Estate Planning in New York City
Estate planning is a crucial step in securing your family’s future, especially in the complex legal landscape of New York City. As a leading firm in estate planning, probate, elder law, Wills, and trusts, we understand the importance of not just preparing legal documents, but also providing peace of mind.
The Role of a Knowledgeable Attorney
Regarding estate planning, having a knowledgeable attorney on your side can make all the difference. With ever-changing laws and regulations in New York City, it’s essential to have an experienced legal professional who can guide you through the process and ensure that your wishes are carried out effectively.
Cost of Estate Planning
- Last Will and Testament – this document allows you to name guardians for your children, distribute your assets according to your wishes, and appoint someone to manage your estate instead of leaving it to the state’s discretion.
- Living Trust – a trust can help avoid the probate process, saving your family time and money. It allows you to transfer your assets while you are alive, providing more control and protection over your estate.
- Power of Attorney – this document designates an agent, usually a spouse or child, to handle your financial affairs if you become incapacitated.
- Health Care Proxy – by designating a health care agent, you can ensure that your health care decisions are made according to your wishes if you are unable to make them yourself.
The Estate Planning Process
We believe in taking a comprehensive and individualized approach to estate planning. Our process includes:
- Understanding your family structure and dynamics
- Assessing your financial situation and assets
- Discussing your wishes for asset distribution
- Creating a will or trust that meets your needs
- Guiding minimizing estate taxes
- Ensuring your legal documents comply with state and federal laws
- Regular reviews and updates as needed
Frequently Asked Questions
1. What is the difference between a conservator and a guardian?
A conservatorship has stricter rules and is typically used for managing an individual’s property and finances, while guardianship is more commonly used for personal and health care decisions.
2. How can a trust protect my assets?
A trust can provide legal protection for your assets and help avoid the probate process. It can also help minimize estate taxes and provide more control over how your assets are distributed after your passing.
3. What is the role of an executor?
An executor is responsible for carrying out the instructions in a will, such as distributing assets to beneficiaries and handling any other administrative tasks.
4. How can I protect my assets from lawsuits?
You can protect your assets by creating a trust, filing for exemptions, and obtaining insurance and other business benefits.
5. What is a slat trust?
A SLAT, or Spousal Lifetime Access Trust, is an irrevocable trust that allows one spouse to benefit from the assets while removing them from the combined estate for estate tax purposes.
6. What should I ask a probate attorney before hiring them?
Before hiring a probate attorney, some essential questions include their experience with estate matters, their fees, the expected timeline, and other services they may provide.
