Why Long Island residents have been choosing our estate planning lawyers for their estate plan
Having years of experience assisting clients throughout Long island, each estate planning lawyer from our law firm has what it takes to offer you a comprehensive estate plan in Long Island. We understand how the local laws work and the common issues residents face. Hence, we always know how best to address your estate issues and goals.
But we are not all about ourselves.
We understand that as every person is different, so is every estate. We therefore offer a free consultation where you discuss your estate situation and wishes. We then craft an estate plan surrounding this information so that it reflects your personal situation and covers all your needs.
Things a Long Island estate planning lawyer from our law firm will help you do
1. Customizing your Last will and testament
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.
2. Planning towards retirement and 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 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.
3. Executing trusts and probate avoidance
While every will is subject to probate, a complex and expensive court process that takes place after you pass away, trusts avoid this process. Your beneficiaries can therefore inherit quickly and cost-effectively if you use a living trust to bequeath assets to them.
Since trusts are complex estate planning instruments, it’s crucial you seek assistance from an estate planning lawyer near you. Notably, our estate planning lawyers will always assess your situation to determine what kind of trust to establish, as there re different types with each type having its distinct benefits.
4. Saving you and your loved ones from huge estate tax
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.
5. Asset protection
If you have too many debts, chances are your loved ones would have almost nothing to inherit when you pass away. But we can help you avoid that by holding your valuable assets in an irrevocable trust. Irrevocable trusts offer asset protection in that you, your creditors, tax, nursing home, and others who would normally have a claim to your property would no longer be able to reach it. Hence, your beneficiaries would receive the full value of your possession tax-free when you die. Also, even when you are involved in a lawsuit, your shielded assets cannot be used as settlement.
Get help from an estate planning attorney Long Island NY
There is peace of mind that comes with knowing your affairs would be in the best hand when something happens to you, and that you could still provide for those who depend on you when you’re gone. You get this peace of mind when you put the right plans in place.
To ensure you get your estate plan right, contact us for a consultation with a seasoned estate planning lawyer in Long Island, NY.