• Estate Planning in Long Island ny

Estate Planning in New York

End of Life Documents
Health Care Proxy
Living Wills
LLC Formation
Operating Agreements
Power of Attorney
Trust Formation & Administration

Estate planning is the process of managing and distributing a person’s assets and wealth during their lifetime and after their death.

Proper estate planning can ensure that an individual’s wishes are followed and that their loved ones are taken care of in the event of their death.

However, without the help of a good attorney, estate planning can be complex and fraught with potential problems.

Our loved ones and assets are the most valuable things we have in life, and it’s important to ensure their safety and security. At Treglia Law, we understand this and are committed to being a trusted partner for our clients.

“A well-drafted estate plan lifts the burden of mourning loved ones of unnecessary “red tape” and financial confusion. Why not be rest assured you have set out a plan for your loved ones after you are gone, providing them peace of mind that all the details have been arranged by you personally.”

Elisa Treglia Esq.

Common Questions About Estate Planning, Wills & Probate

What age should I start planning my estate?

The common misconception or believe is that you need not plan until you are in your 70’s. However, life is unpredictable. In order to avoid heartache, expense and turmoil it is best to have matters set up the moment you become a legal adult. Yes I mean when you turn 18. Make sure any account that permits it, have designated beneficiaires. Have a power of attorney and health care proxy executed and in a safe place. Have a Last Will and Testament drafted and executed.

Life is ever changing so we recommend that you review and update all your accounts and documents every 3 to 5 years or after any major life event such as marriage, child birth, death, or relocation, etc.

What is the difference between Probate and Administration of an Estate?

Administration is a term used when a person dies without a Last Will and Testament. This involves a person who has the legal standing to seek the appointment to be the Estate’s representative in order to manage and distribute the deceased person’s assets according to the Laws of the State of New York.

Probate is a term used when a person dies with a Last Will and Testemant. In this scenario, the named Exeuctor/rix seeks to be appointed as the Estate representative, requesting the Court admit that Will to Probate and then the Executor/rix has the authority to marshall and distribute the assets of the deceased according to the terms of the Will.

The threshold in New York Surrogates Court is $50,000 or more. This threshold applies to all assets held solely in the deceased name.

It can be bank accounts, real estate, or what have you. However, certain assets that have named beneficiaries or that are jointly held are not included. Every case is unique, so it is best to seek a consultation with an estate/probate attorney who can provide you with tailored advice specific to your scenario.

Dealing with the loss of a loved one is difficult. It’s important to have proper legal guidance when dealing with the loss of a loved one. Treglia Law offers assistance with probate administration and estate processes, ensuring that your loved one’s wishes are properly administered and distributed. Elisa works closely with clients to navigate the legal aspects of the probate process and provide support during this difficult time.

Is there a dollar amount that requires Probate?

The necessity to Probate a will or seek an Administration should a deceased not have will is influenced by many factors not just the total value. Examples of these factors are:

  • Total value of assets held
  • The type of assets held
  • Whether or not the assets have designated beneficiaries or the lack thereof.

Do I need to go to Surrogates Court for life insurance and retirement accounts?

Not all assets require the involvement of the Surrogates Court in order to distribute. For example, jointly owned properties typically go directly to the surviving owner. In a similar fashion retirement accounts and life insurance policies with designated beneficiaries aren’t subject to probate. In these cases, the assets are transferred directly to the named individual. BUT if the deceased never designated beneficiaries then the Estate is the default beneficiary and a probate or administration proceeding must be commenced.

How Will Treglia Help Me Plan For The Future?

Protecting Assets

Protecting your assets is an important part of estate planning. A good attorney can help you create an asset protection plan that shields your assets from potential lawsuits or creditors. For example, they can help you set up a trust to protect your assets or create a limited liability company (LLC) to protect your business assets.

Creating a Will

A will is a legal document that outlines how your assets will be distributed after your death. Without a will, your assets will be distributed according to state law, which may not align with your wishes. A good attorney can help you create a will that reflects your wishes and meets all legal requirements. They can also ensure that your will is properly executed, so there are no challenges to its validity.

Minimizing Taxes

Estate taxes can significantly reduce the value of your estate and impact how much your loved ones inherit. A good attorney can help you minimize your estate tax liability by creating trusts or other estate planning tools. For example, they can help you set up a revocable living trust, which can help you avoid probate and potentially reduce estate taxes.

Planning for Incapacity

One of the most critical aspects of estate planning is planning for incapacity. It’s important to have a plan in place in case you become unable to make decisions for yourself due to an accident or illness. A good attorney can help you create a durable power of attorney for healthcare, which will allow someone else to make medical decisions on your behalf. Additionally, they can help you create a durable power of attorney for finances, which will allow someone else to manage your financial affairs if you become incapacitated.

Business Succession Planning

If you own a business, it’s important to have a plan in place for its succession in the event of your death. A good attorney can help you create a business succession plan that ensures your business continues to operate smoothly after your death. They can help you create a buy-sell agreement that outlines how your business will be transferred to your heirs or sold to a third party. They can also help you create a trust to hold your business assets and ensure they are distributed according to your wishes.

Ready to speak with an expert?

10 Things to Know About Planning Your Estate

  • Prepare your financials

    Make sure all bank accounts have direct beneficiaries. The beneficiary needs only to go to the bank with your death certificate and and ID.

  • Create a living will

    Put in writing exactly what you want done in the event you’re unable to speak for yourself. A living will relates to medical decisions as well as financial situations.

  • Healthcare power of attorney

    You’ll designate a person to make healthcare decisions on your behalf when you’re unable to do so. Also known as Healthcare Proxy, can assist decisions such as whether or not to engage life support.

  • Funeral planning

    Describe your wishes as far as funeral services, disposition of the body, and other matters to help your family make final decisions.

  • Key passwords and access permissions

    Make sure someone knows all of your critical access permission – your Apple ID, bank account logins and passwords, etc.

  • Transfer on Death (TOD)

    If you own a home, filing this document can save your heirs thousands. It allows you to transfer ownership of your home to your designee without having to go through probate.

  • Durable power of attorney

    Allows you to designate a person to make legal decisions on your behalf if you are no longer able. This might include buying and selling real estate and other important matters.

  • Last will and testament

    You’ll designate how all of your personal belongings will be handled after your death – including to whom items will be transferred, or guardians for minor children and other matters.

  • Listing of assets

    Make a list of all of your bank accounts, investments, account numbers, life insurance, credit cards, utility accounts, etc. Leave clear instructions as how and when things should be paid and handled.

  • Ownership documents

    Gather all of your titles, deeds, and other important documents in good order. Set up a Trust for your intended beneficiaries. Appoint a trustee assigned to administer the trust.