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Estate Planning Attorney Brooklyn
Estate Planning

How Does Joint Ownership Work?

How Does Joint Ownership Work? Joint ownership, a common arrangement for co-owning property and assets, offers various benefits and complexities, particularly under New York State

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Estate Planning in New York
Estate Planning

Estate Planning in New York 2024

Estate Planning in New York 2024: Navigating Changes and Protecting Your Legacy As we approach 2024, the estate planning landscape in New York continues to

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will attorney
Estate Planning

Why do You Need A Will?

Why Do You Need A Will ASAP? The thought of drafting a will often brings a sense of unease, conjuring notions of morbidity or the

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Medicaid Planning Attorney
Estate Planning

Medicaid Planning

Medicaid Planning in New York: A Comprehensive Guide As we navigate the complexities of aging and healthcare in New York, Medicaid planning emerges as a

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ILITs Unveiled: Estate Planning
Estate Planning

Why Is Everyone Talking About ILITs?

Why Is Everyone Talking About ILITs? In the evolving landscape of estate planning, Irrevocable Life Insurance Trusts (ILITs) have emerged as a buzz-worthy topic among

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Special Needs Trusts Attorney
Estate Planning

Demystifying Special Needs Trusts

Demystifying Special Needs Trusts Special Needs Trusts (SNTs) are essential estate planning tools designed to provide for the needs of individuals with disabilities without jeopardizing

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Our New York-based law firm is renowned for having a holistic approach to estate planning. Our method is to first understand the situation of our client in order to know what they need and how best to help them. We create the necessary documents required to transfer your assets to your loved ones in the easiest and most cost-effective means possible. We also consider eventual incapacitation and so plan against it by creating powers of attorney. Our goal is to serve your best interests and ensure you have a voice as regards your property disposal even while you’re gone. If you need assistance from an estate planning attorney near you 11510, Baldwin, NY, simply contact us today.

Last Will and Testament

A Last Will and Testament, referred to simply as a will, is a legal document by which you bequeath assets to whoever you wish them for. Without a will or trust, the state of New York will give ownership of all your possessions (that are held in your name) to your closest heirs — your spouse and kids if they are alive. This may not be your wish. You probably have a friend, distant relative or even a charity organization who you wish to bequeath some wealth to when you pass away. You can make this possible by stating it in a will.

Note: While wills are now downloadable online, be aware that estate planning is not one-size-fits-all. There may be a need to customize your will to suit your estate goals without compromising the validity of your document, and it becomes imperative you seek help from an experienced estate planning lawyer near you.

Financial Power of Attorney

In the event of incapacity, you definitely would need someone to be in charge of your financial responsibilities. You do not want just any member of your family to be in charge especially when they lack the financial know-how. In order to ensure that someone competent and of your choosing becomes the one to make financial decisions for you, name them by creating a financial power of attorney now. Your agent appointed has the legal authority to handle your finances and make decisions on your behalf in the event you become incapacitated. Do not be confused with the name. Your agent must not necessarily be an attorney or any legal professional whatsoever.

Health Care Proxy

Just like the financial POA, a health care proxy is a legal document granting someone else the power to make medical decisions on your behalf when you become unable to make them yourself due to incapacity. You can name any member of your family or a healthcare professional to do this. A healthcare proxy is also sometimes referred to as a Medical Power of Attorney.

 Advance Healthcare Directive

Advance medical directive is also known as a living will. As the name denotes, is a will that only operates during one’s lifetime as opposed to a Last Will. A living will does not transfer assets, but is used to spell out your wishes concerning your end-of-life healthcare preferences. These may boil down to whether you would desire to be put on life support, offer your body for scientific experiment or organ donation, etc.

Trust

If you do not want your loved ones to go through the complex and expensive process of probate when you die, simply bequeath your assets to them by creating trusts instead of a will. A living trust helps you avoid probate (or simplify it when used alongside a will) minimize estate tax, and prevents publicity that comes with wills. In a trust, you must name a successor trustee who must manage the trust assets when you become incapacitated or pass away before they are transferred to the beneficiaries.

What could go wrong with a ‘do it yourself’ estate plan?

It could be tempting and perhaps less expensive to make estate plans all by yourself. The dangers lies in not creating the proper plans which would be fit to stand in New York. While it may not be bad engaging in steps involved in planning your estate, it is a bad idea to go do it all yourself without involving an estate planning attorney near you.

Contact an estate Planning Attorney today.

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