- Tax Planning
In New York, your beneficiaries must pay an amount known as inheritance tax to the state of New York. This amount can reach up to 16% of their inheritance. In addition, your estate may be subject to state estate tax if it values over $2,000,000 at the time of your death. All these taxes put together would be better off in the hands of your loved one. Fortunately, there are strategies by which our estate planning lawyers can help you avoid these taxes, such as gifting and trusts. We would be glad to help you get the most out of your estate.
- Asset protection
Your estate may be subject to taxes and creditor claims. In the end, a huge part of your life’s work will be going to other people other than your family. However, there are estate planning strategies by which your assets can be shielded from your creditors’ reach and tax imposition.
- Probate and estate administration
Our attorneys are also specialized in New York probate. Our probate attorneys will help you plan towards probate avoidance, or work with a Will executor to ensure the seamless administration of the estate.
Are you the executor of a New York will? Our estate planning attorneys can also assist you with your probate responsibilities. We offer estimable assistance in filing the probate petition, representing you in court, educating the family about the process, filing tax return forms, settling estate debts and taxes, and disbursing the estate accordingly. Get help by calling us today.
- Estate litigation
During probate, matters may arise that warrant one party to file a lawsuit against the executor or another family member over property. This is known as estate litigation. Each party involved in the case must be duly represented by an attorney in court. To ensure your rights are protected, get compassionate representation by calling our office today.
- Guardianship and conservatorship
If you have a minor, note that they cannot inherit until they reach 18. However, we can help you establish guardianship by naming a guardian in your will, who will manage the assets for your child’s benefits until they come of age. On the other hand, if you seek to apply as the guardian of a minor or your elderly loved one, we can help you file this in court and give you estimable legal representation.
- Creation of estate documents
Wills are simply what an estate owner wants regarding the estate. As basic as it might seem, it is a very powerful estate plan document, which is the bedrock that holds the desires of an estate owner in the event of death or incapacitation. your firm’s estate planning attorney helps draft a comprehensive and detailed will, while considering all your assets in New York and those that are better left out of the will.
A trust is quite similar to a will but it’s better and advisable. Using a will is quite stressful, as it must undergo probate before whoever your bequest your estate to can inherit it. Trust on the other hand enables the estate beneficiary to receive allocation without going through the curt process of probate. The estate planning attorney simply transfers your assets into a living trust.
Bottom line
Estate planning attorneys can draft an estate plan that makes everything easy for your family; no probate, no huge estate taxes or anything that can cause complications for them. We all hold our family at high esteem. In fact, one major reason why people create an estate plan very early is because of their family. You see, to create an estate plan that can protect your family, you need to hire a competent estate planning attorney.
Estate planning can be complicated; it is not one of those basic DIY tasks. If you fail to make a good estate plan, you may be risking the future of your family as well as properties. You need to hire an estate planning Lawyer Manhasset New York for your estate planning projects.
Why should you hire an estate planning attorney?
Estate planning is a tedious and technical process best suited for an estate planning attorney. Nobody except maybe a probate attorney wants to go through the difficult process of probate which is done to check the authenticity of a will. A professional estate planning attorney will help you create which is the best and advisable way to avoid probate, additionally peradventure your estate is bound to undergo probate, the estate planning attorney can and will help you and your loved ones prepare.
Contact us
Talk to our experienced estate planning attorney in New York. Embark on a smooth estate planning journey today, and be sure to get quality and a hundred percent professional assistance.
