Trust and estate planning attorneys handle planning strategies for clients of any age. They can help preserve and protect your wealth, ensure a legacy, minimize taxes, both federal and estate, ensure your beneficiaries receive what they are entitled to receive and craft contingency plans for a child if their parents die while they are young, or are unable to take care of them.
Call NowEstate planning is the preparation for managing or distributing a person’s assets after their death or incapacitation. The planning may involve settling all estate taxes and making a will to distribute the assets to beneficiaries. An estate plan helps preserve the maximum amount of assets for the beneficiaries.
Most people think that estate planning is only for those with significant assets. However, everyone can benefit from developing an estate plan.
When you die without a will, the state will determine what happens to your estate and how your assets will be distributed. Typically the court may appoint your spouse as a representative to manage the asset. However, if you don’t have a spouse and no one else is willing and capable of distributing the assets, the court may appoint a public trustee.
The probate process may take time and may involve a lot of paperwork. Besides, the legal bills may also make the process very costly. Estate planning allows you to reduce the expense and time of distributing your estate.
Lastly, estate planning allows you to ensure that your assets are transferred to the rightful heirs. The plan may also include strategies to minimize taxes and protect the estate from creditors and other disputes.
Thinking about death is never pleasant, which is why you might want to put off planning for it. Postponing this can result in your estate plan failing and not doing what it was intended to do. If you want your estate to remain a valuable asset for your heirs, Somekh & Associates can assist you.
Estate lawyers handle a variety of issues, including estate and trust planning and administration, probate and elder law. We can help you:
• Create a will and trust, so you plan what happens to your property after your death
• Avoid probate by establishing beneficiary designations and living trusts
• Reduce taxes (both estate and federal)
• Strategize for any incapacities
• Set up and manage trusts for family members
Our estate attorneys have the expertise to handle the multiple areas of trust and estate planning and the knowledge of New York state laws.
Will and estate planning attorneys do more than help you prepare your will and estate planning. They are also draft living trusts, create a plan to avoid estate taxes and make sure that your savings and assets being protected against creditors.
Nearly everyone has an estate, as it is contains everything you own. Your estate includes your home, car, checking and saving accounts, life insurance, furniture, investments, furniture, etc. Estate planning is planning in advance who would like to receive what when you die. You want to plan and determine who gets what and when, with the least amount of taxes and court costs.
Thinking about your mortality is never pleasant, but it essential that you start planning your estate now. That way you won’t be caught unprepared for when the time comes. A skilled estate planning attorney will give you essential guidance that you have properly prepared your documents, bringing with it peace of mind that your family’s protection.
If you haven’t created an estate plan at the time of your death, the state of New York will execute the plan for you, and it will not adhere to your wishes. Your assets may be divided evenly amongst your spouse and children, meaning that your spouse could not have sufficient assets to maintain their quality of life.
Creating a will provides instructions on what to do with your estate, but it would still need to go through probate. Probates are usually expensive due to legal fees and court costs and can take anywhere between a few months to a few years. Therefore, Somekh & Associates, as experienced estate planners can advise clients on how to avoid probate, via living trusts, joint assets ownership, and life insurance.
As previously mentioned, there are different types of trusts that you can establish. These can take effect before or after your death, and they are useful in accomplishing estate planning goals.
There are a lot of reasons to choose to have a trust as part of your estate planning. Trusts can be helpful in avoiding probate; they can provide financial support to family members and gains privacy advantages if an inventory of assets is required.
Other common uses of trusts in estate planning involve different life situations, including children from a previous marriage, a disabled child or family member, or if you want to gift your estate to a charity.
A will is a legal document in estate planning that demonstrates your wishes regarding the distribution of your property after your incapacitation or death. Here’s why you need it:
Experienced estate planning lawyers will assist you in a variety of ways. They will chat with you regarding the state of your financial affairs, your personal property, the estate planning goals you have, how to cover the needs of your loved ones after your passing or disability and your healthcare wishes.
Somekh & Associates will work closely with you, discussing your available options and creating a solution that works for you and your family. We will help you take the necessary steps to avoid your loved one’s estate taxes and other costly legal fees. Our law offices are also equipped to prepare and execute documents like wills, testamentary and living trusts and powers of attorney.
By hiring a wills and trusts attorney to assist you with your estate planning, you can avoid common mistakes. One of the most common mistakes is thinking you can DIY your estate planning, and bypass the advice and guidance of experienced attorneys. While the internet can provide some useful resources when it comes to wills and trusts, solely relying on this information can harbor costly mistakes.
The laws regarding probates and estate taxes vary from state to state, and being unaware of the difference between this laws can prove disastrous and leave your assets unprotected. The different laws can mean your probate being legally challenged, your will being found invalid and your assets being distributed according to the state’s law, and not your personal desires. Somekh & Associates have a vast knowledge of New York state laws, so we can be sure that the documents crafted will withstand legal scrutiny.
Sometimes it’s not clear which asset protection strategy is the right one for you. You might be wondering if you need a will or a trust, and how to guarantee your wishes will be respected. Practiced estate planning attorneys will be able to guide you and choose the correct options to secure your assets after your death. Our law office will help you in crafting documents that withstand legal challenge, provide legal guidance and necessary help for you to properly manage your assets.
A trust is an arrangement that permits a trustee or third party to hold assets on the representation of a beneficiary. These can be arranged in a lot of ways, and stipulate what assets and when will be granted to the trustees.
Trust lawyers will support you when creating your trust. Some of the benefits of having a trust are that trusts commonly avoid probate, and irrevocable trusts are not part of the taxable estate, so these assets pay fewer taxes. Other benefits are that you can control your wealth, specifying when and to whom your money is distributed and protect your legacy from creditors.
There are several types of trusts, and as an experienced trust and estate attorney, Lori Somekh can guide you in determining the right one for you.
• Testamentary trust: This trust is included in your will, and will become operative after your death. The assets in this trust are part of your estate and are liable to any taxes or estate fees. You can change this trust any time before your death by preparing a new will.
• Living Trust: Property ownership is passed immediately to the beneficiaries, and the assets are not subject to probate as they do not form a part of your estate.
• Irrevocable trust: Excludes the life insurance proceeds from your taxable estate after death.
• Generation-skipping trusts: Assets can be distributed to grandchildren, and the estate is tax exempt.
Estate planning allows you to put your affairs in order and ensures final wishes are carried out. At Somekh & Associates, we provide the guidance and support you need to develop an estate plan that accomplishes your goals. Contact us today today to schedule an appointment with our law firm.
A family trust attorney can also guide you when making the decision whether to make your trust revocable or irrevocable. A revocable or living trust lets you avoid probate while still maintaining control of your assets during your lifetime. It can be modified or dissolved at any point before your death. You are unable to change an irrevocable trust after it has been executed, and commonly the estate’s assets are not subject to probate or taxes.
Somekh & Associates have expertise as estate planning attorneys, so schedule a free consultation in person or over the phone to start your estate planning today. Having your affairs in order now will give you and your family much-needed peace of mind.
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