NYC Estate Planning Attorney: Plan The Basics Now
In New York, there is more to estate planning than meets the eye. A NYC estate planning lawyer will work with you on setting up a comprehensive Estate plan which will always involve three things: 1) Asset Protection or Protecting your assets from creditors 2) Estate planning or avoiding probate and 3) Long term care planning or avoiding nursing home.
The most important questions that have to be addressed by any NY Licensed Estate Attorney are:
Who are we preparing Estate Planning For?
In this day absolutely everyone needs to have an estate planning plan done. If you are ready to retire or just finished college, if you have young kids or your kids are going to college, if you have elderly parents or you are an elderly parent yourself – YOU NEED AN ESTATE PLAN DONE AND IT HAS TO BE DONE NOW. Please don’t wait and call me from a hospital to tell me that you don’t have a General Durable NY Power of Attorney or a Health Care Proxy in place and hospital is sending you to a Nursing home against your will. Whether or not you are well off financially, or are young, you should always have an estate plan in place.
Preparing a Last Will and Testament and Durable Power of Attorney with a Manhattan Elder Law attorney
A will package is an essential part of any estate plan. Our comprehensive Last Will package usually includes: 1) A Will, 2) Living Will 3)Health Care proxy and 3) NY Durable Power of attorney. The cost of this package which includes initial Estate Planning Session with Elder Care lawyer and execution of all documents with 2 witnesses in our NYC Estate Attorney’s office with a top estate planning attorney present is $1,500.
For more information, please contact estate planning attorney Inna Fershteyn:
Phone: (718) 333-2395
What should I include in My Last Will and Testament?
A Will is a vital legal document that designates the distribution of your assets, after death, to specific people. You can decide who inherits your assets and particular times when they can access them. It is advised to hire the best elder care attorney who can guide you through the process of creating a will. Contrary to popular belief, creating a will is necessary not just for the wealthy but is recommended for anyone who wants to secure their property, ensure a future for their kids, and avoid familial conflict after death. Even if you may have a small savings account and an old car, a properly executed will allows you to choose the individuals who will receive your property after your death. A will include your designation of an executor – who will carry out the provisions of the will, the beneficiaries – who is inheriting the assets, and instructions for the distribution of the assets. Additionally, a will appoints the guardians of your minor children so that they are protected in the event the worst comes to fruition.
Does a New York State Licensed Attorney Need to Handle My Estate Plan ?
In this day and age with situation constantly changing and people ending up in the hospital with Covid, you absolutely need a lawyer who knows what he or she is doing to plan for all potential pitfalls and who can put together the estate planning documents that you actually need and will use.
Plus you really need someone with NY Law license who will be responsible later on if one of your family members decides that he is not happy with the share of the estate that he got and wants to sue. Not to mention that qualified Manhattan Elder Law can actually help you save unnecessary fees by giving you the proper guidelines to will execution and will probate processes. To put it in plain language – draft a will yourself and most likely it will be thrown out of probate court as done incorrectly and incorrectly executed.
What does a Manhattan Estate Planning Attorney do?
Quite simply, a good estate planning attorney will make the process easier for you and will make sure to ask questions that will better help you execute your wishes. They should ask you what it is that you want to achieve with your will. Some things they may want to know are how important tax issues are to you, meaning how vital it is to you whether you are to paying high taxes or not. An attorney will also want to know whether or not you have children with special needs, if you plan to pay for your children or grandchildren’s college tuition, etc. Such questions will help lead them in the right direction by better understanding what you need from a will. After getting a better understanding of your family situation, your attorney can now begin to understand your financial position. The first key step is figuring out what assets you want to pass through the will, as not all of them should. Assets such as life insurance and jointly owned property should pass outside of the will. This is to avoid probate, which is a lengthy and costly process that occurs if such assets are passed through a will. After deciding what assets you want included in your will, your attorney also should figure out if you will owe any estate taxes, which depends on the size of your estate. If they realize that you will owe taxes, they should also help you determine the best way to avoid paying higher rates than necessary. Once you’ve decided what assets you have that are going to pass through a will, you need to decide who will inherit your estate. Your attorney should ask what you want to happen to your assets after you pass. In the case that you decide that you want a minor to be in charge of your estate, your attorney should go over minor trusts as an option. This is a type of trust that leaves assets to a minor; however they are kept with a trustee until the minor reaches a certain age, which is usually when they turn 18 years old. Such an attorney will cover all the bases with you and draft up whichever documents that you decide are necessary.
Manhattan Estate Planning Attorney Fees
Our fee structure is simple – to prepare your estate plan we charge a small consultation fee of $300. This becomes a credit in our office which is credited towards any future work either a trust or a will. A Will package which includes
1) initial Estate Planning Consultation
2) Preparation of a Will, Living Will, Healthcare Proxy and NY Durable Power of Attorney
3) Will execution with licensed NY Elder Law attorney is $1,500
Please contact estate planning attorney Inna Fershteyn: Phone: (718) 333-2395
Questions to Ask your NY Elder Law Attorney
When meeting with your attorney, it is good to have a few questions prepared such as:
1. What is the likeliness that my estate will be taxable upon my death?
2. Will I need a will?
3. Will I need a trust?
4. What Type of Trust do I need?
5. What is Revocable Living Trust?
6. What is Irrevocable Living Trust
7. What is a difference between a Trust and a Will?
8. Will my estate go through Probate?
9. How much are the legal fees to set up a Trust?
10. Is estate planning your main area of practice?
11. How do I decide who will be the executor of my will?
12. How do I decide who will be the trustee of my trust?
13. Do I need to update my Trust or my Will in the future?
14. Will I need a NY durable power of attorney?
15. Will I need a Health Care Proxy?
Does A Manhattan Lawyer Prepare Wills and Trusts?
Yes, they do. Of course, you should check with your attorney upon meeting with them as to what kind of documents they can prepare for you.
What is a Will?
A will is a legal document that specifies how a person wants their property to be handled after their death. Unlike prenuptial agreements, wills specifically deal with the event of someone’s death. Additionally, wills only apply to the person that wrote the will, unless it is a joint will, which combines two spouses’ will and last testament.
What is a Trust?
Trusts are employed by individuals and families to distribute their assets in a fast and cost- efficient way. Shared benefits of all trusts include the conservation of the time and costs associated with probate. In addition, the distribution of assets is carried out swiftly after death, and the privacy that a living trust provides may be a persuasive element not offered by a will.
What is a Difference Between Revocable and Irrevocable Trust
The irrevocable trust is simply a trust that one cannot change after it has been executed and property transferred to it. This trust is used as Asset protection entity since the person who set it up or the Settlor can no longer access it. Thus the creditors have no claim on something a Settlor cannot touch. This trust provides a benefit not seen in a revocable trust. All property signed over to the irrevocable trust is no longer the property of the original owner. Instead, the assets are given over to the trustee and beneficiaries. This crucial aspect of an irrevocable trust is that it gives all property listed under it tax-exempt status
after the proprietor’s death. Additionally, it is a beneficial tool for assets protection efforts, making it even more appealing. Because the assets in an irrevocable trust are no longer owned by you, the trust’s contents are fully accessible by your surviving family and other beneficiaries while remaining out of the reach of creditors or others who may seek to get a hand on said assets against your beneficiaries’ best interests. A revocable trust, as opposed to an irrevocable trust, gives full control of contained assets to the living proprietor. A major benefit is that probate could potentially be avoided entirely if all assets are placed into the trust. This complete avoidance of probate is more complicated with an irrevocable trust, as losing control of all assets simultaneously is impossible for a surviving proprietor. Furthermore, revocable trusts create a relief valve in case circumstances change and the assets originally left out of the trust are no longer enough to sustain the proprietor. Such modifications would not be possible with an irrevocable trust.
What is the Difference Between a Will and a Trust
The major difference is that will has to go through Probate process in NY which after Covid- 19 pandemic can take years. A Trust allows you to pass your estate to your beneficiaries without probate right upon your death.
Do I need a Trust if I have a Will?
Absolutely YES! A Trust is a much better entity to pass your estate to your heirs especially when NY had so many people who died during pandemic and whose estates will have to be processed through NY surrogates court proceedings. Commonly used in combination with a revocable living trust, a pour-over will is a specific will that comes into play when the grantor of the trust has not transferred all of his or her property into the trust before passing way. A pour-over will ensures that all property is poured into the trust and then distributed to the beneficiaries. In doing so, it names the trust as the beneficiary of any property that it does not already include and property that does not pass directly to a living beneficiary. This can be used as a sort of back-up plan to make sure that all of your assets are covered. With the combination of having a pour-over will and a trust, all of your assets will be stated in one document, which is the trust. Many estate planners believe that this has many benefits. Having all of your assets accounted for in one document, the trust, makes it a lot simpler in determining what each beneficiary will receive. It also makes it easier for the executor and trustee to distribute the estate after the grantor’s death. For the individual in question, it is also good to know that trusts are private and they will not become public record once the grantor passes away, which is another useful feature of the pour-over will. This allows more privacy to whomever will be inheriting the property.
Preparing to Meet with a Manhattan Estate Attorney
Before coming into the office, it is good to know the full names, nicknames, ages, and contact information for your current and former spouse(s), children (even if they’re not in your plan), stepchildren, and grandchildren. If you plan on including other relatives into your estate plan, you’ll need their information as well. If you have it, bring a copy of wills, trusts, living wills, powers of attorney, long-term care insurance, deeds to real estate, real estate tax bills, your most recent bank and brokerage account statements, and life insurance/retirement plan beneficiary designations. And, of course, bring your original photo
ID. Record the value of any real estate, jewelry, cars, and other physical assets you own. You’ll also need recent statements from your bank, brokerage and retirement accounts, as well as the location and contents of any safety deposit boxes. Make a list of all insurance policies and their cash values, as well as a list of any liabilities you may have. While it is not necessary to have a definitive answer for your first consultation, you should be mulling some of these questions over, like who you want, or don’t want, to receive your property; if you want to donate money posthumously to a charity; who you would like as executor of your will; and who you would like as a guardian for any minor children, to name a few. While it’s also not necessary to have a definitive answer for your first consultation, you should similarly be mulling over some of these questions, like if you want to leave instructions for funeral arrangements or if you want to donate your organs or body to science, just to name a few.
For more information, please contact NY top estate planning attorney Inna Fershteyn:
Phone: (718) 333-2395