WILLS, TRUSTS & ESTATES

ESTATE PLANNING AND ASSET PROTECTION. Proper estate planning and asset protection must be done if you want to pass your property on to your family or friends with minimum hassle and maximum benefit. Whether your net worth is ten thousand or ten million dollars, you want to ensure that it is YOU and not the government who chooses the beneficiaries of your assets; that you minimize taxes, if any will have to be paid on your estate and fees associated with administering it. The size of your estate, the types of property you possess, your family composition and the desired beneficiaries are all factors in determining your estate plan and, accordingly, in finding the ultimate solution for protecting your assets.

There are various ways in which you can protect your property and ensure that it falls into the right hands. A straight gift may seem like the easiest, most straight-forward option, but, depending on a particular situation, it may carry undesirable tax consequences or you may be wary of the beneficiary’s financial responsibility. The Last Will & Testament - the most common of the estate planning documents and usually referred to as a Will - may accomplish your obectives.  Your situation may require a Trust to make sure that your assets are fully protected. A Trust, is not just a document. It is a separate entity, which is designed to be more flexible than a Will in many ways and may be more beneficial to your overall estate plan.  

Whatever your circumstances are, it is essential to know the law before signing any document which purports to transfer any property now or in the future.  For example, the signing of a Will or a Trust is a formal procedure, the specifics of which are governed by New York law.  Moreover, depending on the type of asset, there are a number of ways you can designate your beneficiaries on a particular transfer document and such designations will govern and override your beneficary designations in your Will or Trust, which, of course, may or may not be your intended result.

Our experienced estate planning attorneys will help you set up your estate plan and protect your assets based on your specific circumstances and objectives.

PROBATE AND ADMINISTRATION OF ESTATES.  New York law recognizes various procedures for administerting estates of deceased individuals. The most common procedures are “Probate” and “Administration”.  A bank, for example, will not permit to close and distribute a decedent’s account (without a beneficiary designation) unless the appropriate court proceeding is first commenced and the relevant court certificate, or “letters”, are obtained.  Our attorneys commence and prosecute whatever court proceeding is required in a particular situation and represent petitioner in every aspect of the applicable proceedings, to ensure that the decedent’s creditors are satisfied and your inheritance is distributed properly and efficiently.

POWERS OF ATTORNEY, HEALTH CARE PROXIES AND LIVING WILLS.  Life is unpredictable. It may leave one unable to care for himself or herself and incapable of expressing one’s wishes. It is, therefore, wise to plan in advance by designating in writing one’s “agent” or person who can make decisions on your behalf, whether it is to access your bank account or to keep you on life support if such situation arises. Our attorneys will work with you in deciding whether the appointment of such “agent” is right for you and will draft the appropriate documents to accomplish your objectives.  

To speak directly to one of our attorneys, please call us at 718-332-2260 or fill out contact form to the right


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DISCLAIMER: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.



 

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