Facing the reality of death or incapacitation may be challenging, but it’s essential to have these conversations, especially if you have young children or a non-traditional family structure. Ensuring your wishes are respected and your loved ones are protected is where estate planning comes into play. Both a will and a living trust can help you manage your estate and medical concerns in case you’re no longer able to do so yourself. But how do you know?Is a living trust right for you, and do you need one? How do you set up a will? Can a will and living trust be used together? To make an informed decision and navigate the complexities of estate planning, consider reaching out to an experienced estate planning attorney in New York. At New York Legacy Lawyers, our team of skilled New York estate planning lawyers may be able to guide you in choosing the most appropriate option and help you create a comprehensive plan tailored to your needs. Call us today at (718) 713-8080 to schedule a consultation. What is a Living Trust?A living trust is a legal document created by the grantor, the individual who contributes assets to the trust. The objective of a living trust is to maintain ownership of your assets during your lifetime. The general strategy involves moving as many assets as possible into the trust, although certain assets like life insurance and retirement accounts are not eligible for inclusion. Once placed in the trust, these assets are administered for your advantage throughout your lifetime. The responsibility of managing the trust falls upon a trustee of your choice. While you have the freedom to appoint anyone as the trustee, it is common to designate yourself for full control. In addition, you can also name a successor trustee who takes over the role after your passing. Once you pass away, the trustee maintains management and protection of your assets and subsequently allocates them to your designated beneficiaries. One advantage of a living trust is its capability to avoid the probate. Probate involves court procedures for validating and executing a will, which can be a time-consuming process that can take several months and become expensive over time. However, a trust can eliminate the need for probate while also allowing you to orchestrate an immediate distribution of your assets through the trust terms. If you’re curious about the intricacies of living trusts and how they can help you achieve your estate planning goals, it is crucial to seek guidance from a skilled New York estate planning lawyer. At New York Legacy Lawyers, our attorneys can help you understand the concept of a living trust and guide you through the process of establishing one that is tailored to your unique needs. We can provide clarity and peace of mind for your estate planning journey. Contact us today to discuss your specific situation and ensure that your assets are protected for the future. ComplexityLiving trusts and wills do not have to be terribly complicated. In many states, handwritten wills are acceptable (though not advised). They become more complicated if you have significant assets such as property, vehicles, stocks, or multiple potential family and friends who believe they are entitled to your assets. There are two forms of living trusts, irrevocable and revocable. Irrevocable trusts aren’t as popular because once the papers are signed, they can’t be changed. They typically function as a means of protecting assets from a lawsuit or taxes. A revocable trust can be changed if you change your mind or as your financial situation necessitates. It offers benefits toward reducing the complexity of distributing assets after the death of the holder. PrivacyA revocable living trust is a private contract between the trust entity and trust holder. It helps your beneficiaries by enabling them to avoid probate, the court process in place to distribute the assets after the death of the estate holder. In addition to the protection from probate, trusts are private matters and not a matter of public record. Conversely, when a will is filed with the court to begin probate, it becomes public record. The assets and finances changing hands are open for anyone to see. HealthA living trust manages your financial affairs during the end of your life and after death. A will handles affairs when you are gone. Those of advanced age or suffering from illness may consider a living will. A living will handles your medical affairs should you be unable to advocate for yourself. You can designate whether or not you want to receive life-saving treatments like life support or CPR. This is the only time a living will is necessary. A living trust allows you to name a successor trustee in the event you become mentally incapacitated. If you have a same-sex partner, this gives your partner rights to advocate for you and your estate. This also applies if you are unmarried but want to designate a friend or non-family member as your advocate. If you only have a will, the court designates someone to handle your affairs. You can file for a power of attorney to avoid this. Matters Involving ChildrenLiving trusts allow you to leave property to children. It is illegal for children under 18 to own property so you will have to designate a manager. Only a will allows the estate holder to arrange for their children’s guardianship and property. Your Estate After DeathTo designate property in a living trust, you must transfer the property into the trust. For many items, making a list and attaching it to the trust document is all that’s required. Larger items that have a title document require that you rename the title to the name of the trust. You will need to name someone to wrap up your estate affairs after you die. In a will, this person is called an executor. They are in charge of managing your assets and distributing them after probate. In a living trust, the successor trustee manages the assets that are only in the trust. Most estates will require an executor even if most of the property is transferred to the trust. The executor of the will and a successor trustee can be the same person.
Living Trust vs. WillThe proper planning of your estate will protect your assets and your loved one’s rights. Leaving it to the court will often end in disappointment for all parties. A living trust will help your family maintain privacy. It will also protect the rights of non-traditional family members. Trusts are often a little more difficult to contest in a lawsuit should an issue arise. A will allows you to make arrangements for young children after your death. You can also designate a manager for any property left to them. The answer to which you should choose between a living trust vs. will? A combination of both will provide you with the best options for caring for your estate and your family. Don’t wait until it’s an emergency to plan your estate. Get started with us today. I. Introduction to Estate Planning
II. Understanding Wills
III. Exploring Living Trusts
IV. Comparison: Wills vs. Living Trusts
V. Making the Right Choice
Can You Have Both a Will and a Living TrustMany individuals wonder if they can incorporate both a will and a living trust in their estate planning strategy. The answer is affirmative, and it can even be advantageous in specific situations. By combining a will and a living trust, individuals can ensure that their assets are distributed according to their preferences and their loved ones’ future necessities are fulfilled. A living trust can provide more security to those who wish to evade probate or have minor children who might not be capable enough to manage their inheritance prudently if they receive it as a lump sum at a young age. On the other hand, a will permits the nomination of a guardian for underage children, which is not possible with a trust. A suggested approach is to use a will to finance the living trust with any assets that were not previously included in the trust before death. A “pour-over” will directs that any assets outside the trust at the time of death be shifted to the trust, which will be supervised by a successor trustee for the beneficiaries’ advantage. This strategy guarantees that the assets intended for children are managed according to the creator’s directives. To identify the best course of action for one’s unique circumstances, it’s recommended to seek guidance from a competent estate planning attorney in New York. They can help navigate the complexities of wills and trusts and create a plan that meets both the individual’s and their loved ones’ requirements. Contact us today at (718) 713-8080 to schedule a consultation. Living Trust vs. Will: A Look into the Best Choice for Your Situation58% of Baby Boomers (ages 53-71,) and 81% of those 72 or older have a living will or trust. They already see how smart it is to begin planning for the fact they will not be around forever. Likely this planning is tinged with years of experience watching family and friends go through the confusion and disputes that often arise over assets and estates when the original owner of them passes without making their wishes known. One estate planning tool that many of these baby boomers have turned to, and that many more are looking at, is a living trust. A living trust and a last will & testament often go hand-in-hand. Here’s what you need to know about how they compare. Reach out to us at the New York Legacy Lawyers to consult with a skilled New York estate planning lawyer. Discover valuable estate planning tips and determine whether a will or trust is the best option for your situation. PROBATE IS DIFFERENT BETWEEN A TRUST AND A WILLUnlike a will, a living trust is something you can use and benefit from while you are still alive. In a living trust, you transfer some or all of your assets into the trust (as the grantor), then you manage the trust as the trustee, and receive the benefits of the trust as the original beneficiary. Knowing that you may become incapable or unfit to manage your assets (trust) one day, you can designate someone to be responsible for your property if and when you become mentally or physically unable to do so. When you pass away, a successor trustee becomes responsible for carrying out the intent of the trust to whichever beneficiaries you’ve designated. You and your spouse will likely want to be co-trustees while you are still alive, maintaining full control of your assets. Your spouse can take over if you become incapacitated. Most couples name their children as successor trustees in the event of their death. If they are uncomfortable with this arrangement, they can appoint a professional to oversee their assets. While you are alive, your living trust can be altered or dissolved at any time. Both a will and trust give detailed inheritance instructions, and allow you to designate someone to oversee the distribution of your assets. With a will, however, your document will likely go through probate. This process can take months and become costly if it is contentious. Your assets will be tied up during this time. With a living trust, the parts of your estate in the trust will not pass through probate court. Instead, the person you have designated as your trustee will carry out the requirements you outlined in the trust. OPACITY=TRUSTS | TRANSPARENCY=WILLSOfficial documents, such as a will, and those that go through probate, become a part of the public record. Living trusts will not be subject to public scrutiny unless a beneficiary or trustee demands court approval. Many people prefer that their wishes remain a private matter and a trust is a great way to keep the value and assets of your estate confidential. Why would that matter? Imagine you’re leaving $2 million for your 15-year-old son to inherit when they turn 20 years old. You can imagine some people will want to share their ideas on how to spend $2 million with anyone new to that kind of cash on hand. Or worse, if you wanted to leave that $ to your son, but your estranged sister knew about it and preyed on their guilt to siphon some of it away. These are only two scenarios, the point here is that the fewer people you have poking around your estate and knowing who received what, the better-off the beneficiaries are likely to be. DIFFERENCE BETWEEN TRUST AND WILLWills and trusts are legal documents that are commonly utilized for transferring assets to loved ones after one’s death. Despite sharing some similarities, such as the ability to modify or revoke them during one’s lifetime, the primary difference between these documents lies in their approach to asset distribution among beneficiaries. A will, also known as a last will and testament, designates an executor to manage the distribution of assets after death. In addition, a will can also serve to appoint a guardian for minor children and outline funeral arrangements. However, a will must go through the probate court process in order to be legally binding. This involves the court assessing the value of the property left by the will and approving its distribution to beneficiaries. Unfortunately, probate can be time-consuming, expensive, and public, as the details of the estate become part of the public record. On the other hand, a trust establishes a relationship between the assets of the owner and a trustee who manages them for the beneficiaries. Assets placed in a trust bypass probate, reducing court costs and the time required to receive inheritances. Furthermore, trusts are private documents that cannot be viewed by anyone outside of the trust, making them ideal for those concerned with privacy. Trusts offer greater control over the distribution of funds, particularly for those with minor children, numerous beneficiaries, or concerns about their heirs’ spending habits. For example, an individual may opt to distribute a child’s inheritance over time to prevent overspending, or delay the distribution of assets until the heir reaches a specific ageTrusts can also be beneficial in supporting someone with special needs without affecting their eligibility for government benefits. FOR ESTATES OF A CERTAIN SIZE, TAX PLANNING IS CRITICALMany folks with larger estates can take advantage of tax exemptions by dividing their assets smartly. Trusts and Wills have very different tax exposure risks. Make sure you choose to work with an estate planning attorney that knows about how taxes will affect your estate. 401K AND LIFE INSURANCEMany couples have a 401K or life insurance policy that they would like to leave to their children, if they do not reach the age of retirement. If you have a will, those funds would go into the hands of a court-approved guardian until your child reaches the age of 18. With a revocable living trust, however, a trustee can accept these funds in the event of your death. You can decide if your child receives them at age 18, 25, or 30, or through some other manner other than age. THE LIVING TRUST AND THE WILLWhether you draw up a living trust or a will, or likely both, depends upon the size of your estate and the complexity of your situation. A little research and consideration will save you and your loved ones a lot of time and heartache. WE ARE HERE TO HELP.We want you to be able to discuss these topics with familiarity and confidence that you have an expert team of New York legacy lawyers supporting you and your family when you need it. Contact us today; we’ll start you on your path to estate planning. via New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/living-trust-vs-will-whats-the-difference-which-is-right-for-you/
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Worldwide, every minute, 120 people pass away. Death is not something we like to think about, but it is a certainty in all our lives. We don’t get to choose when our time in this world ends. One minute you’re there, and the next, someone has to carry on without you. To help you get started with your estate plan, we put together this short Estate Plan for Dummies article that boils down the complexities of estate planning into bite-sized morsels. Of course, we don’t think you’re a dummy at all. You wouldn’t be reading this article if you were! Here’s what you need to remember about everything you’re about to read. You don’t have to be a legal genius to start the process of protecting your family. Our New York estate planning attorneys at New York Legacy Lawyers have put together estate planning tips to help you. You can start today, with the right help! ESTATE PLANS FOR DUMMIES: WHAT YOU SHOULD KNOW ABOUT ESTATE PLANNINGEstate plans should be a top priority as they cover many areas of your life, including personal wishes, healthcare desires, financial matters, and even self-advocacy. Most people are familiar with at least one idea of estate planning. Often the document people tend to start with is a Last Will & Testament. In your last will, your goal is to identify tangible and intangible assets and to describe what you want to happen with them, clearly. Beyond assets, your last will provide a platform for you to share thoughts and even embed other parts of your estate plan, such as a trust. TIPS FOR WRITING YOUR WILLWhen you sit down to write your will, you might want to identify to the best of your ability, the answers to these questions.
These questions are only the starting point. Many situations could make your last will difficult to draft on your own. Trusts for DummiesA trust is a legally binding document that enables an individual or organization to oversee and hold your finances and assets for your own benefit or for the benefit of others. It serves multiple functions, including estate planning, tax planning, medical planning, and charitable giving. In contrast to a will, which takes effect after death, a trust has the ability to manage and invest your assets both during your lifetime and after your passing. Furthermore, it bypasses the probate procedure, which can be lengthy, costly, and exposed to the public. The individual who creates the trust is referred to as the “grantor” or “trustor,” while the person entrusted with managing the assets is known as the “trustee.” The recipient of the assets is called the “beneficiary,” and the assets held within the trust are known as “trust assets.” Various types of trusts exist, including living trusts and testamentary trusts. A living trust remains active during your lifetime and may continue to operate after your death, providing ongoing management and distribution of assets. On the other hand, a testamentary trust is established through your will and only takes effect following your death. There are also specific types of trusts designed for particular situations, such as supplemental needs trusts and spendthrift trusts. Supplemental needs trusts enable you to allocate funds for individuals with disabilities while ensuring their eligibility for government assistance is maintained. Spendthrift trusts, on the other hand, restrict access to funds for individuals who struggle with managing their finances or have multiple creditors. You have the option to create both of these trusts either as living trusts or testamentary trusts. Maximize the protection and preservation of your assets for future generations with the assistance of a New York estate planning attorney. At New York Legacy Lawyers, our skilled attorneys have knowledge of trust law and can guide you through the complexities of establishing and managing trusts, allowing you to secure your legacy and provide for your loved ones. Contact us today to schedule a consultation and take the first step towards a secure future. CLARIFYING FINAL WISHESWhile answering the questions, think about who will be there to interpret the answers you’re pondering. Will it be your eldest child? A grandchild? Your spouse? Try to frame your answers in ways that would make sense to them. This person, or these people, will be the executor of your decisions. Your executor will be responsible for ensuring the beneficiaries of your will receive what you want them to. CHOOSING POWER OF ATTORNEYA Power of attorney, or POA, gives someone the authority to act on your behalf regarding legal matters, financial situations, or in regard to your health. In this article, we’re mainly talking about two types of POA. First, there is the financial POA. This POA is the person who will be able to speak on your behalf about your finances if you can’t be there, or are unable to manage them due to ongoing health concerns (dementia, incapacity, etc.). Second, is the healthcare POA. In New York State, the proper title of a healthcare POA is a Healthcare Proxy. Your healthcare proxy is the individual that will make decisions on your behalf regarding crucial health matters. Some of the decisions your healthcare proxy might make for you include life support choices, and following through on a do not resuscitate order, or basic healthcare decisions if you’re not able to understand them at some point. Wills and Trusts for DummiesWills and trusts are both legal tools for passing on your possessions when you’re no longer around, and both may be adjusted or withdrawn while you’re alive. The main difference between the two lies in how they transfer property to the people you’ve chosen to receive it. A will, or Last Will and Testament, is a written statement where you name an executor who will manage the division of your possessions after you’re gone. A will can also be used to choose a guardian for your underage children and can contain details about your funeral or memorial service, such as whether you prefer burial or the spreading of ashes. A trust, meanwhile, is a legal document that forms a fiduciary relationship between your assets and a selected person or organization. This selected party, called the trustee, has the power to manage your assets for the benefit of your chosen recipients. Trusts are classified into irrevocable trusts, which can’t be changed once they’re set up, and revocable (living) trusts, which you can alter anytime you want. After you’ve written a will, you might want to think about adding a trust to your estate plan if:
DON’T FORGET YOUR DIGITAL ASSETSMore and more, digital assets are becoming a standard part of these estate planning discussions. Your digital assets include things like usernames and passwords for your online accounts, logins for your computer(s), phones, and other devices, perhaps even an online business. Having information regarding your digital life and assets available for your chosen loved one ahead of time can save them a world of trouble, and heartache. Now, they’ll be able to easily log in to pay bills or access other types of financial information. On a more personal level, they can access your photos, your documents, even your social media – and start taking the necessary steps to store those aspects of your life elsewhere or in the case of social media, transition them appropriately. AVOIDING ESTATE PLANNING BLUNDERS: TIPS FOR SUCCESSHere’s a guide to assist you in writing your Estate Plan and avoiding common mistakes. Listed below are some frequently occurring Estate Planning mistakes that you might want to avoid.
MAKE A PLAN THAT WORKSWe hope that in reading our Estate Planning for Dummies, you’ve got a list of questions longer than the ten we gave you in the article. If so, that’s great! We are here to help you figure out those answers. At New York Legacy Lawyers, our New York estate planning lawyers understand how personal, and unique each estate plan needs to be. We know how intimidating the planning process can be when you’re facing it alone. It’s our mission to relieve any stress you may have about the planning process. Reach out to us today using our contact us page or call us at (718) 713-8080, and let us tell you how we can help.
via New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/estate-planning-for-dummies-everything-you-need-to-know/ What happens to all your belongings when you die? Where will your finances go? Who will be in charge of carrying out your last wishes, and who will take care of you before you pass away? Estate planning IS a gift. Consider, you have already taken the effort and invested significant time to meet with an estate planning expert, so your family doesn’t have to. Why did you make this effort? The reason you made the effort is that establishing an estate plan has the potential to resolve future conflicts and disorientation that your family may experience upon your departure. Estate Planning is a loving gift that you will give to reduce the emotional stress that is attached to your passing and it will provide direction for how your family will need to move on following your death. In this article, we provide an overview of the essential elements of an estate plan, emphasizing the importance of taking action now to protect your family’s future. At New York Legacy Lawyers, our experienced New York estate planning attorneys are available to offer guidance and support as you begin the process of creating or updating your will and estate plan. To learn more about how we can assist you, please call (718) 713-8080 to schedule a consultation. A WILL IS A GLUE HOLDING IT ALL TOGETHERThe concept of a last will & testament, or transfer of property after death has been around as long as humans have. In many places, the method of transfer is primarily defined through existing cultural norms. In the US and Brooklyn, however, we use estate law to clear things up a bit more formally. Fundamentally, your will entails where you wish your possessions, assets, minor children, and more to go when you pass away. Additionally, it will state who will be in charge of distributing those assets and managing any other affairs in your passing or incapacity. Legal requirements in setting up a will can be intensely specific, but only because ambiguity leads to conflict, especially after a loved one has passed. It is critical that you seek the assistance of an attorney or an estate planning expert to make sure that your will gets drafted correctly. JOINT OWNERSHIP AS AN ESTATE PLANNING OPTIONJoint ownership means owning your assets jointly with someone else like a spouse, child, or a close relative. The purpose of Joint ownership is to make sure that when you die, those assets go to your spouse or heirs smoothly because they are already owners of the assets. To head off more complicated issues and to make sure joint-owners can access all assets, beneficiary designations are helpful. SETUP BENEFICIARY DESIGNATIONS ON INTANGIBLE ASSETSA Beneficiary Designation on your bank accounts, your stocks, and brokerage accounts may be needed to facilitate the transfer of those assets to a joint owner, or another designee. Various kinds of Beneficiary Designations can be acquired through a bank or other financial institutions. Some of these designations are known as “transfer on death,” “pay on death,” or “in trust for account.” The person or beneficiary that you place on those accounts is not an owner of the accounts, presently. If they have any financial problems before you designate them as a beneficiary on your accounts, their financial issues will not become your problems, and that is a beautiful benefit. When you pass away though, they will gain access to and ownership of the assets within the accounts, however. A PRIMER ON PROBATEProbate is the legal process in which a will is proved or tested in a court. Many people find the Probate Process frustrating. When a will is contested, there may be many parties involved in the process. And if a lawyer is involved, there is a cost component…on top of the cost of probate itself. The purpose of the probate process is to have the will accepted as a valid public document that is the true and last living testament of the estate of a deceased person. Probate is the first step in the legal process that is needed to name the Executor of the estate. This step is essential because the Executor needs to be granted the authority to distribute assets according to the will of the deceased loved one. If you have questions about probate, please contact us. WHEN YOU SHOULD CONSIDER A TRUST?You should consider using a trust if the value of your estate is such that your family might lose a significant amount of your assets in probate or estate taxes. You might also want to consider a trust if you have special needs, like a family member who requires extra care, or a child you’re concerned will not be ready to manage the assets you intend to leave them. In truth, there are a lot of reasons to consider a trust, and many different forms of trust you might consider. When you set up a trust you actively move assets from your possession to the trust. Usually, you are the beneficiary of that trust while you are still alive, and upon death or another circumstance of your definition – the beneficiary changes. A trust will sometimes feel scary because you may feel that you could be giving up your assets to a bank or other entity that you have no control over. However, you will make the decisions about how to place money in or withdraw assets out of the trust. Functionally, it shouldn’t interfere too drastically with how you manage your estate now – but when you pass away, it will make a huge difference in how your assets transfer to your loved ones. When is a Gift Not a GiftWhile we often say that the sentiment matters most in gift-giving, the IRS emphasizes that there’s more to it. In specific situations, a gift means more than just kindness; it holds tax implications, prompting the question: “When does a gift cease to be just a gift?” In 2023, the annual gift tax exclusion is set at $17,000 per recipient or $34,000 for married couples sharing gifts. This means you can give up to these amounts without facing gift tax. However, if your total gifts surpass this threshold, the surplus is no longer seen as a ‘gift’ under tax law – it becomes taxable. The lifetime limit for tax-free gifts, whether given during one’s life or left after passing, is $12.92 million for an individual, or $25.84 million for a married couple. These figures also apply to the Federal Generation-Skipping Transfer (GST) tax exemption in 2023. New York residents are exempt from state gift tax. Yet, if you’re considering substantial lifetime gifts, knowing your state’s tax regulations is vital. For US citizen couples, there’s an unrestricted marital deduction for gift and estate tax purposes. This means limitless transfers can be made to a US citizen spouse during life or after passing, and the gift retains its nature. However, gifts to non-citizen spouses are subject to a $175,000 marital deduction in 2023. Understanding these tax rules ensures your gift remains a genuine expression of goodwill and generosity, rather than inadvertently becoming a taxable matter. DRAFT A LIVING WILL & DESIGNATE A HEALTHCARE PROXYA living will typically accompany a healthcare proxy. However, these are two different documents. A Living will is simply a statement signed by you. It states how you wish to be cared for in case you become unconscious or you are in another situation in which you cannot make decisions for your care on your own. A healthcare proxy can be established when you appoint an individual to make healthcare decisions for you. In some places, this is called a healthcare power of attorney. Having this document in place will assist your family members and or loved ones if you become incapacitated. Moreover, this document will prevent courts or hospitals from becoming the primary decision-makers regarding your care. YOUR ESTATE PLAN AND LIFE EVENTSIt’s crucial to keep your estate plan updated in the event of significant changes in your finances, health, family, or relationship status. In the event of your sudden passing, your will and estate planning documents may not reflect your current circumstances. To ensure that your heirs are not held to the outdated provisions of your will, you should make immediate changes to your estate planning documents after any of the following life events: Death: In the event that a family member who was designated to manage your estate passes away, it will be necessary to choose an alternate executor, trustee, or guardian to take their place. New Addition: An addition to your family, such as the birth or adoption of a new child or grandchild, or the responsibility of caring for an ill adult can have an impact on your estate plan. Health Crisis: If you or your spouse has been diagnosed with an illness, or disability, or requires nursing care, it’s recommended to update your will as soon as possible. Milestone Birthday: Turning 18 or graduating from high school, may prompt you to consider providing financial assistance to a child or grandchild for their education. Marriage: You may need to review and update your estate plan to include provisions for your new spouse’s inheritance and any future children. Additionally, you may need to revise any provisions you made for a former spouse. Divorce: It may be necessary to revise your estate plan and remove your former spouse as an executor or beneficiary. Significant Purchase: Buying a home, obtaining life insurance or investment, or borrowing a substantial amount of money, can cause disputes over your heirs’ inheritances. Business Deal: Changes in your career path such as starting a business, selling company assets, or retiring can all affect your family’s future financial plans. Change in Financial Laws: Any changes particularly federal or state tax laws, may necessitate asset restructuring or lead to the loss of substantial amounts to the government. It is important to stay informed of these changes and consult with an estate planning attorney. It is important to update your estate plan regularly as your life circumstances change because it is a document that needs to be kept current. Failure to update your estate plan could result in unintended consequences that could negatively impact your heirs’ inheritance. To ensure that your estate plan reflects your current wishes, it’s recommended to consult with a qualified estate planning attorney.
ESTATE PLANNING IS ALL THIS AND MOREWe clearly believe estate planning is a gift. But it is not a gift you can grab at the store; it requires meaningful thought and responsible foresight. In this brief article, we covered the basics you should be thinking about regarding estate planning, but for each section above we could write ten more articles. Help yourself give the gift of planning and connect with a great team of estate planning professionals. We want to help you prepare for your future and the future of your family. Contact us today to get started on your estate plan. via New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/how-you-can-use-estate-planning-as-a-gift/ For most of us, planning for what happens to our possessions after we leave this earth is not a top priority. At least this would be the impression you might take away from the fact that 6 in 10 American adults have never taken the time to create a will or living trust. This is frustrating; even a little bit of forethought from us on what will happen to our assets will save our heirs a great deal of stress, effort, and cash. Here’s what we’re saying: a will is critically important for the loved ones we will all leave behind. Perhaps, if we all knew a little bit more about what to expect, and how to approach end-of-life planning, the data would show more Americans than the 40% referenced above, planning ahead for a time when we won’t be here anymore. To help, we wrote out 10 bite-sized quick facts to help you better understand how wills work. At New York Legacy Lawyers, our New York estate planning lawyers are available to answer your questions and assist you in starting on your will and estate plan. To learn more about how we can help you, call (718) 713-8080 today to schedule a consultation. 1. HOW DO WILLS WORK?Simply put, a will directs where you desire your property to go when you pass. Ideally, it takes the “guesswork” out of dividing your property among loved ones. Moreover, it helps reduce the legal back and forth that can arise from competing claims to your assets. 2. WHAT REALLY HAPPENS IF I DON’T LEAVE A WILL?If you don’t have a will, that’s when a series of “if/then” property laws will govern how your family will receive your belongings. For example, your property will be divided based on whether or not you have a spouse, children, parents, siblings, and more. NYCcourts.gov does an excellent job of explaining this further. 3. WHAT ARE THE REQUIREMENTS FOR CREATING A WILL?For a will to be legal in New York the following are basic requirements that should be met: The testator (the person creating a will) must be at least 18 years old and of sound mind. The will must be signed by the testator (you) or someone with legal authority to sign on a testator’s behalf The will must be signed in the presence of two witnesses, and it must be written. 4. DO I HAVE TO LEAVE MY ESTATE TO A PERSON?If you’d like, you can leave your estate to a charity, school, or church instead of an actual person. 5. DO I LEAVE INSTRUCTIONS FOR MY BURIAL IN THE WILL?You can technically leave instructions for your funeral in your will, but it’s best to express your funeral wishes to your loved ones verbally or in another document. 6. DOES A WILL HAVE TO BE NOTARIZED?In New York, wills don’t have to be notarized to be legal. 7. CAN I VOID A WILL ANYTIME?You can revoke a will at any time by destroying it. Burning it or shredding it will suffice to demonstrate intent to destroy it. Alternatively, you may create a codicil. Regardless of your options above, it’s best to discuss your options for voiding a will with an experienced estate planning attorney. 8. WHAT’S A CODICIL?A codicil is an amendment or change you make to an existing will. 9. CAN I CREATE A WILL IF I’M UNABLE TO SIGN MY NAME?If you’re unable to sign your name but have been legally signing with an “X” that will count as a signature. Or if you have given legal permission for someone else to sign your name, that person can sign your name on a will in the presence of your witnesses. 10. WHAT CLASSIFIES AS BEING OF SOUND MIND?If you can understand what you own and who you’d like to leave it to, then you’re likely to have a sound mind.
WILL OR TRUST: WHICH IS RIGHT FOR YOU?Wills and trusts are both useful for estate planning, but they offer different advantages. The legal documents pertaining to estate planning are subject to state-specific laws and regulations. You may have both a will and a trust, and the information included in each should work together. In New York, the key difference between a will and a trust lies in the probate court, which is also referred to as the Surrogate’s Court. Probate court is necessary for a will, but not for a trust. What is a Will?A will is a legally binding document that allows you to name an executor to oversee your estate, appoint guardians for your children and caretakers for your pets, determine how your assets are distributed, and express your final wishes and arrangements. However, it is only effective after your death. A will has some limitations when it comes to distributing assets and is also subject to a probate process, which means it becomes part of public records. Probate can be expensive and time-consuming, which can add to the carrying costs, expenses, and commissions of administering a New York estate. The distribution of assets generally requires a minimum of six months to be completed. What is a Trust?Trusts are more complex than wills and offer various benefits to your estate and beneficiaries. You have various trust options available to you. A significant advantage of trusts is that they avoid probate. To fund your trust, you must transfer legal ownership of your assets to it, and the trust will then become the owner of those assets. Typically, a trust enables you to administer and allocate your assets throughout your lifetime and beyond. You can place any of your assets inside the trust, which provides greater control over how they are distributed. There are many types of trusts available, more than those available for wills. At New York Legacy Lawyers, our New York estate planning attorneys can assist you and your family in navigating the estate planning process to achieve your asset protection objectives. Who Keeps the Original Copy of a WillThe disposition of the original will varies based on the preferences of the testator (the person making the will) and the advice of their attorney. Some common practices and considerations for keeping an original will include:
Regardless of where the will is stored, ensuring that chosen individuals can access it when needed is of utmost importance. For specific guidance related to wills or any other legal topics, it is best to consult with a New York estate planning attorney. WE’RE HERE WHEN YOU’RE READYIf you’ve realized the importance of a will and are ready to get started on yours, make sure you contact us today! via New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/10-frequently-asked-questions-about-setting-up-a-will/ Wills are important tools that can help you ensure that your wishes are honored when you pass away. There are several types of wills that can be used for different purposes. Many people understand that wills are used to transfer assets to beneficiaries. However, in many cases, in addition to passing assets to loved ones, a will can have other, additional advantages. Speaking to an experienced Brooklyn wills attorney can help you understand these advantages. At New York Legacy Lawyers, our attorneys are well-versed in the intricacies of wills, including living wills, and can guide you through the process. If you want to learn more about how we can assist you with living wills and how they work, contact us today at (718) 713-8080. A living will is one of the many different types of wills. A living will allows you to determine what steps will be taken to care for you if an illness or injury causes you to be in a vegetative or otherwise incapacitated state. While this is something most people don’t think about daily, it is essential to have a living will in place in case the unthinkable happens. Here’s what a living will is, and why it should be important to you. What Is a Living Will?A living will states the measures and protocols you wish for doctors and other medical professionals to take if you are ever in a state where you can no longer make decisions for yourself, to include any instance in which you receive traumatic brain damage that prevents your body from functioning on its own accord. With today’s advancements in technology, the body can be kept alive for a virtually indefinite amount of time, even if the brain is no longer supporting its function — a living will states your wishes concerning what measures doctors should take in an attempt to keep you alive. Life-Prolonging TreatmentsLife-prolonging treatments refer to medication, blood products, CPR, dialysis, and surgery that can potentially save you and prolong your life when you are near death or are permanently comatose or incapacitated. A doctor has the power to declare whether you are in a life-threatening situation or if you are permanently incapacitated. Treatments that are addressed in a living will also include chemotherapy, artificial respiration, antibiotics, and many others. It is possible to receive pain medication even though you refuse to receive life-prolonging treatments. Thus, if you would like to refuse pain management, you can include that in your living will. A living will also help your loved ones avoid having to make difficult decisions during a stressful and emotional time. Before drafting and signing your living will, it is important to do some research. Talking to your doctor, a spiritual advisor, or someone from your worship group about end-of-life care may help. You can also use many online resources available. Advanced Directives for DoctorsAn advanced directive for doctors is simply a list of directions for doctors to follow if you are ever declared to be in a vegetative state. An advanced directive can also be used if your heart stops beating and it’s determined that extreme measures must be taken to restore your life with no guarantee that you will be able to live a full and active life. Resuscitation is often possible but with no guarantee of the quality of life, resulting in long-term palliative care and a lower quality of life than one is used to. The advanced directive provided to doctors will contain your explicit instructions as to the type of care you will receive during these situations. Long-Term Palliative CareLong-term palliative care is designed to make you as comfortable as possible. Think about the care provided to individuals who are in a coma or vegetative state. The ultimate goal of this type of care is to meet the physical needs of the patient and keep them as comfortable as possible until they can be released from the hospital or they eventually pass away. Long-term palliative care can be costly and is often a burden many people would rather not impose on their family. The Option for a DNROne of the central premises of a living will is a DNR, or “Do Not Resuscitate” order. A DNR means that no lifesaving measures such as CPR will be taken if you pass away during surgery or any other course of treatment. The DNR means that you will not be kept alive in a vegetative state or forced to endure a lower quality of life if long-term palliative care is required (assuming you are brought back to life). A DNR ensures that you will not be forced to live a life that is dependent on the care of others. You will also protect your family from the high cost of long-term palliative care that is required to meet your day-to-day needs.
Living Will vs WillA living will is a legally binding document that specifies your healthcare choices, but it only comes into effect if you become incapacitated, such as being unconscious due to an accident. This type of advance directive covers a range of medical procedures, including decisions about breathing tubes, ventilators, feeding tubes, blood transfusions, dialysis, pain medications, organ donation, and CPR preferences (distinct from a do-not-resuscitate order). Creating a living will can provide your loved ones with the confidence to make challenging medical decisions on your behalf, knowing that they are acting in accordance with your own choices. On the other hand, a last will and testament, often referred as a will, is a legally binding document that outlines your desired distribution of assets, property, and belongings after your passing. The individual who creates the will is known as the “testator,” and those who inherit assets from the will are called “beneficiaries”. You can name an executor in your will who will assume the responsibility of executing the instructions detailed in the document. The executor’s role involves distributing assets to the beneficiaries, settling outstanding taxes and debts, closing accounts, and handling other administrative tasks as specified in your will. Through your will, you can allocate your possessions, including real estate, vehicles, bank accounts, and personal items, to specific individuals or entities of your choice. Additionally, a will allows you to appoint guardians for your children, dependents, or pets, ensuring their well-being and care if something were to happen to you. Discover the difference between a living will and a will and how a Brooklyn wills attorney from New York Legacy Lawyers can provide invaluable assistance. Whether you need to clearly outline your healthcare preferences in a living will or secure your assets and legacy with a comprehensive will, our team can tailor a plan that suits your unique needs. Contact us to schedule a consultation and gain peace of mind knowing that your wishes and assets will be protected. Call Yana Feldman & Associates for Advice!!There are many reasons why having a will is important for a person. A living will is unlike other types of wills and will allow you to have the final say in how you live out the rest of your life. It puts you in control of a dire situation before it happens. You will be able to live and pass away on your terms. Yana Feldman & Associates offers sound legal advice that you can count on if you are looking to create a living will. Contact us to talk to one of our team members if you have any questions about how living wills work and what you need to have one created. We can help you!! via New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/what-is-a-living-will-and-how-does-it-work/ If you have a taxable estate, you can expect to pay one-sixth of its value in federal estate taxes. But what about in New York State? How are New York State inheritance taxes different? What is the New York estate tax rate? If you live in New York and own a taxable estate, youâll need to know the current New York state estate tax rules as well as the New York state estate tax exemption. At New York Legacy Lawyers, our Brooklyn estate tax planning lawyers can guide you through complex tax planning, including estate tax for beginners. We can provide tailored strategies that minimize taxes and maximize estate value for your beneficiaries. Whether you need help with wills, trusts, or other planning documents, our experienced lawyers offer personalized solutions. Contact us at (718) 713-8080 to schedule a consultation and secure your legacy. What do New York residents need to know about the New York estate tax? In this updated guide, we give you all the essential information you need to navigate these taxes. New York Estate TaxChanges in federal estate tax laws may exempt you from paying taxes on your estate, but you may still owe tax dollars to New York State. What is an Estate Tax?An estate tax is a tax levied on the value of a deceased personâs estate before it is distributed to their heirs. This tax is also sometimes called a death tax. New York Estate Tax RateThe New York estate tax rate is not fixed. It ranges between 3.06% and 16%. For 2018, estates valued at more than $5.25 million are subject to this tax. For 2019, the basic exclusion is $5.74 million. The NY estate tax is graduated. The more your estate is worth, the more youâll pay in estate tax. If a taxable estate is worth over $10.1 million, youâll pay that 16% tax rate. Calculating Your Taxable RateUsing the New York state estate tax exemption of $5.25 million, you can calculate your taxable rate. What is the value of your estate? For example, if your is worth $5.35 million, you would pay taxes on $100,000. On the other hand, if your estate is worth 105% of $5.25 million, you would pay an estate tax on the whole amount. Marital DeductionProperty left to a spouse is exempt from both the state and federal estate tax. There no restrictions. When the first spouse passes away, the surviving spouse owes no estate taxes. Note: This unlimited marital deduction is only applicable to American citizens. If your spouse is a non-citizen, this deduction does not apply. What are the New York State Tax Return Requirements?New York residents who have acquired assets that exceed the exempt amount at the time of their death will have to have a New York estate tax return filed. Filing the return is required whether or not a tax will be imposed. Because of deductions, it is possible that a tax will not be imposed even when the estate is worth more than the exempt amount. Even if you are not a New York state resident but own real estate or other tangible property, you may owe New York state estate tax.
What is Inheritance Tax in New York?In New York, there is no inheritance tax that is imposed on the property and money received by an heir from a deceased personâs estate. Instead, the responsibility for paying inheritance taxes lies with the heir. However, itâs important to note that if a New York resident owns property in another state, their heirs may be subject to that stateâs inheritance tax unless proactive measures are taken to avoid it. New York imposes an estate tax which is calculated against the overall worth of the assets and funds possessed by the deceased person at the moment of their passing. The estate tax rates in New York State are progressive, starting at 3% and reaching a maximum of 16%. Additionally, there is a portion of a New York State estate that qualifies for an exclusion threshold known as the Basic Exclusion Amount (BEA). Estates valued at or below this threshold are exempt from New York State estate tax. The estate tax is settled by the estate itself, utilizing its own assets, prior to any allocation being made to beneficiaries or creditors. Dealing with the intricate aspects of inheritance tax laws can be daunting. However, with the guidance of a skilled New York estate tax planning lawyer, you can navigate through these complexities with confidence. By partnering with an experienced lawyer, you can optimize your estate plan, reduce tax obligations, and guarantee a smooth transfer of your assets to your family members. Trust New York Legacy Lawyers to handle your estateâs future. We offer personalized and comprehensive estate planning services that cater to your specific requirements. Keeping Up With Tax LawsWhether you are filing taxes for the first time or a seasoned veteran, you need to keep up with the federal and state tax laws. New York estate tax and other state tax rules can differ from those of the remaining 49 states. Ensure a smooth transition for your loved ones with guidance from New York Legacy Lawyers. Our Brooklyn estate tax planning lawyers offer comprehensive assistance in navigating the complexities of New York estate tax law. Discover valuable insights and practical solutions to protect your assets and minimize tax liabilities. Donât let the intricacies of estate taxation overwhelm youâcontact (718) 713-8080 today to schedule a consultation and secure your familyâs financial future. via New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/estate-of-affairs-a-handy-and-essential-guide-to-new-york-estate-tax/ Taxes are a part of life and if you live in New York and own a taxable estate, you’ll need to know the New York estate tax rules. Taxes are also a part of death. And frustratingly, if we’re not careful in life, we can pass them on to our loved ones in death through inheritance taxes. Inheritance taxes must be paid for all gifts received as part of an inheritance or trust. The amount of tax will be determined by the value of what is collected, whether it is cash, real estate, or any other item of value. Some gifts you receive may be eligible for tax exemptions that will significantly reduce or even eliminate the tax you may have otherwise had to pay. Estate tax planning is one of the most important plans you can make and our Brooklyn estate tax planning lawyers at New York Legacy Lawyers can help you in order to protect yourself and your loved ones from paying more than what they should. Contact us today at (718) 713-8080 to schedule a consultation. Estate Tax vs. Inheritance TaxEstate tax and inheritance tax are two different things. While they are both paid to the IRS, the most significant difference is who pays them. The estate pays estate taxes and covers any taxes that are levied against the assets included in the deceased’s estate. Inheritance tax is paid for by the people who are inheriting an asset. You may be able to set aside an exclusive account that can be used to help defray the cost of the inheritance tax so that your loved ones won’t be responsible for the entire amount. You can also avoid inheritance tax by using certain types of trusts. New York Inheritance TaxIn New York, there is no “inheritance tax” that is levied on the property and money received by an heir from an estate. The heir bears the responsibility of paying these taxes. However, it’s important to note that if a New York resident owns property in another state, their heirs may be subject to that state’s inheritance tax unless proactive measures are taken to avoid it. While New York does not levy an inheritance tax itself, adjacent states have enacted inheritance taxes that apply to New York residents inheriting property or assets situated within their borders. With the convenience of modern travel, it is common for individuals to own property in multiple states. While the majority of a New York resident’s property is typically situated within the state, it is not uncommon for them to possess vacation homes or investment properties in states where inheritance taxes are enforced. New York Legacy Lawyers can be your reliable partner for out of state inheritance tax concerns. Our skilled New York estate planning lawyers can guide you in creating thorough estate plans that effectively reduce the impact of inheritance taxes. Trust our dedicated professionals to handle your inheritance tax concerns with the highest level of professionalism. Contact us today to find tailored solutions that cater to your specific needs. Understanding how inheritance tax works can be tricky unless you are familiar with your state’s tax laws. It’s essential when dealing with any estate laws to have a trusted attorney you can rely on to answer all of your questions. Our attorneys have the experience and knowledge necessary to answer your questions and make sure you are fully informed about how your will works and what type of inheritance tax your heirs may be responsible for, if any. At New York Legacy Lawyers, our Brooklyn estate tax planning lawyers can help draft your will and create trusts that will prevent your beneficiaries from having to pay exorbitant taxes on the gifts they receive. Contact us at (718) 713-8080 at your earliest convenience to learn more about inheritance taxes and how they may affect you! Trust Options Available in New YorkWhen undertaking estate planning, one may encounter multiple legal documents to transfer their estate to beneficiaries. Alongside creating a last will and testament, establishing a trust can offer asset protection and secure asset distribution according to the individual’s preferences. As each type of trust carries its own set of benefits and drawbacks, consulting an estate planning attorney is recommended to assess the available options thoroughly. The following are trusts that can be established in New York:
How Is Inheritance Tax Calculated?Inheritance Taxes will be different for each beneficiary and must be calculated separately after all of the assets have been dispersed. The amount of inheritance tax varies from state to state and can range from 1% up to 20%. Some states will only tax a portion of your inheritance. For example, if you are given a bequest of $10 million and the state taxes anything above the first $2 million, you would only have to pay tax on the $8 million over the exempt amount. It’s important to talk to the administrator of the will or a lawyer who handles estate law so that you fully understand what the tax rate is for your state and how to fill out the inheritance tax form once you receive your inheritance. Inheritance Tax ExemptionsNot all inheritances are taxable. States that have an inheritance tax allow for a certain amount of money to be received without having to pay an additional tax. Several states offer tax-exempt status to the deceased person’s spouse. Children may also qualify for this exemption. There are instances, however, in which the amount received is large enough to put the inheritance into a taxable category. The main rule of thumb is that family members usually bear some degree of tax-exempt status. The beneficiaries who have no family connection to the deceased can expect to pay a much higher inheritance tax. As a person who is planning their estate, if you want to prevent your beneficiaries from paying any inheritance tax, you may want to look into placing your assets into trusts. This action allows you to leave whatever item or amount of money you want to any person, family or not, and possibly reduce the amount of inheritance tax they are required to pay once they receive their gifts. Ask Yana Feldman & Associates!Understanding how inheritance tax works can be tricky unless you are familiar with your state’s tax laws. It’s essential when dealing with any estate laws to have a trusted attorney you can rely on to answer all of your questions. Yana Feldman & Associates have the experience and knowledge necessary to answer your questions and make sure you are fully informed about how your will works and what type of inheritance tax your heirs may be responsible for. Our New York legacy lawyers team can write your will and create trusts that will prevent your beneficiaries from having to pay exorbitant taxes on the gifts they receive. Contact us at your earliest convenience to learn about inheritance taxes and how they may affect you! via New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/how-does-inheritance-work/ Your retirement years, ideally, should be spent free of concern about your financial health or potential threats against your assets. Elder abuse is a particularly difficult problem for seniors who have worked hard and created a relatively comfortable nest egg. Many are vulnerable to fraud and other financial abuse at the hands of those intended to protect the very assets they often pilfer. Estate planning helps to protect seniors against such elder abuse. Protect your loved ones from elder abuse and secure their assets by consulting with a skilled New York estate planning attorney. At New York Legacy Lawyers, our experienced attorneys can assist you in creating thorough estate plans that safeguard your family’s wealth, ensure the proper distribution of assets, and provide crucial legal documentation to prevent elder abuse. Call us at (718) 713-8080 to schedule a consultation and gain peace of mind knowing that your family’s well-being is in capable hands. Seniors Face Many ThreatsSenior citizens often face declining health and mobility as they grow older. When mobility and energy are decreased, the need for additional assistance often increases. Many seniors also suffer from health problems, which can make them vulnerable to caretakers – at a facility or in the home. Other threats might come from those with legal access to banking accounts and other assets, such as estate attorneys, accountants, bankers, and designated caregivers. Elder abuse also can come from unsolicited investment offers, appeals for help for the needy, and downright fraudulent activity, such as identity theft. In many worst-case scenarios, an elder with health issues is rendered incapable of interacting with others and is wholly vulnerable to abuse. When health issues render a senior nearly invalid, the temptation to abuse his or her estate can become overwhelming if estate planning tools are not already in place to protect against the abuse. Elder Abuse Occurs in Many WaysWhen seniors have an estate with just about any sizable amount of cash and assets, it can become a target for elder abuse. That abuse often occurs from known sources, such as trusted financial advisors who pilfer funds, caretakers who illegally access accounts, or even family members who see a chance to get easy money from someone they think they can keep in the dark about any wrongdoing. The more dependent the senior is upon others, the greater the potential for financial abuse. Yet seniors should be able to count on their loved ones and trusted advisors to assist without getting ripped off. Estate planning is a fantastic tool for preventing elder abuse. Elder Law and Estate PlanningElder law and estate planning have distinct roles that are equally vital. The primary distinction lies in their respective focuses: elder law aims to safeguard your assets during your lifetime, while estate planning concentrates on the disposition of your assets after your passing. Elder law planning prioritizes the well-being of seniors, aiming to ensure their longevity, health, and financial security. It entails proactive measures to anticipate future medical requirements, particularly long-term care. Elder law attorneys can assist in devising a strategy to finance future care while preserving a portion of your assets. They can also help you qualify for Medicaid or other benefits that cover long-term care expenses. Furthermore, elder law safeguards against elder abuse or exploitation during aging or incapacitation. Lastly, it encompasses assistance with guardianship and conservatorship arrangements, if necessary. In contrast, estate planning is relevant for individuals of all ages. Estate planning attorneys assist in determining the fate of your assets upon your demise. They utilize wills and trusts to ensure the fulfillment of your desires once you’re no longer present. Your estate plan can also encompass designating guardians for your minor children or making provisions for your pets. Additionally, estate planners provide assistance in avoiding probate proceedings and reducing estate taxes. Given that circumstances change over time, it is important to regularly review and update estate plans. Changes such as marriages, divorces, births, deaths, and financial situations may require adjustments to your estate plan. Discover the invaluable support and guidance a New York estate planning attorney can offer in the realms of elder law and estate planning. At New York Legacy Lawyers, our experienced attorneys are well-versed in the intricate landscape of legal matters affecting seniors, ranging from safeguarding assets and Medicaid planning to addressing long-term care and guardianship concerns. Take proactive steps to protect your legacy and secure your family’s future by scheduling a consultation with our dedicated attorneys today.
How Estate Planning Can Prevent AbuseEstate planning minimizes potential abuse by very carefully determining who can access which assets and under which conditions. One of the most common forms of estate planning is drafting a will, which determines where and how much of any remaining estate assets are distributed when the senior determines the time is right. Many other tools, though, can help keep estates intact and protected against abuse – including elder abuse. Designating an accountant and attorney, as well as those who can access and make particular decisions impacting a senior’s estate, also helps to protect against elder abuse. The idea is to ensure all assets are accounted for and inventoried to ensure all expenditures made are legitimate and in line with the senior’s wishes. When elder abuse occurs, the culprit typically looks to enrich himself. Using the right estate tools will ensure that does not happen. Get an Estate Planning Consultation TodayWhether you are a senior looking to protect your estate and its assets, a young couple looking to grow and protect an estate, or someone with a family member or other loved one in need of estate protection, many great tools exist to get the job done. Yana Feldman & Associates PLLC has practiced estate law for more than 15 years and has a team of caring and knowledgeable professionals who listen to and respond to each client’s particular needs. Please feel free to contact us to schedule a consultation and to learn more about how we can help to protect your estate and its assets. via New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/estate-planning-protects-against-elder-abuse/ Planning for death or incapacitation is something everybody needs to do. The fact of the matter is that if you don’t have a plan in place, you’ll leave your loved ones with the task of trying to pick up the pieces. Unfortunately, many people think that when it comes to estate planning, all you need to do is write out a will and buy some life insurance. But, there’s much more you may need to think about when figuring out your plan. Ensure your assets are protected and secure your family’s future with the help of a New York estate planning attorney. At New York Legacy Lawyers, our experienced attorneys can guide you through the complexities of estate planning, offering tailored advice to suit your unique circumstances. Don’t wait until it’s too late; schedule a consultation with us at (718) 713-8080 to gain valuable insights into optimizing your estate plan and to discover how estate planning can be a valuable gift for your loved ones. Here are five must-know estate planning tips you need to consider when putting together your final plan. 1. Start Your Estate Planning Right NowAs much as we like to pretend we know what’s going to happen tomorrow, there’s no way of being sure. You can expect the unexpected — but you can prepare for it. Someday your family will need to know how you want(ed) your estate managed. Don’t leave them without direction or support. The best way to ready your loved ones for a worst-case scenario is by starting the estate planning discussion with an estate planning attorney as soon as possible. By taking the steps to put a plan in place now, your family and loved ones won’t have to worry as much about putting your affairs in order when something happens to you. 2. Create a Living WillWhen we think of estate planning, often we think about planning for death. But, there are many of situations where you could be unable to make decisions while still being alive. A coma, persistent vegetative state, paralysis, mental health challenge, or some other unforeseen issue could conceivably render you incapacitated while still living. A living will, or advance directive is a plan you put in place to cover other situations in which you’re unable to make decisions by yourself. Having an advance directive in place will help your loved ones, or healthcare professionals, make decisions if you cannot. 3. Plan for GuardianshipIf you have children or are the legal guardian of an adult, part of your estate planning should also reflect an adequate plan for their needs. Sorting out guardianship can be a long and messy process, that can put a lot of stress on those involved. You can avoid putting your loved ones through undue misery by having a plan for who will assume responsibility for your children, what steps they will need to become guardians and all the information they will need to raise and support your loved ones in your place. 4. Share Login InfoWe live in a digital world in which our passwords are everything. In the event of your death, your loved ones may need to access some of your accounts to either pay bills, find information, or retrieve family photos. As part of your estate planning, you need to figure out what will happen to your digital assets — including your passwords. 5. Decide Power of AttorneyAs we said before, in the event of your incapacitation, someone is going to have to make your decisions for you. Power of attorney is a way dictating who will make those decisions. There are two primary versions of the power of attorney you need to consider during your estate planning. First, there is the financial power of attorney. Whoever you grant this power to will be responsible for making your financial decisions if you are physically or mentally unfit to do so. The medical power of attorney is similar. The person you grant this power to will make your medical decisions for you if you are unable to.
Guardianship vs Power of AttorneyWhen faced with the task of making decisions for an individual who is unable to do so themselves, two options commonly arise: guardianship and power of attorney. Although both options serve similar purposes, they have distinct differences worth noting. Guardianship is a legal arrangement obtained by submitting a petition to the court. It involves giving someone, typically a close family member, the authority to make decisions on behalf of the incapacitated person in personal, medical, financial, or all areas. The scope of guardianship can be limited or encompass a wide range of decision-making powers. In certain situations, a guardian may also assume the role of a conservator, responsible for managing the financial affairs and property of the individual under their care. In contrast, a power of attorney is established as part of an individual’s estate plan and becomes effective when they become incapacitated. It grants authority to someone chosen by the individual themselves to act on their behalf. There are various types of powers of attorney to consider:
The level of independence and oversight differs between guardianship and power of attorney. With a power of attorney, the agent has more decision-making power, with outside authorities becoming involved only in cases of alleged misconduct. However, a court-appointed guardian is accountable to the court and may face legal consequences for breaching their fiduciary duty. This highlights the importance of establishing a power of attorney prior to experiencing incapacitation. Considering the cost and oversight involved, obtaining guardianship can be an expensive and time-consuming process. It necessitates court proceedings, medical evaluations, and ongoing court supervision. On the other hand, a power of attorney can be established in advance, eliminating the need for guardianship and its associated expenses. When it comes to guardianship and power of attorney matters, a skilled New York estate planning attorney at New York Legacy Lawyers can provide valuable guidance and support. With extensive experience and knowledge of New York laws, our priority is to protect your assets and honor your wishes. Schedule a consultation with us today to navigate complex legal processes and provide the necessary advocacy. Must-Have Estate Planning TipsNobody wakes up thinking about estate planning (except maybe us)! To think about planning for your estate is pondering your own mortality. But, it is necessary, responsible, and even kind. You owe it to your loved ones to put a plan together ahead of time, so they won’t have to worry should the need for it arise. By following these estate planning tips, you’ll be able to put together a concrete plan to help and protect your family just in case. And, by preparing now, you won’t have to worry about having to do it later. If you’d like a little more help with your estate planning or putting together a will, we will help. Contact us for more information about our available services or to schedule a consultation today with our New York legacy lawyers. Our New York estate planning attorneys offer a comprehensive range of services specifically tailored to address your unique needs, whether it’s creating wills, establishing trusts, or ensuring asset protection. Take the first step towards securing your legacy by scheduling a consultation with us at (718) 713-8080 today. via New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/5-estate-planning-tips-youve-probably-never-heard-of-but-need-to-know/ Estate planning is a critical process that involves making important decisions about the management and distribution of your assets after your passing. While some individuals may attempt to handle estate planning on their own, navigating the complexities of legal documents, tax implications, and ensuring the fulfillment of your wishes can be overwhelming. This begs the question: Do you need to hire an estate planning attorney? In this article, we will explore the key considerations involved in estate planning and shed light on the valuable role a New York estate planning attorney can play in helping you navigate this intricate process. A New York estate planning attorney can guide you throughout the estate planning process. At New York Legacy Lawyers, our team of New York estate planning attorneys may be able to help you explore various estate planning strategies, such as establishing trusts to minimize taxes and protect your assets, or setting up powers of attorney and healthcare directives to ensure your wishes are respected in the event of incapacity. With the help of our team, you can have peace of mind, knowing that your affairs are in order and your loved ones will be taken care of according to your wishes. Call us today at (718)713-8080 to schedule a consultation. What an Estate Planning Attorney DoesAn estate planning attorney doesn’t only set up your last will and testament, they also set up power of attorney, name your beneficiaries for your assets, and ensure that your wishes are followed. They also set up documents that will protect you if you become incapacitated. Moreover, an estate planning attorney will develop documents that will ensure your children go to someone you trust, if for some reason you’re not around due to unforeseen circumstances (injury, death, etc). Estate Plans Must Follow State LawsSome people think that printing off estate plan forms from the internet will suffice. Unfortunately, there is no guarantee that the forms you print and fill out are legally binding. This means that even though you think your best friend and favorite charity are going to receive some of your assets when you die they may not receive anything if your forms are not legally binding. Worst case scenario here, if your forms do not follow your state laws, a judge will determine how your estate is divided and split up. This could cause a lot of pain, stress, and fighting amongst your family members. Not to mention, your estate will be stuck paying for probate court to figure everything out. Honestly, if you have children, you do not want a judge to determine to whom they go to if you and your spouse both die. Or who should get your favorite grandfather clock. Or who gets the keys to dads car. Or, or, or… Having the correct legal documents are super important! Complex Family or Financial SituationsIf you have a complicated family makeup or complex financial situations, doing a DIY (do it yourself) estate plan is a bad idea. The more complex your situation, the more imperative it is to use a qualified estate planning attorney. Complex family and financial situations include:
Estate Planning for Blended FamiliesWhen it comes to estate planning for blended families, it is crucial to consider the dynamics of each family relationship. In these situations, concerns often arise regarding inheritance size, executor appointment, and overall fairness. Creating an effective estate plan requires addressing these concerns. Here are some common estate planning options for blended families that can provide guidance:
In a first marriage, estate planning is typically straightforward, with everything usually going to the surviving spouse and then to any children. However, in the case of blended families, more individuals may have a claim on property, and each spouse may have specific wishes regarding distribution. Failing to establish the right estate plan can lead to various problems, including:
By implementing the right estate planning tools, all these potential problems can be avoided, ensuring a smoother transition of assets and minimizing conflicts within blended families. Finding an Estate Planning Attorney in Brooklyn Or Anywhere Else…Finding an estate planning attorney may seem overwhelming at first but there are websites such as FindLaw and AVVO that find attorneys for you. You can also just type in “estate planning attorney near me” into your favorite search engine such as Google. Of course, you’re already here as well and that’s what we specialize in, estate planning for people like you! If you would like help setting up a new estate plan or revise an existing one, contact us today at (718) 713-8080 We would love to help! via New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/do-i-need-to-hire-an-estate-planning-attorney/ |
AuthorYour legacy extends beyond the material possessions you leave behind. It includes the impact you have made on your family and community, and the lasting benefit you have provided to future generations. At New York Legacy Lawyers, we understand the importance of carefully planning for the future and ensuring that your goals are carried out. With over 20 years of experience in estate planning and elder law, our attorney, Yana Feldman, is equipped to help you achieve your vision and guide you through every step of the process. FIND US ONLINE Bitly Box Diigo DropBox Evernote Postach.io Inoreader Instapaper Nimbus OneDrive OneNote Raindrop Todoist Toodledo Trello Tumblr Weebly Wordpress Blogger Google Drive Youtube Google Map Related Links About.me Behance.net Dribbble.com Taplink.cc Gravatar.com Carrd.co Minds Justpaste Issuu Linktr.ee Solo.to ArchivesNo Archives Categories |