A lot of individuals are usually concerned about the costs that will be involved in getting an attorney to handle their case. These individuals always try to know those costs prior to their consultation. It is very crucial to understand that the cost of handling a legal case hinges on the work that may be involved, and that work differs depending on the type and difficulty of the case.
There are several strategies that a well-seasoned estate planning lawyer can apply on your behalf to give you the best of estate planning. Taking advantage of estate laws in Brooklyn can enable you minimize your estate tax liabilities, avoid probate and its complexities, pass assets to your loved ones almost instantaneously, as well as prepare for eventual incapacity.
What can estate planning lawyer do for you?
Assessing your assets
One of the first things we do when you come to us is taking assessment of your assets to determine how they are owned. This is the first step towards deciding how may be transferred. Only assets that are held in your name can be transferred by a Last Will. Assets held by joint ownership and survivorship do not need to go into a will.
Writing a will and/or trust
Knowing fully well the nature of your estate, we can then proceed to create the necessary documents for asset transfer. Some simple estates do well with only a will while others are better off with a trust.
Help with guardianship for minors
State laws do not allow minors to inherit property. To ensure that your minors get the kind of life you wish for them when you pass away, we can discuss naming a guardian or creating a trust for them. This way, you have someone appointed to manage assets for your minors until they come of age.
Reviewing your retirement account and life insurance
Some assets with designated beneficiaries such as IRA and life insurance proceeds must pass to the beneficiary whether or not there is a will that states otherwise.
Determining who will manage your estate during incapacity
There may come a time when you would become unable to take care of yourself, make sensible decisions or manage your estate. This consideration is vital to our estate planning approach, and so we establish documents such as durable powers of attorney and advance healthcare directives to name trusted agents to step into your shoes during incapacity.
Assessing estate tax liabilities as well as simplify probate
New York has not yet adopted the Uniform Probate Code that simplifies probate and therefore, the process is always lengthy, expensive and complicated. However, its complexity varies with the amount of property being passed through it.
Creating different kinds of trusts as needed
There are different kinds of trusts; revocable, irrevocable, child trusts, special needs trusts, charity trusts, etc., each coming with its unique advantages. We would discuss each with you and execute whichever works best for your goals.
Assessing your debts
Your estate debts would have to be settled during probate. If your estate is insufficient to cater for all debts, your heirs may inherit very little or nothing (New York Priority of Claims). We can offer you asset protection by leaving assets for your loved ones in irrevocable trusts, in which the assets are non-claimable by your creditors.
Making updates to your estate plan
It is very necessary to keep a lasting formal relationship with your estate planning attorney. By so doing, they will be in a better position to know when and where to make changes in your estate plan.
