• estate-planning

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. In this article, we’ll explore five key situations where a good attorney can help in estate planning.

“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.

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.

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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.