New York Wills and Probate
Are you struggling to cope after the recent passing of a loved one in New York? Is the last thing you can face a mountain of complicated legal paperwork for maneuvering through probate court? Is your head pounding at the thought of having to read and comprehend the fine print that seems to be written in a foreign language? Before you become overly frustrated or discouraged, read on.
Admittedly, probate of a New York estate can be tedious, time-consuming, detailed, and cumbersome. The sophisticated financial and tax issues that arise in large estates complicate things further. Many grieving family members readily surmise that it is worthwhile to hire a wills attorney to guide them through the probate process in the Empire State's Surrogate's Courts. By partnering with a local probate lawyer, these parties work hard and smart to avoid making costly mistakes and tripping into pitfalls during estate administration. Learn more about costs of the probate process.
What Are the Components of an Estate Plan?
There is no single answer to this question because estate plans are customized to the particular needs of each client. New York probate lawyers routinely prepare wills, trusts, and other related instruments, which are the foundational building blocks of their clients’ tailored estate plans. The following list comprises just some of the typical services of New York wills and probate lawyers:
- Wills with accompanying testamentary trusts
- Simple and complex wills
- Revocable living trusts
- Pour-over wills with accompanying revocable living trusts
- Asset protection trusts
- Marital AB trusts, or living trust with marital life estate
- Irrevocable life insurance trusts
- Special needs trusts
- Charitable remainder trusts
- Qualified Personal Residence Trust
What Is Estate Tax and Wealth Transfer Planning?
For those clients with large assets, real estate holdings, and other investments, the federal estate tax is a formidable burden. It poses a major impediment to testators’ abilities to preserve their wealth and estates for the purposes of passing them along to future heirs and beneficiaries. Fortunately, New York wills lawyers stand ready to assist with this objective by calling on a vast number of tools and resources to address unique estate planning needs. These legal advocates are adept at securing the best possible outcomes for their clients under the provisions of the federal tax code, and work diligently alongside of their clients to reduce, if not entirely avoid, liability for estate taxes, gift taxes, income taxes, and generation-skipping transfer taxes.
A sound estate plan is one drafted by New York’s probate lawyers who are knowledgeable in the most recent federal estate tax statutes. An even more desirable estate plan is one that has the flexibility built into it to safeguard against future impacts of adverse tax legislation that may be on the horizon.
Contact a Local Will and Probate Attorney Today
New York will and probate attorneys can advise whether a will or trust is legally valid. They help you craft an estate plan designed to avoid hefty tax burdens, fees, costs, and time delays. The key is to approach estate planning and administration early and revisit it periodically to ensure it remains appropriate for your circumstances. Call now to speak with a wills and probate attorney in New York at 877-913-7222.