A New York City Estate Planning Attorney Does More than Simply Draft a Will

Retaining a seasoned New York City estate planning lawyer can provide numerous benefits beyond simply the drafting of a will. When less knowledgeable counsel is retained or no attorney at all is retained, problems may arise in interpreting the provisions of a will or trust. Without legal counsel, situations can arise that weren’t accounted for in the making of the original plan. A strong estate plan will take into account questions related to your home, vacation properties, investments, life insurance, employee benefits, retirement plans, and other property in case you become disabled or pass away. When someone passes on or becomes incapacitated without an estate plan in place, his or her heirs may find themselves in an expensive and difficult legal situation that could have been avoided. Call lawyer Jules Haas for knowledgeable counsel when making an estate plan.

What Should a Good Estate Plan Include?

Some people assume that estate planning simply involves making a will. However, estate planning in New York City calls for attention to how assets will be distributed upon death, healthcare decisions like withdrawal of life support or appointing somebody to make a determination about these matters, as well as guardianship and tax issues. Documents that may need to be carefully considered and drafted include not only a last will and testament that directs asset distribution and names an executor, but also a durable power of attorney for financial decisions, a health care proxy to make medical decisions when are you are unable to, and an advance directive, which specifies wishes for end-of-life care, including whether or not life-sustaining measures should be withdrawn.

Among the decisions that a law firm can help you with is whether or not assets should be placed in a trust so as to avoid probate and reduce taxes. Additionally, it is useful to have knowledgeable counsel when designating beneficiaries and a guardian.

Making Contingency Plans

A good estate plan will account for contingencies such as the potential for medical problems, health care treatment, or changes of circumstances, including when planning for your children. It may be important to name alternate beneficiaries, establish trusts for minors or heirs that are not capable of caring for themselves, and addresses issues like divorce. In some instances, a beneficiary predeceases a testator; it would be a sound decision to name contingent beneficiaries for specific gifts and for anything that’s left after other assets are distributed. Similarly, it’s important to set up a trust to manage the assets left to minor children until they reach a particular age or condition. Sometimes these conditions are specific and require careful thought; it may be inappropriate, for instance, to leave a significant amount of money directly to a minor to be provided in a lump sum when he or she turns 18, if he or she has a major intellectual disability or a mental illness. Additionally, it can be important to specify how and to whom assets should pass if you and the primary beneficiary of your will or trust die at the same time or if an executor or trustee is not able to serve.

In addition to accounting for contingencies and changed circumstances, it may be important to update a will after any major life event such as the birth or adoption of a new child or divorce.

Careful Financial Planning

Knowledgeable New York City legal counsel can also help make sure that your plan minimizes potential taxes and addresses the disposition of your home, investments, business, life insurance and employee benefits among other property. Unlike some other states, New York imposes a state estate tax that is distinct from the federal estate tax. Estates that are over a certain amount can face a graduated tax rate. Those with high-net-worth may need to be particularly careful when estate planning to avoid certain tax burdens. An experienced New York City lawyer can help you navigate the nuances of exemptions and other complexities.

Consult a New York City Estate Planning Lawyer

Mr. Haas is a seasoned New York City estate planning attorney. Dedicated to providing clients with personal and attentive service, he handles all aspects of estate planning, including preparation of wills, trusts, advance directives, and guardianship petitions. Contact Mr. Haas now to discuss your matter via our online form or at (212) 355-2575 for a free consultation.