What is estate planning?
Estate planning refers to plans and strategies put in place to facilitate the efficient management and distribution of one’s possessions during life, incapacity, and death, while minimizing their tax burden and other possible complications.
Our estate planning attorney Queens is ready to assist you
Get help from an experienced estate planning attorney in Queens NY by contacting our law office. It’s always our pleasure to help you plan for the future. We help you make decisions towards the distribution of your assets to your loved ones in the most efficient ways possible so they can receive their inheritance on time.
While old age incapacity is a difficult time to look forward to, we help make things easier by helping you plan strategically towards it. By creating certain documents known as powers of attorney, you can choose someone to manage your financial and personal affairs on your behalf when you can no longer run things yourself.
Additionally, in all our estate planning services, we always have an eye towards tax savings knowing you would not want a huge piece of your life’s work going to the state.
Let us help you. Contact us today to get in touch with a estate planning attorney in Queens, NY. Your first consultation is free!
Things to know about estate planning Queens, NY
What is the estate tax exemption amount in Queens?
The estate tax exemption amount is an amount which, if your estate exceeds the value at the time you die, tax will be imposed on your estate.
The federal estate tax exemption amount is constant across all states, and is currently $11.7 million for 2021.
In addition, New York also has its own state estate tax exemption amount.
The New York estate tax exemption amount is currently $5.93 million in 2021.
Note that the estate tax exemption amount is adjusted for inflation every year.
What are the essential documents for estate planning in Queens?
A basic estate plan in Queens may include the following:
- Will – to express your final wishes concerning the distribution of your assets when you die. It can also be used to establish guardianship for your minors if you pass away before they come of age. It goes into effect after death.
- Living trust – Also used to pass assets to beneficiaries but more efficiently than a will because the assets would pass outside probate. It takes effect once executed and funded with assets.
- Durable financial power of attorney – A durable financial power of attorney is a document on which you appoint an agent (attorney-in-fact) to manage your financial affairs in the event you become unable to manage them yourself.
- Durable medical power of attorney – A medical power of attorney or healthcare surrogate is a document on which you appoint an agent to make healthcare decisions on your behalf when you become unable to do so yourself.
- Living will – In this document, you make decisions on what medical actions you would want taken when you are in an end-of-life situation.
What assets can you pass with your will in Queens, NY?
Only assets held in your name only can go in your will. These assets are called probate assets.
Your real property jointly owned with your spouse, properties titled in a trust, life insurance proceeds and transfer-on-death accounts (all of these already have beneficiaries named in the documents) cannot go in a will because they already have their own designated beneficiaries.
Intestacy in Queens, NY
If you die without having any form of asset transfer plan in place (will or trust), your estate is declared an intestate estate. In intestacy, your wishes are not known, so the court will decide who has a share. By default, in Queens and throughout New York, your spouse will receive the first $50,000 and half of your estate while your children receive the rest.
If you leave behind minors, these ones are not allowed to inherit by NY laws. To protect their interests, your lawyer will help establish guardianship in your will, whereby your appointed individual will manage assets for your minors until the come of age to inherit.
If you also have an elderly loved one who needs to be looked after because of their disability, we also represent you in guardianship application.
How do I hire an Estate Planning Attorney near me Queens NY?
Contact our law office to get in touch with an estate planning attorney near you in Queens.