Legal Assistance in Estate Planning
Estate planning law is a broad term encompassing the financial and legal aspects of managing and distributing an estate. When it comes to estate planning, there are several routes you can take. You can draft your own will, seek advice from a law firm, or utilize software specifically designed to create wills and trusts. Your personal and financial circumstances will guide you in choosing the best course of action.
Estate planning is crucial as it provides financial security and gives you control over what happens to your assets. It also spares your loved ones from unexpected surprises should anything happen to you. It ensures that your assets are distributed according to your wishes and prepares documents to guide your family through the process after your demise in NYC.
Our Estate Planning Services
Our estate planning lawyers devise a plan that outlines who will inherit your property and how it will be distributed. The primary reason people engage in estate planning is to provide for their loved ones after their death. To avoid unnecessary taxes and legal complications, it’s crucial to have a plan in place before your demise.
Estate planning can involve choosing between existing insurance and commonly used documents that individuals utilize when they pass away. These documents manage your assets after your death and provide instructions on how your loved ones will be cared for. We can provide guidance on what should happen to any property you own after your death.
Justice in Estate Planning
Estate planning is the process of arranging for the transfer or disposal of assets and settling personal, business, and real estate matters at or after death.
Estate planning can be complex with numerous terms, phrases, and concepts to consider. It’s important to start thinking about your final wishes while you’re still healthy. Our estate planning lawyers provide a plan even if it’s created just hours before death. A key purpose of estate planning is to help avoid disputes among those who inherit property, such as family or other beneficiaries. We also handle estate planning, probate, and probate attorney services, linking the pages between us.
Frequently Asked Questions
1. What happens to my property if I die without a will?
If you die without a will, your property is transferred through a court-supervised process known as probate. This process can be costly and time-consuming, but with proper estate planning, it can be avoided.
2. Is it possible to avoid probate?
Yes, probate can be avoided with proper planning. There are several methods that can be used individually or in combination to achieve this.
3. How much of my estate can pass free of federal estate tax?
The government stipulates that estate taxes are not due at the time of an individual’s death unless the net value of the estate exceeds a certain threshold.
4. Do I need a will?
If you are 18 or older, having a will can be beneficial. A will can serve many purposes, including controlling the distribution of your property.
5. Can an estate plan help me avoid estate taxes?
A well-crafted estate plan can help you legally avoid some estate taxes through asset management, gifting, and other strategies. However, even the most comprehensive estate plan cannot completely eliminate the possibility of estate taxes being applied.
6. What is a Durable Power of Attorney?
A Durable Power of Attorney is a document that allows another person, known as an attorney-in-fact, to make financial decisions and execute legal documents on your behalf. Typically, the attorney-in-fact acts when the principal is unable to do so. This document can provide a simple and cost-effective alternative to a lengthy guardianship process.
7. What if I have an Out-of-State or very old Will?
Out-of-state wills are generally valid in New York. If the original Will is missing, it is presumed that the individual destroyed it with the intent to revoke it. A copy of a Will may sometimes be admitted to probate if sufficient evidence is presented in Court to prove that the original was lost or destroyed without intent to revoke.
8. How much does Estate planning cost?
The cost of estate planning varies depending on the documents the client needs and the complexity of each document. As the value of your estate increases, so does the need for planning its orderly transfer. If you have a large family you wish to provide for, your plans will be more complex.
9. What should I do if I own a business?
If you own a business, it’s crucial to have a plan in place that outlines how the business will be managed. This can be achieved through business succession planning, which is essential for your business continuity. It can detail who is to take over, under what conditions the business may be sold, and other specifics.
10. What is the marital deduction?
The Internal Revenue Service allows an individual to leave any amount of property to their spouse without taxation. However, all assets in the estate over the Applicable Exclusion Amount will be taxed upon the surviving spouse’s death.
