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What is Elder Law in New York 2024?
elder law

WHAT IS ELDER LAW?

Understanding Elder Law in New York 2024 As individuals age, their legal needs evolve, requiring specialized expertise in areas affecting their health, assets, and legacy.

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All About Trusts and Wills in New York
Estate Planning

All About Trusts and Wills in New York

Understanding Trusts and Wills in New York: Essential Tools for Estate Planning Planning for the future requires careful attention to detail, especially when it involves

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Attorney for Wills and Trusts
Estate Planning

Attorney for Wills and Trusts

Discover expert guidance for Wills and Trusts in New York. Morgan Legal Group provides personalized estate planning for peace of mind.

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Different Types of Wills in New York
Estate Planning

Different Types of Wills in New York

Understanding Different Types of Wills in New York Wills are critical estate planning documents that allow individuals to express how they want their assets distributed

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Common Probate Issues In New York
Estate Planning

Common Probate Issues In New York

Common Probate Issues Probate is a legal process that occurs after an individual passes away, involving the distribution of their assets according to their will,

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Estate Planning Tips in New York - Morgan Legal Group
Estate Planning

Estate Planning Tips:

Estate Planning Tips in New York Estate planning is a vital process for ensuring that your assets are protected, your healthcare decisions are respected, and

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Guardianship Attorney in NYC
Guardianship

Guardianship Attorney

Guardianship Attorney in NYC In New York City, the need for guardianship arises when an individual can no longer make decisions for themselves due to

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7 things an estate planning lawyer can help you do

1. Prepare documents for the disbursement of your estate when you die

The foremost service of an estate planning attorney is to plan for asset disposal. To do this, they must first understand your goals; where you want each property to go, and how much you want each party to receive. Your attorney will then create a will and/or trusts in which they clearly express your wishes.

2. Prepare documents for possible future incapacity

Another important consideration that estate planning lawyers bring to your awareness is incapacity. There is high rate of Alzheimer’s and dementia cases among old people. Such people need a trusted person to manage their financial, personal, and/or medical affairs. Although no one wants to become incapacitated, it is safer to plan for its eventuality so that you can have someone running your affairs and making important financial and medical decisions on your behalf when you become unable to do so yourself. To this end, your lawyer may prepare:

  • A power of attorney to appoint an agent to handle your financial affairs
  • A healthcare proxy to appoint an agent to handle your healthcare affairs.

3. Co-ordinate your estate plan

Your estate planning lawyer will also ensure your estate planning documents are all working in unison to offer you the most benefits. Just as wills have merits and demerits, living trusts have as well. But an experienced estate lawyer can combine both, using each instrument to handle different assets, in order to use one to complement the other. If you have a living trust and you name a successor trustee, then it may not be necessary to create a power of attorney. With your best interest at heart, your lawyer will determine what’s best for you and apply it.

4. Carry out tax planning

There are tax laws in New York, and your inheritors may be required to pay a certain amount before they can inherit your estate. If your estate values below $5,850,000, this shouldn’t affect you. But if it exceeds, then it is crucial you carry out tax planning to prevent a huge chunk of your hard-earned cash to go to the government.

New York estate planning lawyers are proficient in tax planning, and can help keep your estate value below this threshold through annual gifting, execution of irrevocable trust, or holding property by joint tenancy.

5. Update your estate plan when necessary

While you may think estate planning is a once-and-for-all affair, it is not so. Your documents require updates from time to time to keep up with the ever-changing laws and your estate situation. A named beneficiary or fiduciary may pass away, and you may get divorced, acquire or lose property. Each of these scenarios will require a relative change in the respective document.

6. Review your estate plan to see if it complies with state laws

If you have already prepared your documents, then you can hire a lawyer to help review them to see if they are as should be. This act prevents your document from invalidity, wherein your wishes will be discarded. This kind of legal service will cost less than having the lawyer create each of the documents from scratch.

7. Help you avoid probate

New York probate is complex, expensive, and lengthy, and must conclude before your beneficiaries can inherit. What if that child of yours needs the cash so badly but probate is taking a long time? And what if family conflicts arise during probate as is often the case? To avoid all these, it is best to execute a living trust rather than drafting a will alone. Assets held in a trust pass directly to your beneficiary outside probate, but this document is more complex than a will and requires expert legal hands to execute. Living trusts also offer tax savings to an extent. To get these benefits, why not contact us today?

Estate planning lawyers near me 14211

Do you live in Buffalo, New York? Are you searching for an estate planning lawyer within 14211? Look no further. Our estate planning lawyers are here for you. Do give us a call to get a free first consultation.

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