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Estate planning in New York, United States, involves the legal and financial arrangements made during an individual's lifetime to bequeath their assets and property after their death. This process usually includes drafting wills and trusts, designating beneficiaries for life insurance policies and retirement accounts, planning for incapacity, and minimizing estate, gift, and income taxes. Planning your estate ensures that your assets will be distributed according to your wishes, providing peace of mind for both you and your loved ones.
In many situations, legal expertise is crucial in estate planning. Examples can range from creating a will, setting up trusts for your beneficiaries, or dealing with complex financial matters such as minimizing estate taxes. If you own a business, a lawyer can help you manage potential estate problems and ensure your business continues smoothly in your absence. Furthermore, in cases where your estate is large or your family circumstances are complex—like blended families, disabled family members, or having considerable assets in multiple states—a lawyer can help navigate these challenges.
In New York, certain unique laws exist that affect estate planning. For instance, if you die without a valid will, your property will be distributed according to the state's "intestacy" laws. Also, New York utilizes the federal estate tax exemption but caps it at just $5.85 million per person. Assets exceeding this amount may be subject to taxes. Also, New York has a "right of election," which allows a surviving spouse to claim a portion of an estate, even if the will states otherwise.
Yes, a will is highly recommended even if you have a small estate. Without a will, the state laws determine how your assets are distributed, and it may not align with your wishes.
Probate is a legal process that verifies a will and ensures the executor dispenses the estate of a deceased person according to the decedent's wishes and the law.
A trust is a fiduciary agreement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be used for multiple purposes, such as minimizing estate taxes, protecting assets and ensuring they are used in accordance to your wish.
Yes, New York State imposes an estate tax separately from the federal estate tax. Any estate valued at over $5.85 million is taxable in New York.
A comprehensive estate plan can include a will, power of attorney, health care proxy, a living will, and trusts. Documentation concerning insurance policies, real property deeds, retirement accounts, bank accounts and personal property can also be included.
The New York Bar Association's public resources, New York City Estate Planning Council, and the New York Department of Aging offer valuable insights and resources related to estate planning.
If you need legal assistance in estate planning, the next step is to consult a lawyer who specializes in estate planning in New York. Ask for referrals from friends and family or contact your local bar association for a referral. Make an appointment for a consultation and bring all necessary financial documentation with you. An estate planning attorney will guide you through the legal process, address your concerns, and ensure your assets are distributed according to your wishes.
