Estate Planning in New York City
Thinking about death and incapacity is difficult. But planning ahead will give you peace of mind and ensure that you and your family are prepared for both the expected and the unexpected.
Your “estate” is the money, property, and personal assets that you own when you die. Your “estate plan” is the set of legal documents containing your wishes and instructions about:
Who will make medical, financial, and end-of-life decisions for you if you cannot decide for yourself?
Who will take care of your minor children if you are incapacitated or die?
Who will inherit your assets when you die, and under what circumstances?
Who will administer your estate when you die?
We offer a variety of estate planning services tailored to meet your unique needs.
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Your Last Will & Testament is a legal document that is filed with the court when you die. In your Will, you say how your probate assets should be distributed. You also appoint an executor, who is the person who will administer your estate.
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A revocable living trust is a trust created by you during your lifetime to hold your assets. It is managed by a trustee (often you), who holds the assets in the trust for the benefit of the trust’s beneficiaries. Creating a revocable living trust can accomplish many important goals, including:
Avoiding the cost and inconvenience of probate;
Ensuring the assets you leave to your loved ones are protected until your loved ones are ready to manage them; and
Keeping the distribution of your assets private.
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What happens if you become injured or disabled? We use a combination of tools to ensure that you—not a court—will decide who will make financial or medical decisions for you if you cannot make those decisions yourself. Examples of incapacity planning tools include:
Power of Attorney
Health Care Proxy
Living Will
Successor trustee designations
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Who would raise your children if something were to happen to you? By nominating a guardian, you tell the court who should take care of your children in your absence. Without a guardianship nomination, the court would have to decide without your input.
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If you live in New York, your estate may owe taxes to both the federal government and to the State of New York. But there are numerous strategies we can use to plan for and mitigate estate taxes. By implementing these strategies, we can ensure that your financial legacy will be protected for your loved ones.
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Depending on your unique situation, you may benefit from including specialized trusts in your estate plan. Together, we will discuss whether specialized trust planning may benefit you. Examples of specialized trusts include:
Special Needs Trust
Irrevocable Life Insurance Trust
Pet Trust
Retirement Trust
Credit Shelter Trust
Charitable Remainder Trust