Thinking about the future often comes with many worries. But it becomes easier when you have solid plans in place. There is this peace of mind that comes with knowing that should something happen to you today, you would still be able to care and provide for those who depend on you. Additionally, you could put your possessions in the hands of someone you trust would make the right decisions on your behalf. All of this is possible through estate planning.
A wills, trusts, and estates attorney 10004 will help you plan towards the efficient management and disbursement of your estate when you become incapacitated or pass away, while minimizing costs and complications that come with asset bequeathal, ensuring your loved ones inherit with ease.
We are here to help
Get esteemed estate planning services from our wills, trusts and estates attorney 10004. We will help you strategically design your will, trust, power of attorney, plan towards tax savings and lots more. Our ultimate aim is to give you peace of mind for the future knowing your best wishes will be executed.
Essential estate documents to include in your plan
1. Last Will and Testament
Your will is used to express your final wishes concerning the distribution of your assets when you die. It can also be used to establish guardianship for your minors if you pass away before they come of age. It goes into effect after death. You name an executor in your will who will carry out your wishes.
2. Durable financial power of attorney
A durable financial power of attorney is a document on which you appoint an agent (attorney-in-fact) to manage your financial affairs in the event you become unable to manage them yourself.
3. Durable medical power of attorney
A medical power of attorney or healthcare surrogate is a document on which you appoint an agent to make healthcare decisions on your behalf when you become unable to do so yourself.
4. Living trust
In addition to transferring assets quickly, living trusts offer other benefits like probate avoidance. They are best for complex estates since the court, which makes things more complex, will no longer be involved in the asset transfer. You can also name a successor trustee who will manage the trust assets on your behalf in the event something happens to you.
5. Living will
Also called an advance healthcare directive, a living will allows you make decisions on what medical actions you would want taken when you are in an end-of-life situation.
Other things your wills and trusts attorney 10004 will help you do
Guardianship designation
If you leave behind minors, these ones are not allowed to inherit by NY laws. To protect their interests, your lawyer will help establish guardianship in your will, whereby your appointed individual will manage assets for your minors until they come of age to inherit.
If you also have an elderly loved one who needs to be looked after because of their disability, we also represent you in guardianship application.
Planning to avoid huge taxes
NY, if the sum total of your taxable estate exceeds $5.93 million at the time of your death, an estate tax up to 16% will be imposed on your estate. If you wish for all your money to go to your loved ones rather than the state, then you may have to reduce your taxable estate below that value. Our estate planning attorneys New York can help you do this by holding assets in trusts or by gifting.
Plan for digital assets
In today’s world, digitalization is taking center stage. Almost everyone now has at least one digital asset or the other, and it is important you address these in your estate plan to prevent valuables getting lost just like that.
Digital assets we can help you include in your estate plan includes but are not limited to:
- Monetized social media channels
- Cryptocurrency wallets
- Important account passwords and emails, etc.
- Tokenized investments
What happens if I don’t have an estate plan in New York 10004?
If you die without having any form of asset transfer plan in place (will or trust), your estate is declared an intestate estate. In intestacy, your wishes are not known, so the court will decide who has a share. By default in New York, your spouse will receive the first $50,000 and half of your estate while your children receive the rest.
Where to find a Wills and trusts attorney 10004
Call us to get in touch with an estate planning attorney for your wills and trusts in New York.