Estate Planning is the process of making sure that your loved ones inherit your assets with as little time and expense as possible. When preparing an estate plan in NYC for our clients, we are aware that we are doing more than putting together legal documents – we are also offering peace of mind.
Estate Planning is generally made up of these tools to help clients accomplish their goals:
The first question centers around the client’s family. Are they married? Were they ever divorced? Do they have any children and grandchildren. Are any children from a prior relationship? If they don’t have children, are their parents alive and do they have siblings?
Once we understand the family structure, we discuss the client’s financial picture. Even though not all assets will pass through the will, it is necessary to know what the client owns or has an interest in.
Once we find out about the family and the assets, we discuss what the client wants to happen with his assets after he passes away. If the client has minor children or grandchildren, we discuss minor’s trusts as a way to leave assets to minors with control being given to adults to manage it for them. We also discuss contingency plans – what happens if your beneficiary predeceases you – where does their bequest go?
Estate planning is an important undertaking with many nuances which need to be considered. Feel free to call us regarding any questions regarding estate planning law in Queens, Brooklyn or anywhere else in New York City or to schedule a free consultation to discuss your specific needs.
Estate Planning is a strategy to distribute one’s assets after death. Usually involving a will, there are several possible legal paths of protecting one’s estate.
In New York, An estate is all property and assets owned. It includes both real property (like a home) and personal property (bank accounts, investment etc).
Estate planning allows you to make the transfer of ownership to your loved ones as easy and inexpensive as possible. With proper planning, estate taxes, court fees, and legal fees can be reduced.
While a will is not required by law. There is no reason NOT to have one. A will allows you to prepare in advance your requests and desires for the distribution of your assets.
Generally it is a good idea to hire an estate planning lawyer to assist in creating a will. There are certain legal requirements involved in creating a binding will. The larger your estate is the more important it is to properly plan in advance and spend the time considering how to structure your will.
In the state of New York there is an estate tax, additionally, there is a federal estate tax. Without properly planning, structuring, and protecting assets, the taxes and fees involved with inheritance can be significant.