New York Estate Planning Attorneys

Preparing for the future is important, particularly when it comes to one’s legacy. Regardless of your age or financial circumstances, estate planning is essential for ensuring that your assets are protected and distributed according to your wishes. An estate planning attorney can help you prepare for life’s uncertainties and help you draft the necessary documents to ensure a smooth and stress-free transfer of wealth to your loved ones.

1. Area of Expertise

When searching for a New York estate planning attorney, it is important to find one who specializes in your specific needs. Look for attorneys who understand the intricacies of estate planning, inheritance laws, and tax regulations. You should seek the services of attorneys that have extensive experience dealing with complex estate plans involving multiple trusts, family-owned businesses, and other assets.

2. Reputation

Take some time to research the reputation of the estate planning attorney. Check online rating websites or ask for referrals from friends and family. An attorney’s reputation is important as you want to work with someone who is reliable, transparent, and ethical. You can also check with the New York State Bar Association to ensure that the attorney you are considering is in good standing.

3. Communication

Estate planning is a collaborative process, and you need an attorney who is willing to listen to your concerns, answer your questions, and keep you informed. The best estate planning attorneys will tailor their approach to meet your needs and will be available to address any questions or issues you may have throughout the process.

4. Fees

Estate planning is a complex and usually expensive process. It is essential to know the fee structure of an estate planning attorney before engaging their services. Some attorneys charge a flat fee, while others charge an hourly rate. It is also important to understand what services are included in the fee and what services are not included. It’s a good idea to compare pricing among similarly qualified attorneys to ensure that you are getting the best value for your money.

5. Trustworthiness

Your estate planning attorney should be someone you feel comfortable with and can trust. You will be sharing intimate details of your life, so it’s essential to work with someone you trust. Look for attorneys who prioritize confidentiality and have an open and honest communication style.

When planning for the future, it’s important to consider the services of a qualified estate planning attorney. New York has numerous estate planning attorneys to choose from, but not all are created equal. The best attorneys will have specialized knowledge, excellent communication skills, and a solid reputation within the community. While the process can be complicated and overwhelming, the right attorney can provide peace of mind and ensure that your plans are executed to your specifications. By knowing what to look for in an estate planning attorney, you can take the first step in securing your legacy and protecting your loved ones. Give us a call at 866-637-7300 to get started on your personalized estate plan.

When Should You Get Started with Estate Planning?

Estate planning is an important aspect of your life that ensures you have complete control over your assets and medical decisions in case you are unable to make those decisions yourself. Sadly, many individuals do not start thinking about estate planning until they are older or have faced significant health issues. This lack of awareness and planning can be a significant burden to your loved ones. Therefore, it is essential to start the estate planning process sooner rather than later. In this article, we will discuss when you should start thinking about estate planning.

Before discussing when to start estate planning, let us first clarify what estate planning entails. Estate planning is a process of preparing and creating a plan for the transfer of your assets after you pass away. Estate planning involves several legal documents, including a will, trust, power of attorney, and healthcare directives. Now the question is, when should one start thinking about estate planning?

The answer is simple—there is no perfect age or time to start estate planning. Estate planning should ideally start when you reach the age of 18, the legal age of adulthood in most states, because you have rights and responsibilities. At this age, you should at least have a will or trust created to outline your desires, guardianship of minor children, and property distribution.

However, suppose you have not yet created an estate plan despite being over 18 years old. In that case, it is recommended that you start the process immediately, especially if you own property, have a family, or have significant assets.

Moreover, if you are in your 30s or 40s, this may be the perfect time to start estate planning. This age range is crucial because most people will have gotten married, started a family, or accumulated significant assets that they want to pass down to their children. At this stage, it is crucial to create strategies to take care of your family and protect your assets.

Suppose you are above 50, this is the best time to start estate planning if you haven’t already. At this stage, people are likely to face health issues or any other circumstance that may make them incapable of making financial or healthcare decisions on their own. Estate planning in your 50s ensures that your assets go directly to your heirs and your healthcare directives are respected if need be.

In summary, it’s never too early or too late to begin estate planning. The best time to start developing a comprehensive estate plan is now. It would be best if you started thinking about estate planning as soon as possible, so you can be prepared for all eventualities. Work with a professional estate planning attorney to create a personalized plan that meets your needs and your family’s needs. Remember, the earlier you start, the more time you have to tweak your plan and make sure it aligns with your wishes. Estate planning is an investment in your future and your family’s security, so don’t overlook it until it’s too late.

What Should be Part of an Estate Plan?

Death is a subject that makes most of us uncomfortable. However, it is an inevitable part of life. It is essential to plan for it, given that no one knows when it will occur. When the time comes, it is essential to have an estate plan that reflects your wishes for your assets, care, and loved ones. An estate plan is a collection of legal documents that distribute your assets, designate a person to make medical or financial decisions on your behalf, and protect your family when you are no longer able to. This article will dive into what you should include in your estate plan.

1. A Will or Trust

This is the foundation of any estate plan. Wills and trusts are similar, but trusts are typically more efficient and offer more protection for beneficiaries. Wills tend to be more straightforward and less expensive to set up but can be more complicated when it comes time for probate. A will or trust ensures that your assets are left to the right beneficiaries and in the right proportion. It also specifies if you want any estate taxes.

2. Powers of Attorney Documents

A power of attorney document designates an agent to manage your affairs in case you become disabled or incapacitated. It is divided into two categories: the durable power of attorney for finances and a durable power of attorney for healthcare. The durable power of attorney for finances enables the agent to take care of your financial and legal interests, such as paying bills, filing taxes, and managing investments. The durable power of attorney for healthcare authorizes your agent to make medical decisions on your behalf.

3. Credential Retrieval System

A credential retrieval system is not a legal estate planning document. However, it is essential to provide a list of relevant documents that will need to be located after you passed away. It is becoming more common for financial institutions and other important service providers requiring legal documents that prove the authority of the representative of an estate plan.

4. Beneficiary Designations

Some assets transfer automatically to designated beneficiaries after death, as outlined in your beneficiary designation. These transferable assets include life insurance policies, retirement accounts, and annuities. Make sure that your beneficiary designations coordinate with your will or trust’s distribution plan.

5. Funeral Directives

Funeral instructions allow people important to you aware of your preferences for your funeral or any other final instructions. This document helps alleviate the pressure of the funeral director and helps in achieving a more tailored and personalized funeral.

In summary, an estate plan is not merely a legal document that specifies the distribution of assets after death. It is a collection of legal documents that ensure your medical and financial interests are taken care of in case of your incapacity. An estate plan allows you to make decisions about your healthcare and provides instructions for your final arrangements, provides a concise way to preserve your legacy and resource distribution. It ultimately gives you peace of mind that your wishes will be honored in the event of your incapacity or death. If you want to start the process of creating a comprehensive estate plan, it is recommended that you consult a qualified and experienced estate planning attorney.

How an Estate Planning Lawyer Can Help Secure Your Future

Estate planning is an essential step every responsible adult should take to secure their future and provide for their loved ones. However, it can be confusing and overwhelming, leaving many individuals unsure where to begin. Fortunately, an estate planning lawyer can provide the guidance and expertise needed to ensure that your wishes are met while minimizing taxes and other expenses. In this post, we’ll explore the services an estate planning lawyer offers and the benefits of working with one.

1. Will Drafting and Execution:

One of the primary reasons individuals seek the assistance of an estate planning lawyer is to draft and execute a will. A will is a vital document that outlines your wishes for disposing of your assets upon your death. An estate planning attorney can help draft a will that accurately reflects your wishes while complying with state and federal laws. Additionally, they will guide you through the execution process and help ensure that your will is legally binding.

2. Establishing Trusts:

Trusts are powerful estate planning tools that can help you manage and distribute your assets according to your wishes. An estate planning lawyer can help you establish a trust and choose the type that best suits your needs. They can also advise on the tax implications and guide you through the process of funding and managing your trust.

3. Medical Directives and Power of Attorney:

Estate planning is not just about what happens when you pass away. It’s also about planning for unforeseen circumstances, such as incapacitation. An estate planning lawyer can help you create medical directives and appoint a power of attorney. These documents ensure that your healthcare and end-of-life decisions are respected and that someone you trust can make financial decisions on your behalf if you become incapacitated.

4. Tax Planning:

Estate planning involves more than just distributing your assets upon your death. It also involves minimizing taxes and other fees. An estate planning attorney can help you utilize tax-saving strategies to protect your assets and minimize taxes upon passing.

5. Business Succession Planning:

If you own a business, it’s essential to have an estate plan that addresses what will happen to your business upon your death. An estate planning lawyer can help you develop a succession plan that ensures your business continues to operate smoothly and profitably after you’re gone.

An estate planning lawyer can help you secure your future by providing comprehensive guidance on important issues such as wills, trusts, tax planning, and business succession planning. By working with an experienced estate planning attorney, you can rest assured that your wishes will be met, your assets will be protected, and your loved ones will be taken care of. Don’t wait until it’s too late; contact an estate planning lawyer today to get started on your estate planning journey.

The Law Firm of Jeffrey M. Rosenblum, P.C. provides estate planning advice to clients throughout the State of New York. When you are ready to ensure you have control over your own destiny and your own legacy, give us a call at 866-637-7300. We’ll assist you in making full use of the legal tools you need to secure your future and to provide for loved ones after you are gone.

Understanding Trust Administration and Probate

When it comes to estate planning, the terms “trust administration” and “probate” are often used interchangeably. However, these are two distinct processes with different implications for your estate. Trust administration is a private process that keeps your affairs out of court, while probate is a court-supervised process that determines the distribution of your assets after your death. If you are looking for an estate planning attorney, it is important to understand these two processes and how they might impact your estate plan.

What is trust administration?

Trust administration is the process of distributing the assets held in a trust after the death of the trust creator (also known as the grantor or settlor). It is a private process that typically doesn’t involve the courts. In a trust administration, a successor trustee is appointed to manage the trust assets and distribute them according to the trust’s terms. The successor trustee is responsible for filing tax returns, paying any outstanding debts and expenses, and distributing assets to the trust beneficiaries. Unlike probate, trust administration is typically faster, less expensive, and more private.

What is probate?

Probate is the process of validating a will in court and distributing a deceased person’s assets according to their will or state law. It is a court-supervised process that can take several months to a year or more to complete. Probate involves several steps, including filing a petition with the probate court, identifying and valuing assets, paying debts and expenses, and distributing assets to beneficiaries. Because probate is a court-supervised process, it can be more expensive and public than trust administration.

Why choose trust administration over probate?

There are several reasons why someone might choose trust administration over probate. First, trust administration is typically much faster than probate, allowing beneficiaries to receive their inheritance more quickly. Second, trust administration is often less expensive because it does not involve court fees and attorney expenses associated with probate. Finally, trust administration allows for more privacy because it is a private process not subject to court supervision.

How can an estate planning attorney help with trust administration and probate?

An estate planning attorney can help you create a trust that will allow your assets to be distributed outside of probate. They can also assist with trust administration by advising the successor trustee on their responsibilities and ensuring that the trust assets are distributed according to the trust terms. If probate is necessary, an estate planning attorney can guide your executor (also known as personal representative) through the probate process and help ensure that your assets are distributed according to your wishes.

Trust administration and probate are two different processes with different implications for your estate plan. Trust administration is a private process that typically takes less time and money than probate, while probate is a court-supervised process that can be more expensive and time-consuming. An estate planning attorney can help you create a trust that will allow for trust administration or guide your executor through the probate process, ensuring that your assets are distributed according to your wishes. By understanding the differences between these two processes, you can make informed decisions about your estate plan and ensure that your loved ones are taken care of after your passing.

What is Involved in Trust Administration?

Trust administration is an integral part of estate planning. Proper trust administration is essential to ensure that the wishes of the trustor are fulfilled without any disputes or conflicts. In this blog post, we’ll explore what exactly is involved in trust administration.

1. Understanding the Trust: The first step in trust administration is understanding the trust itself. The trustee must have a clear understanding of the terms of the trust, including the beneficiaries, the assets, and any specific instructions or wishes of the trustor.

2. Inventory and Valuation of Assets: The trustee must take an inventory of all the assets held in the trust and obtain an accurate valuation of each asset. This helps in determining the value of the trust and ensures that the assets are distributed correctly.

3. Payment of Liabilities: The trustee must also identify and pay any outstanding debts or liabilities of the trust. This includes paying off any creditors, taxes, or bills incurred by the trust.

4. Distributing the Assets: Once all liabilities have been paid, the trustee can distribute the remaining assets to the beneficiaries as per the trust’s instructions. This process involves identifying the beneficiaries, dividing the assets, and ensuring that each beneficiary receives their fair share.

5. Record Keeping: Finally, the trustee must keep detailed records of all transactions related to the trust administration. This includes a record of all assets, liabilities, and distributions, as well as any communication with beneficiaries.

Trust administration is an important part of estate planning and must be carried out with care and attention to detail. An experienced estate planning attorney can help ensure that trust administration is handled smoothly and efficiently, preventing disputes and delays. If you’re in need of a trusted estate planning attorney, contact us today to schedule a consultation.

What Happens During the Probate Process?

Losing a loved one is never easy. But on top of the emotional toll of their passing, there are also financial and legal matters that need to be addressed. One of these is the probate process. Probate is the legal process by which a deceased person’s assets are distributed to their heirs. It can be a complex process that involves a lot of paperwork, court appearances, and legal fees. In this blog post, we’ll give you a brief overview of what happens during the probate process, and how an estate planning attorney can help you navigate it.

1. Filing the will with the probate court: The first step in the probate process is to file the deceased person’s will with the probate court. If the deceased person did not have a will, their assets will be distributed according to state law. The court will appoint an executor, who is responsible for managing the deceased person’s assets during the probate process.

2. Inventory of assets: The next step is to take an inventory of the deceased person’s assets. This includes everything from real estate to bank accounts to personal belongings. The executor will need to compile a list of all the assets, and determine their value. If there are any outstanding debts, such as mortgages or loans, these will also need to be paid before the assets can be distributed.

3. Notification of heirs and creditors: Once the assets have been identified, the executor will need to notify all the heirs and creditors of the deceased person’s passing. This usually involves sending out letters to everyone who is named in the will, as well as any creditors who are owed money. They will have a certain amount of time to contest the will or file a claim against the estate.

4. Final tax returns: Before the assets can be distributed, the executor will need to file the deceased person’s final tax returns, and pay any outstanding taxes. This can be a complicated process, especially if the deceased person had multiple sources of income or complicated investments. An estate planning attorney can help ensure that everything is done correctly, and that the tax burden on the beneficiaries is minimized.

5. Distribution of assets: Finally, once all the debts and taxes have been paid, the assets can be distributed to the heirs. This is usually done according to the instructions in the will, or according to state law if there is no will. The executor is responsible for making sure that everything is distributed fairly and according to the law.

The probate process can be a difficult and emotional time for everyone involved. But with the help of an experienced estate planning attorney, you can ensure that everything is done correctly and according to the law. They can help you navigate the complex paperwork and legal requirements, and provide guidance and support throughout the process. If you’re facing the probate process, don’t hesitate to reach out to an attorney for help. They can make the process smoother and less stressful, so you can focus on grieving and moving forward.

How Can a Probate Lawyer Help with Estate Planning?

Estate planning is an essential process that involves arranging for the management and distribution of an individual’s assets upon death. It’s not just reserved for the wealthy or elderly – everyone benefits from having a plan in place to ensure their wishes are carried out. However, estate planning is a complex field that requires expert knowledge of various laws and regulations. This is where probate lawyers come in. In this blog post, we will discuss the role of a probate lawyer in estate planning and how they can help.

Probate lawyers are legal professionals who specialize in guiding individuals and their families through the estate planning process. They can help with a variety of matters, including drafting wills and trusts, setting up power of attorney documents, and advising clients on the distribution of their assets. The primary benefit of engaging a probate lawyer is that they can provide expert legal guidance that helps ensure that your estate plan is properly documented and executed.

Probate lawyers can also assist with the management and settlement of an estate after an individual’s passing. This process, known as probate, involves the distribution of assets, payment of debts and taxes, and other legal matters. Probate can be a complex and emotionally charged process, but a probate lawyer can help ease the burden by providing guidance and representation during the process. This can be especially helpful for families dealing with a contested will or complex financial arrangements.

One key role that a probate lawyer can play is to help avoid potential complications that could arise after an individual’s death. For example, a probate lawyer can help structure an estate plan to minimize the chance of a will contest, probate litigation, or other legal disputes. They can also help with complex tax planning strategies that can reduce the overall tax burden on an estate.

Another important factor to consider when working with a probate lawyer is that they can provide peace of mind. Estate planning is often a daunting process that can be fraught with emotion and stress. By enlisting the help of an experienced probate lawyer, individuals can rest assured that their affairs are in order and that their wishes will be carried out.

A probate lawyer is an important partner in the estate planning process. They can provide valuable legal guidance, assist with the management and settlement of an estate, help avoid potential complications, and provide peace of mind. If you’re considering estate planning or already have an estate plan in place, it’s worth consulting with a probate lawyer to ensure that everything is in order. Contact us today to learn more about how we can help with your estate planning needs.

Finding the Right New York Special Needs Planning Attorney

New York Special Needs Planning Attorneys go beyond traditional estate planning to address the unique financial and legal needs of those with disabilities or other special needs. If you or a loved one has a disability or special needs, it’s important to find an estate planning attorney who can help you navigate the complex legal landscape, plan for the future, and protect your assets. In this post, we’ll explore what sets special needs planning apart from standard estate planning, what to look for in a special needs planning attorney, and how to find the right attorney for your needs.

Special Needs Planning is a complex area of law that requires a deep and detailed understanding of the various programs and benefits available to individuals with disabilities. A Special Needs Planning Attorney can help you navigate the ever-changing legal landscape, plan for the future, and protect your assets. They can also help you coordinate with other professionals, such as financial advisors and accountants, to ensure that your plan is comprehensive and effective.

When looking for a Special Needs Planning Attorney in New York, there are a few things you should consider. First, make sure the attorney has experience in Special Needs Planning. Ideally, they should have a focus or concentration in this area of law. Look for someone who is knowledgeable about the various government programs and benefits, such as Medicaid and Social Security, and who has experience working with clients who have special needs.

Another important factor to consider is their communication style. Find an attorney who is willing to take the time to listen to your needs and concerns, and who can explain complex legal concepts in language you can understand. Seek out an attorney who is responsive and easy to contact, and who is willing to work with you in a way that suits your individual circumstances.

When you meet with a Special Needs Planning Attorney, they should take the time to get to know you and your unique situation. They should ask questions about your diagnosis, prognosis, and medical history, as well as your financial and personal goals. They should then work with you to develop a comprehensive plan that addresses all of your needs and concerns.

Finding the right New York Special Needs Planning Attorney is crucial to creating a comprehensive estate plan that protects your assets and provides for your loved ones with special needs. Look for an attorney who has experience in this area of law, takes the time to understand your unique situation, and communicates effectively. With the right attorney on your side, you can rest assured that your special needs plan is as thorough and effective as possible.

If you find yourself in any of these situations, you need to get legal assistance with special needs planning. The Law Firm of Jeffrey M. Rosenblum, P.C. can help. Taking the wrong actions could end up jeopardizing important government benefits, so give us a call today at 855-779-2735 to speak with a special needs planning lawyer.

Why Special Needs Planning is Vital for Your Peace of Mind

Planning for a loved one with special needs’ future can be an overwhelming responsibility. However, it’s an essential and necessary step that every family must take. This step involves various aspects of estate planning, such as setting up a trust or a will that caters to the unique needs of your loved one with special needs. In this post, we will discuss the importance of special needs planning and why you should consult an estate planning attorney to navigate this process.

1. Provides Financial Security

One of the main reasons why special needs planning is vital is that it offers a sense of financial security. Caring for a child with special needs can be expensive, and parents usually foot these bills. However, an estate planning attorney can help you create a trust that caters to your loved one’s unique needs, such as therapy or medical treatment. This trust will ensure your child receives adequate support and funding after you’re gone, eliminating the need to depend on government support.

2. Avoids Legal Issues

Lack of proper planning can result in legal complications that can be costly and time-consuming. Without special needs planning, your child could lose eligibility for important government programs and benefits due to inheritances received. An estate planning attorney can help you create a trust that avoids these legal issues so that your child can continue receiving government assistance.

3. Peace of Mind for Parents

As a parent of a child with special needs, it’s natural to feel anxious about their future after you’re gone. However, creating a special needs trust can give you peace of mind knowing that your child is taken care of when you’re no longer around. You can rest easy knowing that your child will receive support and be able to maintain a level of independence they need.

4. Customized Care

Special needs planning allows you to equip your child with the best resources and support that accommodate their unique needs. With guidance from an estate planning attorney, you can create a comprehensive estate plan that caters to your loved one’s specific needs so that they can lead the best life possible.

5. Preserves Family Harmony

Special needs planning can also help preserve family harmony. Estate planning can be stressful and complicated, leading to family conflicts. With the help of an estate planning attorney, you can create a comprehensive special needs plan that outlines how assets will be distributed and avoid family feuds over these assets.

Special needs planning is essential to cater to the unique needs of your loved ones with disabilities. Not only does it provide financial security and customized care, but it also provides peace of mind for parents and preserves family harmony. As an estate planning attorney, I can help guide you through the process of creating a comprehensive plan that delivers adequate support and resources to your loved ones with special needs. Contact me today to discuss the importance of special needs planning and to help you craft a comprehensive special needs plan that brings peace of mind to your family.

How Can a Special Needs Planning Lawyer Help Secure Your Child’s Future?

Planning for the future of a child with special needs can be overwhelming and complex, but it is crucial. Having a plan in place that addresses your child’s unique needs can provide peace of mind and financial security. A special needs planning lawyer is a legal professional who specializes in helping families plan for the future of a loved one with special needs. In this blog, we will discuss the different ways a special needs planning lawyer can help ensure your child’s future is secure.

1. Creating a comprehensive plan

A special needs planning lawyer can help you create a comprehensive plan that addresses the unique needs of your child. The plan should include financial planning, caregiving arrangements, government benefits, and legal documents such as a special needs trust. A special needs trust is essential as it provides financial resources for the child while keeping the child eligible for government benefits, such as Medicaid and Supplemental Security Income.

2. Providing Expert Advice

A special needs planning lawyer can provide expert advice on key decisions such as guardianship, healthcare proxies, and durable powers of attorney. They understand the practicalities surrounding special needs planning and have experience in how to navigate complex government regulations. With their expertise, they can answer your most pressing questions and guide you on the best course of action to take to secure your child’s future.

3. Access to Resources

A special needs planning lawyer is well-connected and can help you access resources that you may not have known about. They can provide information on local support groups, governmental agencies, and community resources. A special needs planning lawyer can also advise you on the types of insurance policies that may be necessary and can help you understand the differences between them.

4. Helping You Stay Up To Date

Special needs planning requires ongoing attention because laws and regulations change constantly. A special needs planning lawyer will help you stay current on changes that can affect your child’s financial and legal situation. They will make sure that your child’s plan stays current and reflects recent updates to governmental policies.

5. Providing Much-Needed Peace of Mind

Perhaps most importantly, engaging the services of a special needs planning lawyer can provide much-needed peace of mind. You can rest easy knowing that your child’s future is taken care of, and should the worst occur, you have done everything possible to protect their well-being.

Raising a child with special needs can be daunting, but having a plan in place that protects their future can provide enormous comfort for parents. A special needs planning lawyer is an essential member of the team that can help make this happen. With their expertise and knowledge, they can help you create a comprehensive plan that will address your child’s unique needs, access resources, stay up-to-date with legal and financial changes, and, most importantly, provide peace of mind. If you are looking for an estate planning attorney to help you secure your child’s future, reach out to a trusted special needs planning lawyer, and get started on building a brighter tomorrow.

At the Law Firm of Jeffrey M. Rosenblum, P.C., our lawyers have extensive experience providing assistance with special needs planning to clients in New York. Whatever your relationship is to the person with the disability or whatever your financial plans are for the person with special needs, we can help. Give us a call at 866-637-7300 or contact us online to learn more about the assistance we offer.