Our estate planning attorneys Queens are available to give you all the help you need. We will create your wills, trusts, powers of attorney, living wills, help you plan for incapacity and tax minimization and ensure that your estate plan is in line with state laws for validity.
Contact us for expert guidance from the best estate planning attorneys in Queens, NY. We offer you comprehensive estate planning that covers all your concerns, ensuring you have peace of mind for the future.
Your first consultation is free.
Why you need to do estate planning now
Proper estate planning may be the best step you could ever take to protect your financial future. Without a proper estate plan, how do you ensure those who are most deserving are the ones who get a share in your estate? In the end, your loved ones may not be very happy for the choices you didn’t make.
But it’s not all about asset distribution. Proper estate planning also has to do with protecting your estate value from going down in tax, liens, or long term care costs, and the management of your financial and personal affairs when you become old or disabled.
And we are here to help. Contact our law office today.
Top estate planning mistakes to avoid in Queens
1. Not planning because you don’t have a large estate
Many people think estate planning is only for the wealthy and so do not draft a will. If you have as little as some money in the bank, a home, a car, and a small business, and some loved ones, then it’s best to state who receives what in your will. If you do not, then how sure are you that the money in the bank will go to that child that needs it most? It may also lead to conflict within your family since they all feel they have equal right to your car or bank account. So it’s always best to plan for asset transfer.
2. Not keeping an eye on estate tax
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.
3. Not planning for incapacity
On the other hand, some think estate planning ends with asset transfer and never think of planning for incapacity. Although it’s sad to think about, one may become incapacitated and unable to run their affairs when they get old. It’s best to have a trusted and competent representative who will manage your estate and personal affairs to your best interests. And you can plan for that now that you’re competent.
By establishing a document known as power of attorney, an estate planning attorney Queens can help you appoint a competent agent to manage your affairs when you become unable to manage them yourself. The agent may make financial or healthcare decisions for you as you authorize in the document.
4. Not customizing your estate plan
Just as every man is different, every estate is unique. Your situation may be such that you are in a blended family, own property in multiple states, have a minor or adult child with special needs, etc. Any special situation like this would need to be addressed in your estate plan. Some people do not give these things much attention, and their loved ones end up bearing the brunt of the complications that arise.
5. Not updating your estate plan
Your documents will need to be checked from time to time if they align with your current situation and goals. For instance, 5 years ago, you may have named your spouse as a beneficiary in your will. But it’s possible that you got divorced and no longer want them to have a share in your estate. If you do not update your will, then they would legally have a considerable share, so you would need to remove their name. If not, it becomes confusing who their allocated inheritance will go to. You may also have new assets that you need to address in your estate plan. While being busy with your life, you may forget to do all these. Therefore, it’s always best to have an estate planning attorney working with you to ensure everything is as it should be.
Get your estate plan right by consulting one of our estate planning attorneys Queens, NY.
