Our estate planning attorneys offer expert estate planning services throughout Bronx and are always ready to help you. With many hands on deck, you are sure to have an available professional estate planning attorney to consult with when you call.
Having assisted countless Bronx residents, we understand the common estate issues they face, and we will use this knowledge to make things easier for you.
Our estate planning approach
It is our aim to implement an estate plan that serves your best interests. We suggest and help you plan for those things which may not appear obvious to you but are highly important in the long run, such as asset protection, mitigating risks of estate litigation, incapacity, tax advantages, etc.
By working with us, you avoid errors and ensure your loved ones are well provided for when you pass away.
Contact us to speak with one of our expert estate planning attorneys in Bronx.
Estate planning mistakes to avoid in Bronx
1. Not planning because you don’t consider yourself wealthy
Many people think estate planning is only for the wealthy and so do not draft a will. If you have as little as some money in the bank, a home, a car, and a small business, and some loved ones, then it’s best to state who receives what in your will. If you do not, then how sure are you that the money in the bank will go to that child that needs it most? It may also lead to conflict within your family since they all feel they have equal right to your car or bank account. So it’s always best to plan for asset transfer.
2. Not planning for incapacity
On the other hand, some think estate planning ends with asset transfer and never think of planning for incapacity. Although it’s sad to think about, one may become incapacitated and unable to run their affairs when they get old. It’s best to have a trusted and competent representative who will manage your estate and personal affairs to your best interests. And you can plan for that now that you’re competent.
By establishing a document known as power of attorney, an estate planning attorney Bronx 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.
3. Not planning for tax
In New York, an amount known as estate tax will be imposed on your estate if worths over $5.93 million (in 2021) at the time of your death. So if this applies to you, a considerable chunk of your estate will be going to the state. However, our estate planning attorneys Bronx are proficient tax planners and will employ legal strategies to keep your taxable estate below that threshold.
4. Not updating your estate plan
Your documents will need to be checked from time to time if they align with your current situation and goals. For instance, 5 years ago, you may have named your spouse as a beneficiary in your will. But it’s possible that you got divorced and no longer want them to have a share in your estate. If you do not update your will, then they would legally have a considerable share, so you would need to remove their name. If not, it becomes confusing who their allocated inheritance will go to. You may also have new assets that you need to address in your estate plan. While being busy with your life, you may forget to do all these. Therefore, it’s always best to have an estate planning attorney working with you to ensure everything is as it should be.
5. Not 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.
6. Not consulting with an estate planning attorney in Bronx
The best way to avoid mistakes is by getting assistance from a professional. By working with an estate planning attorney, you are assured your documents would be state law compliant, and mistakes are avoided.
Get help from our expert estate planning attorneys Bronx
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