Estate planning is more than a plan for handling your money, property, and possessions when you pass away. Through proper estate planning, you can protect your assets and decide how they should be distributed to your heirs.
By having thoughtful estate planning in place, you are ensuring that your final wishes will be followed and your legacy preserved. Without that planning, your resources, real estate, and other assets could be drained and even end up in the wrong hands. Let a Manhattan estate planning attorney from Chaves Perlowitz Luftig LLP help.
Our skilled attorneys have extensive experience developing savvy strategies and estate planning tools to protect our clients’ assets. Our Manhattan estate planning attorneys are ready to help you by setting up trusts, drafting wills, preparing for probate, and handling all other estate planning needs.
Start your planning today by calling Chaves Perlowitz Luftig LLP or contacting us online.
As you begin building your assets and thinking about your future, let a Manhattan estate planning attorney from Chaves Perlowitz Luftig LLP craft an effective plan for you. Whether you are starting the process or already have some estate documents in place, our attorneys can:
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| Contact Talita directly at (212) 378-4226 or ta@cpllawfirm.com |
Contact Chris directly at (212) 378-4225 or cdc@cpllawfirm.com |
A last will and testament is one of the most important parts of any estate plan. In many ways, it works as a set of instructions for loved ones to follow. The will designates who should be the executor of your estate, how your assets should be handled, and who should inherit certain property.
An estate planning attorney from Chaves Perlowitz Luftig LLP in New York can help you draft a will that meets your goals while protecting your estate. An attorney can advise you on what language should be in your will and whether other tools, such as trusts, should be part of your estate plan.
As your life circumstances change, you should keep in mind how your will may need to be revised. An estate planning lawyer in Manhattan can help you review your will when necessary and determine whether it should be updated.
The short answer is no. You do not need a lawyer for a will in New York. However, it is a good idea to have a lawyer involved, especially if you have a complicated estate or you have concerns about how your will might be handled in the future.
A lawyer can help you account for complex assets, offer advice on taxes that may affect your estate, set up trusts, and structure your will to meet your goals. If you have concerns as to how executors or inheritors might handle your will or whether your will might be contested, a lawyer can answer your questions and help draft a will that heads off problems.
It is prudent to start an estate plan as soon as you are able. It is easy when you are young and just busy building your life to put off the thought of how you want to leave a legacy. But without a plan in place, your estate could face significant taxes, fights and confusion over inheritance, and many other preventable problems.
By getting an estate plan in place, you can ensure your family is taken care of and your wishes are respected.
If you die without a will, the state will handle your estate according to its default rules. This is known as dying “intestate,” meaning there was no will in place upon death. Your estate will be distributed according to these intestate rules. The people or organizations you want to benefit from your estate may be left out.
If you die intestate in New York, these rules apply:
If you want your estate to go elsewhere, you must have a will in place to make sure that happens. Also, keep in mind that there is more to an estate than simple inheritance. Tax planning, asset protection, trusts, and many other estate planning tools may play important roles in your estate’s distribution.
You should update your estate plan any time there is a significant change in your life or your goals. Significant events could include the birth of new relatives, changes in your health, marriage or divorce, significant changes in your assets, and any other meaningful life occurrences.
Some people update their estate plan once a year. Remember that your life changes often. It’s good to regularly update your plan and make sure it still accomplishes your goals.
A healthcare proxy can be one of the most important documents you ever put together. By setting up a healthcare proxy, you appoint a person you trust to make healthcare decisions for you if you are ever incapacitated and unable to make your own decisions.
When you have a proxy in place, you can give that person instructions on how you would want your medical care handled. Without a proxy, doctors and those around you may act in a way that is contrary to your wishes.
A power of attorney is another critical document that can help in the event that you are unable to make key decisions. A power of attorney allows you to designate someone who can make legal and financial decisions for you if you are ever incapacitated or unable to make your own decisions.
A power of attorney can come in many forms, including.
If you have questions about what type of power of attorney may fit your circumstances, schedule a free consultation with a lawyer from Chaves Perlowitz Luftig LLP now.
Trusts are an excellent estate planning tool for protecting your assets. Trusts allow you to take action with your resources now, rather than when you pass away.
You can use trusts to make decisions about your assets, name beneficiaries, avoid probate problems, and even protect certain assets from long-term care and nursing home costs.
The type and size of trust will depend on your needs and the governing law. Trusts are a flexible way to protect your estate and provide for those around you. Types of trusts include living trusts, which you can revoke before you pass away, and testamentary trusts, which are established by your will.
When you contact Chaves Perlowitz Luftig LLP, an NYC estate planning lawyer can review your goals and your assets and advise you on the best route to take. To discuss how you may incorporate trusts into your estate plan, schedule a free consultation today.
Schedule a free consultation with the experienced Manhattan estate planning lawyers at Chaves Perlowitz Luftig LLP in New York. Whether you are just starting the estate planning process or need to update your plan, our knowledgeable lawyers can help you meet your goals and ensure your plan is effective.
