What Exactly Is Estate Planning In New York?
Estate planning in New York is ruling from your grave regarding assets left when a person passes on. In the case of high-net-worth clients, tax sheltering and tax issues that need to be considered and creating legacy wealth are handled. Frequently, people want to be charitable at the time of their passing. So, how to control charity is a big question as well. Still, much of it is asset preservation for people going into or entering this point because of their life expectancy and what would be available to protect the assets in case of a catastrophic long-term care need. They also may have children or grandchildren to whom they want to leave something. It doesn’t all go to care and comfort in their later years so that plans can be made for Medicare and Medicaid.
What Types Of Assets Would Generally You Be Working With?
People have holdings, stock portfolios, assets, and business interests that they may consider in their estate plan. Since many of the assets handled in estate plans are valuable or significant to the deceased individual or the ones closest to them, it is paramount to ensure they are handled correctly. By working closely with an estate planning attorney, much of the stress and worry surrounding one’s assets and end-of-life plan can be alleviated, allowing the family and individual in question the time and space to account for the truly important things without concerning themselves with the minutia
What Should People Look For When They Are Looking For An Attorney To Do Legacy Planning?
Since there can be so many components in an estate plan, a seasoned practitioner must handle such valuable resources successfully. From the various trusts to powers of attorney, the options when constructing an estate plan can become overwhelming quickly, especially since each can be used for increasingly specific purposes.
While the options presented online tout a simple and straightforward “cookie-cutter” estate planning process, the reality of the situation is that many of these options will fall short or even be completely ineffective. In New York, as in many other regions of the country, there are specific guidelines and procedures which must be adhered to in order for an estate plan to be effective. If they are not followed, you will likely find yourself in probate or with assets not being handled according to the deceased’s wishes.
What Is Probate?
Probate is one of the primary concerns which estate planning seeks to avoid. But, unfortunately, it is often a costly, frustrating, and drawn-out procedure that is a court proceeding to determine and divide the assets a deceased person has left behind. This is primarily where the stereotype of the high hostility estate administration comes into play since the wishes of the deceased are not necessarily accounted for, and those close to them may not agree with the court’s decision.
However, by working closely with the best estate planning law firm in your area, this issue can often be mitigated or avoided altogether. There is also a common misconception that hiring an attorney is prohibitively expensive. Still, in reality, the probate process will often be much more costly and time-consuming than working with an attorney as early as possible.
When Should You Start?
While it is never too early to begin planning your estate, it can indeed be too late. Even if one remains alive but is no longer of sound mind enough to make legally binding decisions, it will be impossible to make any changes to an estate plan. To avoid this, beginning the process when you are young is recommended since even if changes need to be made later, there will be a plan in place which can lay a foundation for the remainder of the assets.
By finding an estate planning lawyer as early as possible in New York, NY, you can build the foundation of an estate plan early and make changes as they become necessary. At The Pierro Law Group PLLC, we seek to ensure that the assets in an estate are handled respectfully and in the way in which the client wishes. Regardless of the situation, schedule an initial consultation to begin the planning process or clear up any concerns you may have.
For more information on Estate Planning Practice In New York, an initial consultation is your next best step. Get the information and legal answers you seek by calling (212) 847-4948 today.
Hire Us Today!