Our estate planning attorneys 14204 are ever ready to offer you the planning you need.
At our New York law firm, we render estate planning services personalized for each client. We seek to give you a comprehensive and strategic plan that works best for your estate situation and financial goals, while minimizing costs and complications. We can help you plan for the distribution of your assets when you pass away, the management of your estate during eventual incapacity, asset protection, tax planning and probate minimization.
For all your estate planning needs in 14204 Buffalo City, call our office to get in touch with our estate planning attorneys.
Basic estate planning documents in New York 14204
Last Will and Document
A will is a simple and the 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, you can also name a guardian for them in your will. Although a will is often simple, you may require the services of an estate planning lawyer if you own complex assets, own property outside New York, or your family is complicated and estranged, etc.
The downside is that every will in New York must be probated before your beneficiaries can inherit, and probate is a lengthy legal process.
Revocable Living Trust
Relatively more complex than the will, a revocable living trust (or simply called a living trust) allows you to transfer property to beneficiaries outside of probate. This means the time and cost of probate are avoided. It costs more to execute a trust, but it is worth it in the long run. However, not all assets should go into a trust. With a proper understanding of your estate and wishes, we can combine a will and a living trust to simplify the asset transfer process while offering you and your loved ones the best benefits.
Power of Attorney (POA)
In a power of attorney document, you authorize a competent agent to handle your financial affairs on your behalf. Should you become incapacitated at any time, you would have someone making decisions and running your business for you. They are legally bound to always act in your best interest.
There are different types of Power of Attorney, viz.:
- Durable power of attorney: This document is durable in that your agent begins to act on your behalf upon execution and continues their roles even when you become incapacitated.
- Springing power of attorney: This POA goes into effect the moment you become legally incapacitated.
- General power of attorney: Your agent here has authority over all your affairs, including personal, financial, and medical.
- Limited power of attorney: Here, your agent has authority only as you have instructed in the document. They are limited by how much authority you allocate to them.
- Medical power of attorney: The medical power of attorney, also known as healthcare proxy, grants authority to an agent to make healthcare decisions on your behalf in the event you become unable to do so.
We will help you execute any of the above according to your needs and preferences.
Not to be confused with a last will, your living will is only effective until death. With it, you can lay down instructions for your end-of-life medical care. You can specify what you want done or not done when you fall into a delicate or critical condition. By so doing, you’d be ridding your loved ones of the confusion and conflict of choice.
Other areas where we can help you
Another important aspect of estate planning is minimizing cost. Before your loved ones can inherit your property, they may be subject to huge costs, including probate fees, debts, state estate tax, and federal estate tax. These costs put together can eat a huge chunk of your estate, a part better disbursed to your loved ones. To enable your beneficiaries get the most out of your estate, our attorneys can employ certain estate planning strategies, such as:
- Execution of irrevocable trusts
- Using pour-over wills
- Holding property jointly.
If your estate values beyond the estate tax exemption amount ($5.85 million) and you wish to avoid the huge tax, we can help you shield your assets by execution of an irrevocable trust. This also shields them from creditor claims, relieving your family of the stress of having to deal with your creditors.
Estate Planning Attorneys near me 14204
To get the best of estate planning in Buffalo, New York, contact our estate planning attorneys 14205.