a court process which oversees your estate disbursement after death. There are so many bills and court fees to pay. Our attorneys can help strategize to limit the amount of assets that would pass through probate. This we do by executing trusts.
· Estate laws
There are certain laws that may not be compliant with your intentions. For example, you cannot name a non-New York resident as your personal representative. Doing so can void your document. We ensure that each document is compliant with state laws.
Need the best of estate planning?
Why wait anymore? Who knows what tomorrow holds? The right time to plan is now. To get the best of estate planning in Southern Brooklyn, call our law office today.