If something were to happen to you, do you have all of your estate matters in order? Here at Wellerstein Law Group, P.C., we have the resources and tools that can help you and your family protect the things that are most important. Regardless of age, it is extremely beneficial to plan how you want to be taken care of in the event of illness or incapacity. It is also important to clarify how you want your wishes fulfilled. By having the precise details completely explained in writing, you can save your loved ones from a lot of grief and anguish.
Regardless of your financial situation, you should have an estate plan in place. Estate plans can be basic or complex, and will enable you to provide for your family’s future. The plan will let you direct how your assets should be distributed and will even address any end of life issues. We provide all of our clients high quality customer service that exceeds their expectations. Our attorneys take the time to listen to your concerns and discuss what you want to accomplish so we can create the optimal plan for your personal situation.
Why should I spend time planning my estate? In the event you suddenly become incapacitated, you want to know that the person in charge of your personal matters was who you hand selected. If you have children or other loved ones, you don’t want them to be forced to make difficult decisions. This saves them time and effort from going through a complicated and expensive process while they are grieving. Even if your children are of legal age, you don’t want them left to fight over your estate. You also want to protect your estate from taxation to the fullest extent of the law.
We can make estate planning relatively fast and inexpensive. If you don’t plan your estate, your heirs could be left to pay out an excessive amount of money. Show your family that you care and save them from added grief and expense. Seek the assistance of an attorney to help you with estate planning. If you can’t come to us at our office, we will gladly come to you anywhere in the New York City or Long Island areas.
Everyone Needs A Will
Why would I need a will? My estate is worth very little. Regardless, make sure your possessions are going to the person you want to receive them. A legal document designed to outline your final wishes and a plan on how to carry them out, we help our clients draft a will that addresses their individual needs. Our lawyers discuss the various options you have when leaving your estate to beneficiaries.
A will can help you establish you want to be over your estate, determine guardians for minor children and set up a testamentary trust. However, a will cannot address joint tenancy assets, life insurance or retirement plans, or assets that are held in a trust.
Even with a will, if your estate is valued at more than $30,000 at the time of your death, it must go through probate. There are countless ways to avoid probate, and we can advise you on those options and determine which best suits your needs.
What is Estate Planning?
A process that usually has two parts, estate planning involves planning for the disposition and management of your property during your life and then after your death. The second part of estate planning involves setting out how you want your personal and health care issues addressed in the event you can no longer provide such care on your own. Estate planning is more than preparing a will. It includes so much more, including financial, medical, tax, and business planning plus will preparation.
Estate planning is dependent upon your personal circumstances. While you are planning your estate, you need to make certain that your wishes as well as your needs get top priority. You also need to thoroughly consider your family and each member’s needs, in addition to the nature and the extent of your property and belongings.
What Does Estate Planning Cover?
You need to determine your life’s goals and direct your assets in the appropriate course. Rather than a lump sum, you may want to establish a payment plan for distributions to your children rather than allowing them to get a lump sum. Our attorney will work with you to minimize estate taxes. It also enables you to establish how you want death taxes paid in the event they are due. How should your spouse and you hold title to your assets? Who do you want to administer your estate upon your death? If you have minor children, who do you want to be guardian? Who do you want to receive any life insurance or retirement benefits? In the event you become incapacitated, who do you want to care for you?
What is Included in Your Estate?
Every bit of property or interests in property that you own are included in your estate. This means everything, from furniture to jewelery is included as part of your estate. Your estate will also include money in accounts, investments such as stocks or bonds, real estate, life insurance, pension plans, and vehicles. We will work to help you determine the value of your estate, so we can help you determine if your estate will be subject to inheritance tax. It will also help us determine what resources would be available to you in the event of your incapacity.
Here at Wellerstein Law Group, P.C., we take your concerns seriously. We want to help you make the best decisions and come up with the plan that will best suit your needs and the needs of your family. With years of experience, we have helped thousands of people come up with an estate plan that meets their individual needs. Our goal is to serve our clients to the best of our abilities, and we are sure you will be pleased with the end results of the estate plan and will that we prepare for you. Get your matters in order today, call us to schedule an appointment for estate planning. Your family will thank you.