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Estate planning is a legal process where you make an effort to preserve your assets now, and decide how they will be distributed at your death or during your life. When done properly it can help to save you and your estate thousands of dollars, and ensure your final wishes are carried out.

Proper estate planning will allow you to ensure you are able to control what happens to your assets now and after your gone. It is the best way to ensure your specific wishes are followed rather than hoping the courts make the right choices on your behalf. There are many benefits to estate planning including minimizing the taxes that are owed, maintaining privacy for your estate, helping your loved ones avoid probate court, and much more.

If you are the executor of an estate, you will have quite a few responsibilities that you need to take very seriously. One of the most important of these is making sure the taxes are paid on time, and in full, for everything you are responsible for. Estate taxes may be deferred in whole or in part and it will be your responsibility to make sure that you make all the right elections timely (this is especially true for an estate that is highly illiquid, i.e. holds assets other than cash or marketable securities). You need to analyze how taxes are going to be allocated among the beneficiaries and how funds are going to be raised to pay taxes.

The estate planning attorney has served clients for years and is aware of the common estate planning problems people face. While some may be more concerned about retirement, avoiding probate and estate taxes in order to leave optimum funds to their surviving loved ones, others may be more concerned about protecting their assets when they grow old and weak, and ensuring that their assets are passed on to their heirs in the simplest and smoothest way possible.

Whatever the case may be, the estate attorney is highly knowledgeable in estate matters and knows just what tactics and resources to use to give you your heart’s desires for your assets. One of these very important tools for estate planning is revocable living trust.

As estate planning attorneys, we’re well acquainted with people’s reluctance (or sometimes outright refusal) to discuss the end of life. Nobody likes to think about the inevitability of their passing and leaving loved ones behind—and it’s understandable. Life is filled with joyous moments and events that we don’t want to miss. Travel, graduation, birthdays, marriage, children—we want to be a part of it all.

And it’s not just celebratory events that keep us from letting mortality enter our thoughts. Day to day happenings can also absorb our time and attention. Dental appointments, grocery shopping, soccer practice, car payments—on any given day, life gives us more than enough to fret and fuss over.

The reality is, however, that life eventually comes to an end, and when it does, we no longer have a say over what happens to the people and things we’ve left behind.

Even with knowledge of the fact that they won’t be around forever, many people still put off planning for the inevitable. They think it will create more worries and more stress for them, but actually an estate planning attorney in New York would get your affairs in order for you and relieve you of any anxieties you may have about what will happen to your finances and assets in the future. More importantly, your family will have the assurance that they are abiding by your wishes without the stress of sorting through you estate themselves.

Many people can feel overwhelmed by the thought of meeting with an estate planning attorney and doubt whether they even need to plan their estate at all. However, it’s important to consider that without an estate plan, a probate would take place and your affairs would be managed by a probate attorney who may not provide the best administration of your finances and assets.

In hopes of helping people understand a bit more about estate planning and encouraging them to get in touch with an estate planning attorney, here are some of the most common questions people have about estate planning that keep them from making this most vital preparation for the future:

1. Am I at an age where I need to start thinking about estate planning?
This is a prevalent inquiry among people who are unfamiliar with the function and value of estate planning in New York. It is not just the elderly who need to get their finances and assets planned out. Although it is uncomfortable to think about, the nature of life is such that people pass away at any age and in any condition—young or old, ill or healthy.

A minor child is under the age of 18. By law, any child under 18 cannot inherit property bequeathed to him or her whether or not there is a will in place, and such property will hence be put into a trust for minors or invested in the Guardian’s Fund by the court until the minor child attains the legal adult age of 18.If a decedent, by reason of his or her will, leaves property for minor children, then they would not have access to the property. Also, the guardian appointed by the court may not be the most preferred choice of the decedent for the kids, and for this reason, most parents now create trusts for minor children and name whoever they deem best fit to look after the trust and the kids until they reach 18. These trusts for minor children must be created with the assistance of an experienced trusts attorney.
As every family and child is unique, parents are faced with tough decisions in creating trusts for minors, and the following will throw light on some general issues.

Estate planning is a legal process where you make an effort to preserve your assets now, and decide how they will be distributed at your death or during your life. When done properly it can help to save you and your estate thousands of dollars, and ensure your final wishes are carried out.

Proper estate planning will allow you to ensure you are able to control what happens to your assets now and after your gone. It is the best way to ensure your specific wishes are followed rather than hoping the courts make the right choices on your behalf. There are many benefits to estate planning including minimizing the taxes that are owed, maintaining privacy for your estate, helping your loved ones avoid probate court, and much more.

A Will, or Last Will and Testament, is the most basic step in estate planning. It will direct what you want to happen to some, or even all, of your assets upon your death. This is also where you would identify who you want to care for any minor children should you die before they are fully grown. For many younger people, a Will is the only estate planning document they need. No matter how complex your estate plan, however, you’ll almost certainly need to have a Will as a part of it.

A trust is an entity that exists through a private agreement between trustee – a person charged with responsibility to holding property for the benefit of another - and settlor- a person who parts with said property for the benefit of another (or sometimes, for the benefit of self) Different assets can be placed into a trust. There are many different types of trusts, each used to serve a different purpose. Choosing the right trust, or trusts, will help to ensure you reach your goals.

An estate planning lawyer will prevent your money, capital, and business interests from going to probate court when you are gone. They will also draw up a will, trusts, and powers of attorney. Issues involving a second marriage, multiple businesses, multi-state and multi-nation real estate holdings, step children, problem children, charity bequests, IRAs and 401(k)s, and estate taxes can all be sorted through with the help of a qualified estate planning attorney.

The rather delicate subject of incapacitation and end of life services can also be included in the estate plan. If you are stricken by an illness that prevents you from exercising executive functions, you can decide now who gets to make decisions concerning your health care, and who will make decisions concerning your businesses and assets.

You have worked hard to establish solid companies and a stable family. You do not want it torn apart because of mistakes and neglect. Developing an estate plan is not something you can do on your own. Only a professional with deep insight into the law can help you draw up a plan that will actually withstand legal scrutiny. Working with an estate planning lawyer will allow you to leave the people who have come to depend on you with a clear and unambiguous document on which to build their own futures.

Estate plans are important to protecting your estate and properties. It ensures adequate protection of assets in your name or that of your desired beneficiary. In cases of contest of Will or property allocation or probate, proper estate plans would exempt you from this situation.
Estate plan involves making many important decisions and plans over your future and that of your loved ones. specifically, estate plans, concerns what happen to your assets both while you are alive and well or dead, how you want to share your assets to family, children or spouse, who takes over making certain important decisions for you in cases of mental incapability and lastly transfer of ownership of a property.
These plans can only be presented, documented and implemented in wills and testament, living trust, revocable or irrevocable trust, advance medical directives and lastly financial power of attorney (power of attorney). An estate attorney is all you need to make file the appropriate document and to also ensure the legal implementation of these plans.

Estate planning, includes what happens to your properties, investments both while you’re alive and well or dead, how you want to share your assets with relatives, children or partners, who are responsible for making such important decisions for you in cases of mental disability and, ultimately, the transfer of ownership of land. Through a number of documents, you can save your finances and prevent them from been ruin. Although it is advised you consult Estate planning attorney to help you with the appropriate document inclusion.
Will and Testament: this is one of the ways you protect your finances and assets and ensure they get to your loved ones or desired beneficiary. A will contains a detailed list of instructions as to how your asset or finances should be shared after you die.
Trust: Trust are important additions to your estate plans. They usually contain more advance details than wills of how your assets or finances are handled. Through trust, you can have anyone whom you solely desire manage and make financial decisions over your assets both while you are alive or dead as well as when you become mentally incapacitated.

While making an estate plan, there are mistakes people commonly end up making because of ignorance or misinformation, and the secret to avoiding these mistakes is knowing them. The following are top 10 common estate planning mistakes people make and how to avoid them.
Top Mistakes To Avoid In Estate Planning
1. Thinking that estate planning is only for the rich and famous
Many people hold this belief and so leave estate planning because they have only one or a very few assets to their name. Even a car, bank account, or house will have to pass down to a beneficiary, and so there is need to state who you want to be the beneficiary. If not, it may end up in the hands of someone undeserving of it.
2. Only planning for after death situations
Many people think estate planning is only about how your property gets disbursed after your death and so fail to plan for disability, mental incapacity, tax avoidance and end of life situations. One may be rendered incapable of running their own business due to illness, accident or sudden disability. A person has to be appointed to run the business, and this appointment is made by creating a durable power of attorney in the owner’s estate plan.
3. Forgetting to update beneficiary designations
Beneficiaries in your wills and trusts have to be consistent with those on your insurance and retirement accounts. A person might create a will, name a beneficiary of his insurance policy, and forget that there is a different beneficiary already on the insurance policy. If that in the will is what you want, then you have to make it the same as what’s in your insurance policy as well. Insurance policies and retirement accounts go to the designated beneficiary and not what the will says.
4. Failing to update your plan
Many things might require you to update your plan. Acquiring new assets, having new kids or loved ones, or moving to a new state. In as much as estate laws change from state to state, there is need to update your estate plan when you move to a new state. Separation, divorce and remarriage may also require you updating the beneficiaries in your will.
5. Naming a minor as a beneficiary
Minors (children under the age of 18) are never allowed by law to inherit property. If you have a minor, ensure you appoint a guardian in your will.
6. Not planning for probate avoidance
Probate can get very complicated and burdensome for the surviving family especially when the deceased owned property in multiple states. In addition to a trust, an experienced estate planning lawyer can proffer means by which probate can be avoided.

In 20+ years helping New Yorkers plan their financial futures, we’re proud to have built a reputation as one of the top rated and most trusted estate planning lawyers in NYC. If you need help with any type of asset planning, financial protection, or estate management needs, our team will provide the guidance and experience you need to know your wealth and family are safe for years to come.
 
We know that it can be difficult to navigate your way through complex financial laws here in New York — and we think you shouldn’t have to. Call Estate Planning Lawyer NYC now to have a trusted partner on your side no matter what your estate planning need.
 
We match you with an attorney who specializes in your specific area of need so you always know you have the very best person for the job. We offer the lowest prices on services in NYC and offer FREE consultations. Our experienced professionals pro-active and strategic in all preparations for your case. You will get 100% commitment from your attorney and the one-on-one attention you need and deserve no matter how large or small your case.

Entrepreneurs are mostly concerned with how to improve on their businesses and hardly ever find the time to think about what would happen to this business should they suddenly get involved in a ghastly accident, become incapacitated or pass away. Even when you have an estate plan in place for your family, it is not enough if estate planning is not done for your business as well. Without estate planning, your hard-earned assets over the course of your lifetime may be reduced to rubbles in the twinkle of an eye. As an entrepreneur, it is time to sit down and reflect on what possible actions that could be taken — as regards your business — to protect your interest and that of your family, and then know what estate planning documents to establish that would serve that purpose.

Just as with family estate planning, a will is a very important document applicable to businesses as well. As an entrepreneur, you should choose a highly trusted and competent individual or financial organization as your executor, and this personality would be in charge of managing and disbursing your assets at your death or incapacitation. This person would have access to your bank accounts, email accounts and other digital assets of yours.

As a result of estate planning, many people are made to think about things that may occur during life and after death, things which normally are never pleasing to think about. However, not thinking about such things at all doesn’t mean they won’t happen and so, it is better to be forearmed. It is therefore expedient to ensure that assets are carefully managed and that these assets pass down to heirs in the easiest, smoothest and most cost-effective way possible, and this is the job of the estate planning attorney.

The estate planning attorney New York is a professional attorney specially trained in estate law, and providing legal services to client all over New York in matters of estate planning and estate litigation, creating revocable and irrevocable trusts, providing assistance during probate, updating up wills and transferring assets into trusts, asset protection and tax planning.

A Last Will and Testament is the most fundamental estate planning document and can be drafted solely by the testator or with the help of an attorney. However, for more complex estates, a basic Will may not suffice to handle all your assets and so consulting an estate planning lawyer near you becomes mandatory. The estate planning attorney 10003 assists clients within 10003 and throughout NYC, and is only a click away. Put a phone call through today.

Creating an estate plan is often more than just creating a will that oversees the disbursement of your wealth. Often, there are so many things to consider such as how to avoid financial issues and taxes as well as family conflicts when your heirs are about inheriting your property, avoiding probate for the sake of its cost and complexities, asset protection, planning for eventual disability, incapacity and retirement, and things of that sort. You may create an estate plan that even ruins your chances for qualifying for Medicaid and other government benefits. This is because there are legal criteria for these things and as you may lack appropriate knowledge, seeking assistance from a professional becomes highly crucial. An estate planning lawyer is one who has undergone years of training in estate planning and has come to understand all the laws affecting your estate and how to use them to your advantage.

Over the years, the estate planning attorney has worked with clients within area code 10019 and throughout New York and has insight regarding all problems which you may face while estate planning. In that regard, it becomes quite an easy matter for him to create an efficient estate plan that covers all your estate concerns, giving you assurance that when you get old or deceased, all your intentions would be duly effected, and your estate and family adequately protected.

Estate plans can only be achieved and implemented with only the appropriate documents with proper inclusions. It is quite easy to sit alone and make these plans, however, any wrong details, or documentation may result to loss of assets, properties, investments, retirement benefits, and even more annoying and draining probate process. Similarly, there are laws that guides what details should be included in an estate planning documents, and they also map out the formalities in which these documents are implemented. It would therefore be necessary to consult an estate planning attorney who knows what the state laws demands on every estate plans in New York as well as the process filing estate documents.

Estate planning documents in which you need to have documented while you are still alive and well includes wills, living trust, advance medical directives and durable power of attorney. These documents all serve different functions, although, all have a common interest of protecting you, loved ones as well as your assets. No matter what financial or medical situation you are, you should prepare to start making your estate plans.

The estate planning attorney is very helpful during your estate planning. Well versed in the estate laws of New York, he understands the right steps to take and what estate planning tools to use to actualize your goals to your best interests. He also understands the federal and state laws which can affect your estate and its disposal after your death, and would work with you to find ways to avoid the negative effects of such laws, while taking advantage of the beneficial ones. Some of the areas where the estate planning attorney NY will help you include:
Helping you create a Last Will and Testament that expresses with utmost clarity the manner in which assets in your name should be distributed after your death, the beneficiaries to receive them, the executor who you’ve chosen to represent you when you’re no more, and also appointing a guardian for minors.
Creating a durable financial power of attorney to appoint someone who would handle your financial affairs on your behalf during your incapacity.
Establishing a durable medical power of attorney appointing someone who would make medical decisions on your behalf.
Finding ways to reduce your estate tax, income tax and inheritance tax.
Assisting executors and surviving families through the complex process of probate.
Finding means, such as the use of a trust, for avoiding probate.
Helping you plan for Guardianship, Medicaid and retirement.

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