Although hiring an estate planning attorney in Long Island isn’t mandatory, it is in your best interest. There are so many things to consider and plan for to ensure your surviving loved ones do not run into jams when you are gone. But we can help you.
Get help from an estate planning attorney in Long Island by calling our law office today.
Our estate planning attorneys have years of experience assisting residents in Long Island in drafting their wills, trusts, powers of attorney and other estate planning strategies. We know what works and what doesn’t, and this places us in a right position to help create an effective plan.
Over the years, we have become familiar with estate issues common to Long Island residents, and would always address these in your estate plan. This involves the best way to avoid problems in your asset distribution, planning towards your long term care and medicaid eligibility, appointing the right hands to manage your estate and make decisions on your behalf when something happens to you, and minimizing your tax liabilities.
Let us help you get peace of mind for the future. Contact our law office today to get in touch with an estate planning attorney Long Island.
Ensuring your will does exactly what you want it to do
A last will and testament is a basic estate planning document on which you express your wishes concerning how you want your assets distributed when you are gone. You can decide to leave assets for anyone of your choice, including your spouse, parents, children, grandchildren, friends, charity, or even strangers. However, your will must be written in the right terms to say exactly what you mean. This is where an estate planning attorney comes in.
Your attorney will help you draft your will using the standard terms as recognized by Long Island law to avoid things going in a way you didn’t plan for when you die. They also help you determine what assets you should address in your will and those best left out.
Saving your survivors from the complications of probate
Probate is a problematic legal process that takes place when someone dies leaving estate. It is typically lengthy, costly, and time-consuming in Long Island. But all of that depends on the nature of the estate passing through probate. The higher the value, the more complex probate tends to be. If that’s your case, you wouldn’t want your survivors to go through the stress before they can inherit your property.
Typically, all assets passed via a will will pass through probate. Depending on the complexity of your estate, a good estate planning attorney will suggest handling your valuable assets in a living trust so that those passing through probate will be minimized (if all can’t go through the trust). All assets passed in a trust avoid probate.
Customizing your estate plan
Just as every man is different, every estate is unique. Your situation may be such that you are in a blended family, own property in multiple states, have a minor or adult child with special needs, etc. Any special situation like this would need to be addressed in your estate plan. Some people do not give these things much attention, and their loved ones end up bearing the brunt of the complications that arise. But as your estate planning attorney, we will help you customize your estate plan to reflect your personal situation.
Planning towards estate tax avoidance/minimization
Across states, there is an amount known as estate tax exemption amount. In New York, this amount is $5.93 million as at 2021. If the estimated value of your estate falls below this amount at the time of your death, you estate can pass to your inheritors tax-free. But if your estate exceeds that value, an amount known as estate tax must be paid to the state of New York.
However, through proper planning, an estate planning attorney in Long Island can help you prevent this, ensuring your valuable money goes to your loved ones who deserve it.
Incapacity planning
Incapacity is a very important concern that needs to be addressed in a proper estate plan. You are declared legally incapacitated if you are medically unfit to make decisions for yourself. It may be due to unconsciousness, a critical illness, Alzheimer’s, etc.
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 financial and/or medical affairs when you become unable to manage them yourself. Incapacity can strike at anytime, and it’s important you plan for it now that you are still competent so that your wishes can be honored when the time comes.
Estate Planning Attorney near me Long Island NY
Call us to get in touch with a knowledgeable estate planning attorney near you in Long Island, NY. Your first consultation is free.