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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About Elder Law in New York
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About Elder Law in New York 2024

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Wills and Trusts in New York: Your 2024 Comprehensive Guide As we approach 2024, the estate planning landscape in New York continues to evolve. Understanding

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Is trust better than inheritance?

Is trust better than inheritance?

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Can I do my own probate?
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How do I organize my estate documents?
Estate Planning

How do I organize my estate documents?

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Are you looking to hire an attorney near you 10010 to help establish your wills and trusts? Let us help you. Our estate planning attorneys are highly proficient in creating wills and trusts and would do so in a way that serves your best interests.

Call us today for assistance from a Wills and Trusts Attorney near you, 10010.

Why you should consider hiring a Wills and Trusts Attorney 10010

Although you can create your New York wills and trusts yourself, it’s best to get help from an experienced attorney especially when you have a complicated estate or situation. There may be some things you may not be able to adequately address, such as:

  • Having a child with special needs
  • Having minors (children below 18 cannot inherit under New York laws)
  • Living in a blended family and needing assurance that your own kids from the previous marriage get a share in your inheritance when you pass away
  • Having complexly owned assets and are unsure how they will pass on your death.
  • Incapacity can happen at anytime, and we need to plan for your care and asset management
  • Wishing to shield your assets from liens, nursing home costs, etc, while qualifying for Medicaid
  • Having property in multiple states
  • Having heavy debts that would likely drain your estate significantly if they are to be paid
  • Having a large estate that’s subject to huge estate taxes

·        Peace of mind

A seasoned estate planning attorney highly skilled in establishing wills and trusts in NY 10010 can give you peace of mind for the future. Having an understanding of how wills and trusts work and years of experience with such estate situations, your attorney can give yours due considerations and address them in your documents.

·        Personalizing your wills and trusts

Our Wills and trusts attorneys 10010 understand that as no two persons are exactly the same, so are their estates. Hence, we always reflect the peculiarity of your situation and goals in your documents. This would be difficult to do on your own if you download the document online in an attempt to do it yourself. To be safe, get expert guidance from an attorney near you.

·        Trusts

While every will is subject to probate, a complex and expensive court process that takes place after you pass away, trusts avoid this process. Your beneficiaries can therefore inherit quickly and cost-effectively if you use a living trust to bequeath assets to them.

Since trusts are complex estate planning instruments, it’s crucial you seek assistance from an estate planning lawyer near you.

There are different kinds of trusts, including:

  • Revocable trust (also called a living trust or revocable living trust)
  • Irrevocable trust
  • Special needs trust (or supplemental needs trust)
  • Charity trust
  • Pooled income trust

Notably, our estate planning lawyers will always assess your situation to determine what kind of trust to establish as each type comes with its unique benefits.

When should I use a trust instead of a will?

The choice of using a will, trust, or both documents in your estate plan will depend on the kind and value of estate you own.

If your estate is very small and simple, then a will is optimum. If the sum total of your taxable estate falls below $30,000 in New York, then there will be no probate. Hence, there’s no need to use a trust. But in cases where you have a large estate, it’s best to use only a living trust or in combination with a will to avoid the complexities of probate.

Using a trust will typically offer tax savings (for large taxable estates), probate avoidance, and ease of asset transfer. A trust will therefore be unnecessary if these things will not be a problem for your estate.

What are the things that make up a person’s estate?

A person’s estate is the sum total of all they own, including assets (such as buildings,bank accounts, jewelry, and stock) and liabilities (such as debts and mortgages). People wrongly associate the word estate with the wealthy but the truth is almost everyone has an estate. That car, musical instrument, bank account, 401(k), life insurance policy, business, home, or bike is an item that makes up your estate.

Wills and Trusts Attorney near me 10010

Contact our law office today to get in touch with a wills and trust attorney near you 10010.

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