Are you looking for an estate planning attorney near you in Buffalo, NY 14202? We are here to help. Our estate planning attorneys are proficient in devising a comprehensive estate plan that covers all your needs. It is our approach to discuss with you in an attempt to ascertain your personal and financial situation as well as you goals. With a perfect understanding of these, we will then execute the necessary estate planning documents.
Essential documents we typically include in a basic New York estate plan are as follows:
- A will: for the efficient distribution of your assets when you pass away.
- Trust: for immediate asset bequeathal, avoiding the cost and time wastage of probate
- Power of Attorney: to appoint an individual (called an attorney-in-fact) to make financial decisions on your behalf when you’re unable to do so yourself
- Healthcare Surrogate: to authorize an individual over your healthcare decisions in the event you become incapacitated.
- Living Will: to express your wishes for any possible end-of-life situation.
While you could draft your will yourself, the other estate planning documents are more complex and you would require expert legal assistance for them. Also, you need guidance in the decision-making process to ensure you make no costly mistake.
For the best of estate planning in New York, contact our estate planning attorneys 14202.
6 reasons you should consider hiring an estate planning attorney NY 14202
1. Ensuring your will says exactly what you want it to say
It is one thing to mean a thing; it is another thing to write what you mean exactly as you mean it. Estate planning is a legal matter, and since your will must pass through the court, you need to use the appropriate terms in order to avoid confusion, ambiguity, and inconsistency. A professional highly-skilled in such legal matters will know the right terms as they are recognized by the court. To prevent your family from having headaches when you pass away, get help from an estate planning attorney near you.
2. Tax planning
The New York State estate tax exemption amount for 2020 is $5.85 million. If your estate is above this value at your death, then a considerable amount ranging from 5-16% of your estate would go to the state. If this is your situation, your attorney can help you plan with an eye towards tax minimization or avoidance as the case may be.
3. Customizing your will
If you have an estate comprising some cars, a house, and bank account, it wouldn’t be difficult for you to draft your will, especially when your family consists of a spouse and children. However, some certain cases would require you to customize your will according to your peculiar estate and family situation. If you are in any of the following situations, then it’s in your best interest to work with an attorney:
- You have property in multiple states
- You’re worried that your estate value will exceed the estate tax exemption threshold
- You have complexly owned assets
- You are in a blended family with kids from the previous marriage
- You have minors
- You have a child with special needs.
4. Coordinating your estate plan
Estate planning should be holistic, with all the documents working in unison towards a goal. Without proper understanding of how these documents work, you may create your estate plan such that one document negates the other, leading to discrepancies. For example, your life insurance may bear the name of your ex-wife as the beneficiary, whereas in your will, you bequeath the insurance proceeds to your current wife. Again, you may have an attorney-in-fact whereas there is already a successor trustee in your living trust, two completely different people with interwoven roles.
An experienced estate planning attorney will coordinate your estate plan to prevent discrepancies.
5. Estate laws are complex and often change
Estate planning is a legal matter and requires adequate legal knowledge to execute. Also, these laws change often — a very good example is estate tax exemption amount which change almost yearly. Only an estate planning attorney can keep up with these laws to ensure your estate plan is in compliance.
6. Updating your estate plan
After creating your estate plan, you financial situation may change, thus requiring a consequent change in your estate plan. But your business life may not give you enough time to always review it. It’s therefore advisable to keep a close relationship with your estate planning attorney, so they can review and update your estate plan when and where necessary.
Estate Planning Attorneys near me 14202
Need help in Buffalo, NY 14202? Contact our estate planning attorneys today.