Why You Need an Estate Planning Lawyer

Your estate is all of your possessions, such as your home, car, investments, insurance policies and other assets. Since these cannot be taken with you when you pass away, it’s important to plan how those things should be distributed among those closest to you. An experienced estate planning lawyer can assist in this process and guarantee that all your wishes are carried out according to plan.

Estate planning lawyers can also assist in creating a last will and testament, setting up trusts to minimize estate tax obligations, as well as participating in probate proceedings if needed.

You may not be aware that many of your assets and properties will go through probate if you don’t have an estate plan in place. These include joint property (like real estate, bank accounts and stock) that designates a beneficiary; life insurance policies; retirement account assets like IRAs or 401(k)s; etc.

Establishing an estate plan not only protects your wealth and avoids probate, but it can also shield your family from certain government benefits programs like SSI or Medicaid which could seek repayment for any property left behind upon death. Furthermore, if you own a business or have significant debt obligations, an estate plan could shield assets from creditors as well.

Estate Planning Lawyers in New York should possess extensive expertise in all areas of estate law, from probate to real estate matters. By handling cases similar to yours in the past, they can help you avoid potential future complications that may arise.

Before selecting an attorney, it’s wise to seek the opinion of several different professionals. This way, you can ensure your plan is tailored specifically to your individual situation and that your family receives all necessary protections.

Your estate planning attorney should be someone you feel confident talking to and who puts your needs first. This will make the entire process less stressful for both of you when it’s time to move forward with the next phase.

They should also help you save money by limiting estate taxes, transferring assets to your spouse and children, and leaving a charitable legacy. Doing this will reduce the amount spent on taxes, legal fees, and court costs for your beneficiaries.

A reliable estate planning lawyer should offer you a complimentary consultation about your case. This gives them an opportunity to learn about your specific situation, goals and how they can assist in reaching them.

The ideal estate planning attorneys will create a tailored plan that takes into account your goals, objectives, and family connections. They take into account state and federal estate tax laws when designing this strategy to meet your needs while minimizing any tax responsibilities.

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