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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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When it comes to estate planning in New York, having expert guidance is key. It is not always enough to draft a basic DIY Will, especially when your estate is not a simple one. You would typically need professional assistance from a wills, trusts and estates attorney near you if any of the following situations apply to you:

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

If you live around NY 10014, contact us to get help from a wills, trusts, and estates attorney near you.

Essential documents your attorney will include in your estate plan

·       Last Will and Testament for asset transfer

A last will and testament, simply called a will, is a basic estate planning document on which you express your wishes concerning how you want your assets distributed when you pass away.

While you can download will templates online, it is important you use only a New York will if you live in New York. There are also several things to consider when drafting your will. It’s not all about allocating assets to beneficiaries. If you own property in multiple states, own a complex estate, are in a blended family, or look to avoid taxes, there are strategies an experienced estate attorney in New York 10014 will employ to help you achieve your goals.

·       Trusts

While every will is subject to probate, a complex and expensive court process that takes place after you pass away, trusts are typically 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 experienced wills and trusts attorney 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 lawyers will always assess your situation to determine what kind of trust to establish as each type comes with its unique benefits.

·       Durable Power of Attorney for incapacity planning

As one gets older, there is a chance to suffer aging diseases such as dementia, Alzheimer’s, and the likes. Things like this makes one incompetent to make reliable decisions for themselves. It may also be due to a disability, accident, or sickness such that renders them unconscious. In such a situation the person is declared legally incapacitated. But such a person may need someone to make decisions on their behalf, such as in matters concerning their finances, business, or healthcare.

To this end, your lawyer can create some documents for you.

Durable financial power of attorney: A durable financial power of attorney is a document on which you appoint an agent (attorney-in-fact) to manage your financial affairs in the event you become unable to manage them yourself.

Durable medical power of attorney: A medical power of attorney or healthcare surrogate is a document on which you appoint an agent to make healthcare decisions on your behalf when you become unable to do so yourself.

·       Living will for possible end-of-life situations

Also called an advance healthcare directive, a living will allows you make decisions on what medical actions you would want taken when you are in an end-of-life situation.

Wills and trusts attorney near me 10014

Contact our law office today to consult with a highly knowledgeable estate attorney for your wills and trusts in NY 10014.

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