Now you’re ready to take the big step of estate planning, we are here to offer you the best measures to secure your financial future and that of your loved ones. Our estate planning lawyers have years of experience serving clients in Buffalo, NY 14280, and we want to help you too. The peace of mind that comes with knowing you could still provide for those who depend on you even when you’re gone is priceless. Let us help you achieve that peace of mind.
Contact us today to speak with one of our estate planning lawyers Buffalo 14280.
Documents we include in your estate plan 14280
It is our aim to offer you a personalized and comprehensive estate plan, one that covers all your goals during life and after death. Due to our years of experience, we also bring to your awareness those things you may not realize affect you. However, the following are essential documents we create to give you a basic estate plan.
A will is the simplest and most popular estate planning document. On your will, you name your beneficiaries and what portions of your estate you want bequeathed to them. If you have minors, we can also help you name a guardian for them — someone who would look after their property until they come of age (18) to inherit them.
Our fundamental goal is to ensure your will addresses your peculiar situation and goals. We use the right terms as recognized by the court, and ensure your will complies with NY laws for validity.
The downside to using wills is that the document must go through the probate court when you die. The probate process is often lengthy and expensive, especially when the estate being probated is complex or high valued. To ease things up for your family, we would help you execute a living trust.
A living trust is also used to transfer assets, but the assets in this case do not go through the probate process. They transfer directly to the beneficiary immediately you (the trust creator, known as a trustor) pass away. If all your estate is held in trust, it means probate will be completely avoided. By so doing you would be helping your family to avoid the expenses and stress of probate, while enabling them to inherit quickly. This keeps them out of lack.
Although you could prepare a simple will yourself, we do not advise executing a trust yourself as they are more complex.
Power of Attorney (POA)
A power of attorney is a document by which you appoint an agent to manage your financial affairs on your behalf. In the event you become incapacitated, this is a great way to ensure your business keeps running under competent hands. There are different kinds of POA and depending on your situation and preference, we would determine which is best suited for you.
The healthcare proxy is also known as medical power of attorney and allows you to appoint an individual charged with making healthcare decisions on your behalf during incapacity.
In your living will, you can make decisions on your preferences in an end-of-life situation. You can lay down your wish to not be kept on life support more than a certain period, etc. There are requirements, and we would ensure you are in compliance.
If your estate values above the New York estate tax threshold of $5.85 million and the federal estate tax threshold of $11.58 million, it means a sizable amount will be going to the government. However, through asset protection, an aspect of estate planning, you can avoid this. We can help you create irrevocable trusts and fund valuable assets into it, assets which you don’t expect to touch until death. By holding such assets in an irrevocable trust, we can keep your estate value well below the exemption amount, consequently allowing your loved ones to inherit the full amount thereof. This also shields those assets protected from creditor claims.
Medicaid and Long-term Care
If you so desire, our estate planning lawyers 14280 will help you ensure that while planning, you are not deprived of Medicaid benefit eligibility. We can also plan towards long-term care and guardianship so that when the time comes, your wishes are clearly known and will be executed.
Estate Planning Lawyers near Me 14280
Ready to take the big step? It’s always more profitable to work with an estate planning lawyer near you, one highly knowledgeable in the local estate laws. For help with estate planning in Buffalo, NY 14280, we are just a phone call away. Call our law office today to get in touch.