Our estate planning lawyers are highly seasoned in the estate laws of New York and will ensure your estate plan gives you maximum coverage. We help you plan for the distribution of your assets when you die, as well as the management of your affairs during incapacity.
We seek to understand your situation, worries, and needs, so we can implement a personalized estate plan than addresses all of that, while offering you the best benefits. Yes, proper estate planning can enable your chosen loved ones get the maximum of your estate rather than a huge portion of it going to the state. We have your best interest always, and seek to give you peace of mind that comes with knowing your loved ones will get the life you wish for them.
Call us today for a free consultation with one of our reputable estate planning lawyers NY 14209.
Top 5 reasons why you should consider hiring an estate planning lawyer
There are so many reasons why you need to hire an estate planning lawyer. Some reasons are given below:
1. Customizing your estate plan
Typically, there is no law necessitating the presence of an estate planning attorney while executing your estate planning documents, such as the will, powers of attorney, trusts, living will, etc. Of course, you could download these documents online and draft them yourself. But without proper guidance, you may not be able to customize the document to suit your personal situation. In an attempt to do so, you may eventually invalidate the document, or do some other harm. For example, the kind of asset you desire to fund into your trust may not be suited for such action.
A seasoned estate planning lawyer will know how to customize your will, trust, etc to suit your personal situation.
2. Coordinating your estate planning documents
Each document in your estate plan shouldn’t work as an independent entity, but all documents should work in coordination to form a holistic estate plan. A good example is using wills and trusts. An estate planning lawyer can co-ordinate these documents so that the trust holds some assets, while the will holds others that are better left outside the will. In the end, they will work together to simplify probate and minimize tax. And if you have a living trust and a successor trustee, you may not need to create a power of attorney. Your lawyer will determine how these documents can best work together for you to get the most benefits.
3. Keeping up with New York estate laws
New York estate laws are complex, and change from time to time. It requires a legal professional to keep up with these laws and ensure your estate plan complies with the current laws. If not, your estate documents may be invalid and hence, your wishes will not be honored.
4. Estate tax and probate
If your estate is worth over $5.85 million at the time of your death, then an amount will be paid to the state of New York as State Estate Tax. This amount is often between 5%-16%, hence a significant amount will be going to the state instead of your family; but that’s if you fail to plan for it. Our estate planning lawyers 14209 are proficient in tax planning, and can help you avoid or minimize this tax — as the case may be — using certain legal tools such as annual gifting and trust execution. This will also help to avoid or minimize probate and the complications that come with it.
5. Ensure your estate plan protects your best interest
Most people who do DIY estate planning end up planning only for the disbursement of their estate. But having understood your estate situation, an estate planning lawyer will advise you on all you need to plan for to get the best benefits. In that light, an estate planning lawyer will help you create a will, living trust, power of attorney, healthcare proxy, and living will (the last three documents are against possible future incapacity), writing your instructions with clarity such that there is no ambiguity or discrepancy when the time comes.
Estate planning lawyer near me 14209
Looking for an estate planning lawyer near you in Buffalo NY, 14209? We are just a call away. Call us today for a free consultation with one of our highly-skilled estate planning lawyers 14209.
