Having the best of estate planning comes from addressing all possible situations that applies to you. From owning property in multiple states to tax and long term care, it is important you put adequate plans in place to avoid complications from arising in the future.
For example, if you do not consider your property in other states outside NY, the probate process will become even more problematic for your survivors.
But our estate planning attorneys Long Island are committed to giving you peace of mind for the future. By listening to your situation and needs, we will determine the best approach and strategies to apply to address each concern, from asset distribution to guardianship and long term care.
Our estate planning attorneys help you enjoy the maximum benefits from your estate plan
While you can prepare a will to disburse your estate when you pass away, you may not enable yourself and your loved ones to enjoy the most benefits. For instance, your child may receive substantial inheritance but may not get it on time when they need it most, due to probate delays. Or it could be that a considerable part of your estate goes to the state as tax, an amount that is better off in the hands of your loved one.
And that’s because you did not plan for tax savings. But of course, you did estate planning by writing a will. However, you did not consider other things that apply to your estate because they were not obvious to you.
And that’s why it’s beneficial to work with an experienced estate planning attorney.
Our estate planning attorneys Long Island will always personalize your estate plan to ensure all your best interests are protected.
Important things we consider in your estate plan in Long Island
- You have complexly owned assets and are unsure how they will pass.
- 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 must be paid
- 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 wish to shield your assets from liens, nursing home costs, etc, while qualifying for Medicaid
- You have a large estate that’s subject to huge estate taxes
- You have property in multiple states
Incapacity planning
By establishing a document known as power of attorney, an estate planning attorney Long Island can help you appoint a competent agent to manage your affairs when you become unable to manage them yourself. The agent may make financial or healthcare decisions for you as you authorize in the document.
Executing trusts
Trusts are very powerful, complex, but highly advantageous estate planning document. An estate planning attorney in Long Island will most likely advise you to establish a living trust because trusts avoid probate.
Probate is a legal process that takes place when you pass away before your assets can be inherited. Probate in New York is most often complicated, lengthy, and expensive, but unfortunately, all wills are subject to it. But by passing your assets in a trust rather than a will, those assets will pass outside probate.
Hence, by using a trust, your attorney can enable your beneficiaries inherit without stress.
Guardianship
If you leave behind minors, these ones are not allowed to inherit by NY laws. To protect their interests, your lawyer will help establish guardianship in your will, whereby your appointed individual will manage assets for your minors until the come of age to inherit.
If you also have an elderly loved one who needs to be looked after because of their disability, we also represent you in guardianship application.
Tax minimization/avoidance
We evaluate your entire estate (value of all that you own) to determine if it falls below the tax exemption amount. Currently in 2021, an estate tax will be imposed on New York estates valuing over $5.93 million. So if your estate is more than this amount, part of it will be going to the state. But there are legal estate planning strategies, such as annual gifting and execution of irrevocable trusts, we can use to prevent this for you.
Get help
Contact our law office today for expert assistance from our estate planning attorneys Long Island.
