What is estate planning and why does it matter?
Estate planning is closely linked to the probate process. It is the process that helps to anticipate and organize the disposal of an estate. The main goals of estate planning are:
- to maximize the efficiency of the distribution of your assets and property at death
- to reduce taxes and all other expenses thus maximizing value of an estate
- to create trusts or guardianships for minors or incapacitated beneficiaries
Estate planning entails the will, designation of beneficiaries, powers of appointment, trusts, gifts, durable financial power of attorney, and property transfers, so it is easy to see how important and helpful an experienced and well qualified estate planning lawyer can be in such a case. Estate planning can help you to plan life care, health care, family and asset protection.
Estate planning consultation
Estate planning can be a difficult and grueling process. That is why a well qualified and highly appreciated estate planning lawyer is of great assistance. Richard Cary Spivack can help you analyze your current assets, as well as help you define and prepare for your long-term financial goals. Your first consultation with Richard Cary Spivack will include the analysis of all the documents that you may already have as well as providing you with numerous further options that you may not have been aware of that can help you in your estate planning process. Some of the aspects Richard Cary Spivack can help you look into include:
- any notable changes that have taken place since the previous update of your will. These changes may be of personal or financial nature and they can seriously influence your plans regarding estate planning
- other, perhaps more suitable, methods of transferring assets that may include revocable trusts, charitable trusts, special needs trusts and irrevocable trusts
- a business succession plan that can anticipate and deal with every possible scenario regarding your business ventures
- a possible need for establishing power of attorney for any situation that may include finances, business, legal or personal affairs
- drafting a health care proxy & living will that will determine which medical procedures you approve of in case you should become incapacitated
- clarification of every possible aspect regarding estate planning and probate processes
Dealing with estate taxes
Estate taxes can be a very difficult and expensive part of estate planning. Every married couple with any assets should have well organized estate plans that can be of great assistance upon the death of a spouse. These plans can help transfer marital property directly to the surviving spouse most commonly via trust instruments and outside probate process, which is of immense importance due to the fact that the property transferred this way eliminates the immediate obligation to pay substantial estate taxes that are due only after the death of the surviving spouse.
Even when the surviving spouse dies, an experienced and knowledgable New York estate planning attorney can be of great importance. Proper documentation of gifts, evaluation of estate property and complete submission of tax returns performed on time are very important when it comes to keeping the tax liability of your estate easy to handle and avoiding substantial fines that result from errors in filing. Comprehensive knowledge and experience of Richard Cary Spivack in all matters regarding estate planning and probate are invaluable in all of these situations.
Contact us for a Free Consultation
Call for a Free Consultation at (718) 544-1000 or via our contact form to schedule a meeting with an attorney regarding your estate planning needs and options. Learn how to minimize inheritance taxes and plan intelligently for your family’s future.