An estate planning lawyer near Bronx will typically understand the common estate needs and laws applicable to Bronx residents. At our law firm, we have a host of competent estate planning lawyers serving the entire Bronx borough, and our aim is to offer holistic estate planning services that addresses all the needs of the client in question.
Our approach is to offer you a free consultation where we discuss your estate situation and needs. Out of this understanding, we proceed to suggesting and adopting legal strategies and documents by which we can address each of your concern and protect your best interests.
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By creating estate planning documents such as wills, trusts, powers of attorney, and advance healthcare directives, we help you lay down your wishes concerning your future asset management, asset distribution, and personal affairs when something happens to you.
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Estate planning in Bronx FAQs
What are the essential documents for estate planning in Bronx?
A basic estate plan in Bronx 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.
Can my beneficiaries inherit immediately I pass away in Bronx?
It depends on whether you use a will or a trust.
All assets passed in a will must go through probate, and probate in Bronx can take anything between a few months to over a year. The probate process involves the court validating the will and authorizing the decedent’s personal representative to pay off outstanding debts and estate tax of the estate before distributing what’s left to the beneficiaries.
Since probate takes time and money and is stressful, our estate planning lawyers often advise using a living trust to pass assets instead. With trusts, your beneficiaries get to inherit whatever you bequeath to them immediately you pass away without going through probate.
Although trusts are more complex to execute, they are worth it in the long run.
What is the estate tax exemption amount in Bronx?
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.
Do I have to be worried about estate tax in Bronx?
The federal estate tax and New York estate tax are applicable in Bronx. But if your estate is well below the exemption amount, you have nothing to worry about. If it exceeds and you’d not wish for a considerable part of your estate to go to the government as tax, our estate planning lawyers in Bronx can help you avoid this tax using solid legal strategies.
How do I know what my estate is worth?
Your estate is the total value of all that you own in your name alone. If an asset is titled in your name only, it is part of your estate. But if it is titled in a trust or co-owned with your spouse, then it is not counted as part of your taxable estate.
This phenomenon is used to offer you asset protection. By holding your valuable assets in an irrevocable living trust, the value of your taxable estate will fall below the exemption amount. Hence, your possessions can go tax-free.
How do I get in touch with an estate Planning Lawyer near Bronx?
Cal our law office today to get in touch with an estate planning lawyer serving Bronx.