Best Estate Planning Lawyers in New York
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List of the best lawyers in New York, United States
United States Estate Planning Legal Questions answered by Lawyers
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- My husband passed away five years ago. We have a property in th Philippines and I would like to transfer everything to my child. We are now residing in California, as U.S. citizens and my late husband a Filipino citizen.c
- Hello:We are sorry to hear about the passing of your husband, and we extend our deepest condolences.Regarding your concern, since your husband was a Filipino citizen and you are now both U.S. citizens residing in California, the property transfer to your child in the Philippines can be lawfully facilitated under Philippine succession laws.Here are some important legal points and possible remedies:1. Extrajudicial Settlement of Estate (if there is no will)If your husband died intestate (without a will), and there are no other compulsory heirs aside from your child, you may execute an Extrajudicial Settlement of Estate with Waiver of Rights in favor of your child. This must be:Signed by you as the surviving spouse,Notarized and registered with the Registry of Deeds,Accompanied by a notarized Affidavit of Self-Adjudication or Waiver, if applicable.If the property is titled in your husband's name, the title must be transferred first to the estate, and then to your child.2. Judicial Settlement (if there is a dispute or complications)If:There are other legal heirs,There is no agreement on the partition,Or if a will exists that needs probate,Then a petition for judicial settlement must be filed before the Philippine court having jurisdiction over the property.3. Tax Clearance & Title TransferTo legally transfer the title, the following must also be secured:BIR Certificate Authorizing Registration (CAR),Estate tax clearance,Updated real property tax payments,Transfer of title with the Registry of Deeds.We recommend an initial consultation so we can properly review your husband’s death certificate, property documents, marriage certificate, and your child’s proof of identity. This way, we can assist you in completing all required steps without requiring you to travel to the Philippines.You may directly schedule and automatically get a Google Meet link using the link below:👉 https://calendar.app.google/MuALV3nLqedy9FCx6Our Contact Information:📧 Email: [email protected]📞 Phone/Viber/WhatsApp: 09175046510📍 Office: 5th Floor, Park Centrale Building, IT Park, Apas, Cebu City, 6000We look forward to helping you secure your child’s rightful inheritance.Best,Atty. Jofre RecososaOwner, Recososa Law Firm
- How to protect property from squatters law
- After completing probate to establish yourself as the legal heir, you can transfer the property title to your name and then grant them permission to reside there through a formal agreement.It is worthy to note that you can do it through special attorney.
About Estate Planning Law in New York, United States
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.
Why You May Need a Lawyer
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.
Local Laws Overview
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.
Frequently Asked Questions
Do I need a will?
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.
What is probate?
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.
What is a trust?
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.
Does New York have estate tax?
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.
What can I include in my estate plan?
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.
Additional Resources
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.
Next Steps
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.
Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.