Having an estate planning attorney Queens working on your side gives you assurance that your estate plan is right and your documents legally valid. And at our NY law firm, you can hire a proficient estate planning attorney Queens that caters to all your estate planning needs.
From will and trust creation to tax and long term care planning, we ensure that all that affects your estate is duly addressed. We want you to have peace of mind in your later days knowing that your wishes concerning the distribution of your assets will be implemented exactly as you wanted, and that your financial and personal affairs are managed by competent hands in the event something happens to you.
To get your estate plan right in Queens, contact us for comprehensive estate planning services.
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.
Other things our estate planning attorney Queens will help you do
Assess your estate and situation to identify your needs
It is true that even when looking to create an estate plan, you may not yet know all that you need to plan for. Left alone, most people only create wills thinking that’s all there is to estate planning.
But it is our duty as your legal professional to address every issue you may face that falls under the estate laws of Queens.
There are many documents and strategies we can apply for the following situations:
- You are in a blended family and need assurance that your own kids from the previous marriage get a share in your inheritance when you pass away
- You have a child with special needs
- You have minors (children below 18 cannot inherit under New York laws)
- Incapacity can happen at anytime, and we need to plan for your care and asset management
- Your debts are heavy and would drain your estate significantly if they are to be paid
- You have a large estate that’s subject to huge estate taxes
- You wish to shield your assets from liens, nursing home costs, etc, while qualifying for Medicaid
- You have property in multiple states
- You have complexly owned assets and are unsure how they will pass on your death.
Help your loved ones avoid heavy tax burdens
In New York, an amount known as estate tax will be imposed on your estate if worths over $5.93 million (in 2021) at the time of your death. So if this applies to you, a considerable chunk of your estate will be going to the state. However, our estate planning attorneys Queens are proficient tax planners and will employ legal strategies to keep your taxable estate below that threshold.
Help minimize or avoid probate
Probate is a problematic legal process that takes place when someone dies leaving estate. It is typically lengthy, costly, and time-consuming in Queens. But all of that depends on the nature of the estate passing through probate. The higher the value, the more complex probate tends to be. If that’s your case, you wouldn’t want your survivors to go through the stress before they can inherit your property.
Typically, all assets passed via a will will pass through probate. Depending on the complexity of your estate, a good estate planning attorney will suggest handling your valuable assets in a living trust so that those passing through probate will be minimized (if all can’t go through the trust). All assets passed in a trust avoid probate.
Get comprehensive estate planning services by talking with an estate planning attorney Queens today. Call us.
