At our law firm, we are committed to providing personalized services to New York residents. We understand that estate planning is more than a legal matter, but one that touches your life personally. The estate planning process involves making radical decisions that your family would have to live with when something happens to you. How would you want your estate distributed? Who do you want your assets to go to, and how do you make the transfer process as efficient as possible to avoid complications for your loved ones? How do you ensure your financial and personal affairs are in competent hands in the event you become incapacitated?
All of these questions and more will typically be addressed in your estate plan, and our priority is to help you achieve a comprehensive estate plan that serves your best interest. We will offer professional advice in the decision-making process and prepare the necessary documents to ensure your wishes are honored.
Let us help you. Give us a call today to speak with one of our estate planning attorneys 14206, NY.
What our estate planning attorneys can help you achieve
Plan for asset transfer
A fundamental aspect of estate planning is planning for the disbursement of your estate when you die. To achieve that, we can help you prepare a:
- Will: Officially known as a last will and testament, your will bears your wishes concerning the transfer of your assets when you die. Our priority here is to ensure your will says exactly what you mean using the appropriate terms as recognized by the court. If you have minors, we will also help you appoint a guardian in your will. This guardian will be responsible for managing assets for your minors until they reach 18. However, If your estate is highly valuable, we advise using a living trust alongside the will.
- Living Trust: Assets transferred via a living trust will pass directly to the beneficiary outside probate, hence saving the time and cost of probate.
Carry out incapacity planning
Another core aspect of estate planning is incapacity planning. This concept involves making plans for the management of your estate in the event you become unable to manage it yourself. This could be due to a severe illness or mental deterioration due to age. We would help you create a power of attorney by which you authorize a competent agent to make decisions on your behalf when you become unable to make them yourself.
Help you protect your asset
Our estate planning attorneys 14206 are proficient at asset protection and tax planning. We do this to shield your estate from tax imposition and creditor claims which may end up consuming a significant chunk of your estate.
In New York, if the value of your estate is above $5.85 million, then it would incur an estate tax ranging between 5-16% at your death. This is an amount that is better off spent on a loved one rather than giving it away to the government. Through legal strategies such as holding valuable assets in an irrevocable trust, we can cut down your estate value below that amount. The absolute asset in your irrevocable trust will pass directly to your beneficiaries immediately you pass away.
Plan towards probate minimization or avoidance
New York has not adopted the Uniform probate code that simplifies probate. Hence, the process is still as lengthy and complicated as it has ever been. A typical probate in New York will take around 8 months to conclude, and that’s when your inheritors can get their share. The complexity of probate varies with the worth and complexity of the estate. This means it takes longer to probate a highly valued estate. We can help you save your family this stress by transferring assets via a living trust instead of a will. If only few assets are passing through probate, then the process will significantly be simpler and shorter.
Our estate planning attorneys can help you or a loved one apply for guardianship over an elderly loved one.
Medicaid planning and long-term care
We carry out estate planning while keeping an eye towards Medicaid eligibility. Planning carelessly can deny you the right to these benefits. According to your needs, we would also plan towards long-term care in a nursing facility, etc.
Estate Planning Attorneys near me 14206
Get legal assistance in Buffalo by contacting one of our estate planning attorneys 14206.
Call us today.