Our New York estate attorneys NY 10027 are highly experienced in creating your wills and trusts. We understand the local laws and are familiar with common estate issues the people of New York face, such as estate tax, Medicaid eligibility, and probate, among others.
Our aim is to help you draft your will and trust such that they cover all your concerns concerning your asset transfer, while ensuring that is implemented in the most efficient and cost-effective way possible.
Having an experienced estate attorney establishing your wills and trusts in NYC gives you peace of mind for the future that your wishes will be honored and your best interests protected.
Contact our office to get help from a highly knowledgeable wills and trusts attorney near you 10027.
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 Long Island. 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 planning lawyer in Long Island will employ to help you achieve your goals.
If you find yourself in any of the following situations, it’s best to have an experienced lawyer customize your will:
- You have a large estate that’s subject to huge estate taxes
- You have minors (children below 18 cannot inherit under New York laws)
- You wish to shield your assets from liens, nursing home costs, etc, while qualifying for Medicaid
- You have a child with special needs
- You have property in multiple states
- You have complexly owned assets and are unsure how they will pass on your death.
- 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
- 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
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.
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.
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 Long Island, 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.
Wills and Trusts Attorney near me 10027
Estate planning is crucial. Your loved ones have so much to benefit if you put the right plans in place, and so much to lose of you don’t. Protect your best interests and that of your loved ones by working with a wills and trusts attorney near you 10027.
Contact us to get in touch with one.