NYC ESTATE PLANNING LAWYER
Mortality is a grim but stubborn fact of human life. You cannot live forever, and it is important to create a document, a plan, a set of instructions that distributes and disposes of your capital in the way that accords with your wishes. You do not have to be amongst the wealthiest class of persons to engage in estate planning. If you have accumulated capital, assets, and property that are of some value, and you wish different portions to go to particular family members, friends, and independent institutions, then you should start thinking specifically about who should get what.
It is especially urgent for individuals whose assets are considerable and connected in complex ways to develop an estate plan. If you have grown a family business into a multi-billion dollar global company, if you have shares, interests, and proprietary rights in a number of companies, if you own properties around the world and have tied them to different enterprises, then it is essential that you clarify who is to assume control and ownership when you are gone.
Sit down with a lawyer and start developing an estate plan.
The livelihoods of hundreds or even thousands of people will depend on the soundness and transparency of your estate plan. You may have the utmost love and fondness for your spouse and your children. You may want to ensure that they are comfortable when you have passed on. However, the control and administration of any companies that you own or are connected is a different matter. It may be your wish that the people that you have worked with, trained up, and have the utmost confidence in be left with the sole responsibility of running businesses when you are gone.
Without a clear, detailed, and irrefutable estate plan issues related to the control and ownership of your assets will be thrown into the courts. They will need to be adjudicated, and the result may be contrary to your intentions at best. At worst, it could plunge your enterprises into extreme chaos and lead to the unraveling of all that you spent your life putting together.
Our law firm has the highest wins ratio percentage among all other New York legal practices.
You may still be relatively young and vigorous, or you may be getting on in years and nearing retirement. No matter your age or physical condition, you never know when illness or accident might incapacitate or kill you. If you have accumulated the kinds of assets discussed above, then you should sit down with a lawyer and start developing an estate plan.
If you already have a lawyer that you consider a confidant, then you should speak with them about your desire to put an estate plan in place. Such legal documents should be drawn up by a specialist, and your family counsel can help you choose one.
An estate planning lawyer will prevent your money, capital, and business interests from going to probate court when you are gone. They will also draw up a will, trusts, and powers of attorney. Issues involving a second marriage, multiple businesses, multi-state and multi-nation real estate holdings, step children, problem children, charity bequests, IRAs and 401(k)s, and estate taxes can all be sorted through with the help of a qualified estate planning attorney.
Divorces can be rending, emotionally and financially. Community property laws and the often unpredictable vagaries of judges can make the process even more painful and costly. At Klueger & Stein, we can help plan ahead to reduce both the pain and the costs of a divorce.
Do not be fooled – even if you are innocent, that does not mean the courts are on your side. Jurors often side with the plaintiff who appears to need the funds in question rather than the defendant who they assume has money to spare.
Even a judge’s own personal feelings can put you in jeopardy.
Many of our clients believe that once a lawsuit has been filed against them, it is too late to shield assets from plaintiffs. They are happy to learn that usually there is still a lot they can do to protect their assets.
Many businesses and professions carry extraordinary financial risks that insurance alone can’t protect against. Medicine is a good example. Malpractice premiums are often barely affordable. Insurance does not cover many claims. Similarly impacted are real estate developers and builders and small business owners.
Over the past decade, our attorneys have represented hundreds of physicians, real estate developers, corporate directors and officers and small business owners. We know and understand the risks your business faces, and how to best shield your assets from these risks.
Even if an auto accident is minor, claims against you can be substantial. You can be sued for emotional damages, physical pain or a spurious claim like whiplash. There are approximately 150,000 practicing attorneys in California. Many of them look to your assets to make a living.
In a down real estate market a lot of borrowers find themselves unable to pay back loans or perform on personal guarantees. In difficult economic times banks and lenders pursue borrowers’ assets aggressively and diligently. This means that it is not enough to set up the most basic asset protection structures like revocable trusts or fake equity strips. To defeat the claim of a lender, especially a bank, the asset protection structures used need to be sophisticated and difficult to penetrate. We find that with the right asset protection structure in place, lenders will either give up the chase for your assets or be a lot more willing to negotiate.
The rather delicate subject of incapacitation and end of life services can also be included in the estate plan. If you are stricken by an illness that prevents you from exercising executive functions, you can decide now who gets to make decisions concerning your health care, and who will make decisions concerning your businesses and assets.
You have worked hard to establish solid companies and a stable family. You do not want it torn apart because of mistakes and neglect. Developing an estate plan is not something you can do on your own. Only a professional with deep insight into the law can help you draw up a plan that will actually withstand legal scrutiny. Working with an estate planning lawyer will allow you to leave the people who have come to depend on you with a clear and unambiguous document on which to build their own futures.