New York Estate Planning Lawyer Serving NYC

The Five Essential Estate Planning Documents You Should Have

1. Will
A will is a legal document used to express your last wishes. It dictates how your estate will be allocated after death.
2. Durable Power of Attorney
This gives an individual the ability to make decisions in the case you become incapacitated and cannot handle matters yourself.
3. Healthcare Power of Attorney
This legal document allows you to appoint a trustee to make decisions about your healthcare if you become unable to do so.
4. Living Will
This legal document states your expressed wishes for medical care if you were to be under certain medical circumstances.
5. Revocable Living Trust
Revocable living trusts are a popular estate planning tool used to determine who gets your estate after your death.

What is Estate Planning?

Estate planning is the arrangement for the orderly transfer of your assets after your death. The ideal estate plan created by an experienced estate planning lawyer will minimize taxes and expenses and will avoid the probate process altogether to make sure that the assets reach intended heirs as soon as possible.

Some mistakenly believe that an “estate plan” is a single document with a standardized format drawn up by an attorney. It’s not. An estate plan is a highly individualized set of documents created by an experienced trust and estate lawyer based on your unique situation and circumstances.

Other common misconceptions are that estate plans are only for the wealthy or those in their later years of life. This is also a false assumption. Who can define “wealthy” and who can predict when his or her last year of life will occur?

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How An Estate Planning Law Firm In NY Will Help You: Actions We Will Take On Your Behalf

No two estate plans are quite alike, but all require some or all of the following twelve actions to be taken with your estate planning attorney:

1. Inventory property to determine what you own and what you owe.
2. Understand how your property is owned.
3. Name beneficiaries.
4. Identify strategies to avoid probate or to reduce the amount of property which must pass through probate court.
5. Create a will / draft a Last Will and Testament.
6. Use trusts, if necessary.
7. Evaluate insurance policies.
8. Identify strategies to minimize taxes and expenses associated with the distribution of your estate.
9. Select professionals to assist with the development of an estate plan.
10. Review and update your plan as the need arises.
11. Plan for the expenses of your funeral and burial or other form of body disposition.
12. Plan for liquidity of assets to pay debts.

These actions ensure that property will go to those you select in an orderly and economical fashion, but most importantly, they will ease the administrative burden placed on your survivors who are already trying to deal with the emotional trauma of death. You will also avoid costly mistakes, which we document below.

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6 Common Estate Planning Mistakes To Avoid

Have you evaluated your family’s estate planning and elder law needs? Our New York estate planning attorneys have put the following list together for you. The six most common estate planning mistakes made are:

1. Not Having an Estate Plan
This is the #1 common estate planning mistake. However, death is inevitable. With careful planning, you can make sure that your personal and financial affairs are handled properly after your death.

2. Forgetting to Update Your Will
During your lifetime, many changes can occur including new births, adoptions, marriages, divorces, and the acquisition of new property. It is important to update your will so that you can account for these changes.

3. Putting Your Child's Name on the Deed
By placing your child's name on the deed to your home, you are giving your child financial headaches as he or she will have to face high estate taxes. Consider creating an estate plan that passes on the home through an inheritance.

4. Choosing the Wrong Estate Executor
Sometimes people choose a spouse or child to be the executor of the estate. However, there may be someone else that can handle your estate when you are gone who is not as personally invested and is able to handle the extensive duties better.

5. Not Planning for Disability
An estate plan helps you plan for an unexpected short-term or long-term disability and allows you to plan on who can be your decision maker in your financial and legal affairs. Without proper planning for disability, you may have greater personal and financial consequences to face. Therefore you should consider appointing a power of attorney or a living trust to address these circumstances.

6. Not Meeting with an Estate Planning Attorney
Without consulting a professional estate planning attorney in New York,, you may create an improper estate plan. If you have complicated assets or doubts about creating your own estate plan, you should consider meeting with an attorney for estate planning.

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Most Frequently Asked Estate Planning Questions

What Happens If I Die Without a Will?

If you pass away without a will, your estate will be subject to the laws of intestacy in your state. Intestacy laws determine how your assets are distributed, typically favoring close family members, such as spouses, children, and parents. The exact distribution varies from state to state, but it often excludes friends, unmarried partners, and more distant relatives. Without a will, you also have no control over who manages your estate, potentially leading to delays and complications in the distribution process. Creating a will allows you to specify your wishes and ensure your assets are distributed according to your preferences.

Can I Change My Will After It's Been Created?

Yes, you can typically change your will after it's been created. In legal terms, these changes are known as "amendments" or "codicils." To make changes to your will, you can create a new document that outlines the revisions you want to make. It's essential to follow the legal requirements for amending wills in your jurisdiction, which often include signing the changes in the presence of witnesses. Alternatively, if you want to make significant changes, it might be more advisable to create a new will to ensure clarity and avoid potential conflicts. Keep in mind that it's essential to consult with an attorney when modifying your will to ensure that the changes are legally valid.

Do I Need an Attorney to Create an Estate Plan?

While it's not an absolute requirement to have an attorney create your estate plan, it is highly recommended and often a wise choice. Estate planning involves complex legal and financial matters, and an experienced attorney can provide valuable guidance and ensure that your plan aligns with your goals and local laws. An attorney can help you navigate the intricacies of wills, trusts, powers of attorney, and healthcare directives, tailoring the plan to your unique circumstances. This professional assistance can minimize the risk of errors or omissions in your estate plan, potentially saving your loved ones time, money, and stress in the long run. Ultimately, involving an attorney can help you create a comprehensive and legally sound estate plan that best protects your assets and fulfills your wishes.

When should I start on an estate plan?

The earlier you start on your estate plan, the better. Your estate plan will dictate who gets your assets such as your house, jewelry, automobiles, and bank account after your death. Having an estate plan allows you to place your assets into a trust and create a Power of Attorney and a Health Care Proxy to protect you both during your life and after death. While most people believe they should only create an estate plan when they get older, it is important to do so as soon as possible to be ready for life’s unexpected events.

Is Estate Planning Only About Wills and Trusts?

No, estate planning is not solely about wills and trusts. While wills and trusts are crucial components, estate planning encompasses a broader spectrum of considerations. It also involves powers of attorney, healthcare directives, guardianship designations, beneficiary designations, estate tax planning, charitable giving, digital asset management, and business succession planning. A comprehensive estate plan addresses all these aspects to ensure your wishes are protected and your assets are distributed as you desire.

Do I need a lawyer to create a will in New York?

Since a will is the most contested document in the world, it is extremely advisable to execute a a will with a lawyer. ⅓ of all wills are thrown out of court every year because of improper execution. Since NY probate process is extremely difficult, there is a high chance that your self- executed will will be thrown out of court as improperly done. Proper wills need to be witnessed by 2 witnesses and executed with a notary who needs to be a lawyer.

What is Pooled Income Trust and why do I need it in NY to get Medicaid?

A Pooled Income Trust is a financial mechanism used in New York to assist individuals in qualifying for Medicaid when their income exceeds the program's eligibility limits. You need it in New York for several key reasons. Firstly, New York has specific income thresholds for Medicaid eligibility, and if your income exceeds these limits, you won't qualify for the program. A Pooled Income Trust allows you to redirect excess income into the trust, helping you meet the income requirements and ensuring Medicaid eligibility. Additionally, by placing surplus income into the Pooled Income Trust, you can ensure it's used for qualified expenses, such as healthcare, without jeopardizing your Medicaid eligibility. This way, you can safeguard your income and still access essential medical services. A Pooled Income Trust is a vital tool in New York for individuals with income that surpasses Medicaid limits, enabling them to bridge the income gap and maintain access to essential healthcare services through Medicaid.

Is there a 5 year look back to receive Medicaid in NY?

Currently, there is no look back provision to receive Community Medicaid in NY. The lookback period of 5 years, only applies to Nursing Home Medicaid. New York state plans to implement a 2.5 year look back period for Community Medicaid on March 31, 2024.

What assets can I transfer into my Trust?

Any property real or personal can be transferred into the trust with the exception of the IRA plans and Life Insurance policies. Although you cannot transfer your IRAs into the trust there are ways to ensure that the IRA funds will be received by the beneficiaries even if the beneficiaries are minor children. An experienced estate planning attorney will explain the process to you in great details and complete all transfers into the trust in accordance with applicable state law. Law Office of Inna Fershteyn and Assoictates, P.C. represents clients in their estate planning even if the property is located in NY, NJ, PA, CT, FL, CA, WA and other states.

Why should I do the Trust? Can I just transfer the title to my real estate to my children?

It is never a good idea to just transfer a deed from one name to another. By transferring your assets outright you are not only making a gift which is a taxable event, but you are also incurring real estate transfer taxes and other fees that can be easily avoided with proper estate planning from an experienced trusts and estates lawyer in New York. Moreover, the person who receives a gift outright will automatically inherit donor’s tax basis on the property which could have appreciated in value significantly over the years. This will in turn cause capital gain taxes to be much higher than if the property were to pass to the same person through a Will or a Trust. The estate tax lawyer at the Law Office of Inna Fershteyn and Associates, P.C. can help you accomplish the same goal of transferring property to your loved ones and reduce tax burden, but do it as a tax exempt transaction and with minimal capital gains.

Will Medicaid take my house if I get into a nursing home or other long term care facility?

The answer depends on your particular situation. If you live with your spouse and only one of you gets into the nursing home without proper elder care planning in place, the house will remain in the other spouse’s possession during his life. However, the Medicaid can put a lien on the house if the proper Medicaid planning is missing. Thus, losing your home to pay back to Medicaid is a real possibility. At Law Office of Inna Fershteyn and Associates, P.C. we specialize in medicaid planning, elder law planning and asset protection for over 18 years. Our experienced attorneys will evaluate your long term care needs and will find optimal solution for you and your family to protect your estate from nursing home claims.

How long does it take to probate a Will? How much shall my beneficiaries pay to put my Will through probate?

In New York probating a Will may take anywhere from 12 to 18 months. Unfortunately Kings county probate is the most complicated and cumbersome process. Probate fees and expenses will depend on the value of the estate, and can range from $600- $10,000 depending on the amount of assets that estate has. Law Office of Inna Fershteyn and Associates, P.C. are experienced Kings county and New York county probate attorneys and have been representing clients in NY Surrogate court for over 18 years. Call our office at 718-333-2394 to save time and money on probate proceeding in the state of NY.

What is a difference between a Trust and a Will?

The simple answer to this question is a will has to undergo a process of “Probate” in the surrogate's court of the state where the decedent died, which is a long and complicated procedure no matter what state you are in. In New York, it takes over one year to probate the will and the cost of such probate can be as high as 6% of the value of the entire estate. The will is not valid unless it is probated and the letters of testamentary are issued. A Trust does not need to go through probate and allows your beneficiaries to get access to your estate immediately after the death of the settlor of the trust without going through any court proceedings. While it typically costs more to set up the trust than draft a will, a trust is a more cost effective way of owning your assets and allows one to pass its estate to the beneficiary without extra expenses of probate. A trust also becomes effective on the day of its creation while a will is only legal on the day when the Surrogates court “validates the will” and issues letters of testamentary.

When should I make updates to my estate plan?

It is recommended for you to update your estate plan every three years. An estate plan is made with your current assets and family size. As the years pass and you hit more milestones, you may have more children, buy property in different states and your executor, beneficiaries, and trustees may change.

How much does estate planning cost in New York?

The cost of an estate planning varies for each individual based on their assets, resources, and family set up.

Schedule A Consultation with a Top-Rated NY Estate Planning Attorney Now!

Law Office of Inna Fershteyn and Associates, P.C. understands that estate planning is personal. The best trust and estate lawyers in New York will work diligently to ensure that individual concerns are carefully addressed and goals are met. With our extensive knowledge of trust and estate administration, we will work with you to develop a comprehensive estate plan and offer knowledgeable guidance that will give you peace of mind as well as secure your family’s future.

For estate planning help in New York City, contact us today! Call (718) 333-2394 to set up a consultation or contact us online.

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Estate Planning Case Closed

January 30, 2024

A client scheduled an estate planning consultation to better understand how he can protect his assets from creditors and how to pass his assets to his family without probate. He came in with a will that he wrote himself that highlighted the distribution instructions as well as the assets he wished to add to his estate plan. However, as he spoke to attorney Inna Fershteyn, he realized that a trust would be a more beneficial entity in his case as it would allow him to avoid probate fees, taxes and will contest. Attorney Inna Fershteyn then discussed the appointment of execution, the distribution of assets, and revocable living trust.

March 31, 2023

A client who was an airline pilot for a major airline company was separated from his wife and had two minor children ages five and seven. He was afraid that if anything should happen to him, his children would be left without a financial guardian and with an estranged wife who was not good with finances. We helped our client set up a family trust, name a successor trustee, and name a financial guardian for the kids. We also prepared a healthcare proxy and a power of attorney in the event that the client’s health deteriorated to a point where he was no longer able to make decisions and care for his financial affairs.

The client was very happy and left us a 5 star video review.

January 25, 2023

One of our clients wanted to leave an inheritance to his children and a few charities close to his heart. Attorney Inna Fershteyn drafted two separate trusts: one included the client’s family as beneficiaries, while the other was solely intended for distribution to designated charities. The attorney worked closely with a financial advisor specifically appointed to help the client transfer all of his real estate properties into their specified trusts.

November 17, 2022

A client approached us with a desire to draft a document that would bypass the probate process. The attorney suggested a trust, an asset protection plan that is considered to be a non probatable asset. To further protect the client’s assets, the attorney drafted an irrevocable trust. Once the document was executed, the attorney created a Tax ID No. for the trust and transferred the client’s assets into it.

October 6, 2022

A client’s father passed away with his name on the deed for their house that was worth $1.5 million. He was survived by his second wife and two kids from a prior marriage. The client was concerned that if and when the step–mother passes away, her step–kids will not receive their share of the father’s estate because they are not the step mother’s blood relatives. Additionally, there was a concern for potential estate litigation because the step–mom’s relatives did not want her late husband’s blood children to inherit any fortune. The step–mom also wanted to leave a part of the estate to her own two sisters who had kids of their own.

With these challenges in mind, our office took all concerns into account and created a comprehensive estate plan for the family focused on protecting the late father’s blood children to avoid probate and any potential challenges in court.

We created a revocable living trust, left a share of the estate to each child, and reserved one share to the step–mother’s sisters. Together with a will, living will, health care proxy, power of attorney, and revocable trust, we ensured that when the step–mother dies, the estate will be directly inherited by the appropriate beneficiaries. Most importantly, this plan ensured that probate and any litigation measures would be avoided, while also avoiding potential tax consequences.

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ESTATE PLANNING CLIENT TESTIMONIALS

“Inna is the top Trust and estate attorney . Very nice and professional, very knowledgeable and easy to communicate with.” -Margaret G.

“I found Inna when I was searching for an estate attorney. At my consultation she immediately understood my concerns as a new single mother and told me how to best address them. I not only felt confident in Inna's abilities, I also felt comfortable with her and her staff. After retaining her, her office promptly drafted trust documents, which I appreciated. I highly recommend her, and would use her again for any future needs.” - Loulia F.

“After hours of searching for an estate planning attorney for my parents, Inna clearly stood out - her reviews (of which there were hundreds of 5 star reviews) were amazing, and I knew that my parents would be in good hands with her… If I could give more than 5 stars, I would!” – Daniel G.

"There is no one I would trust more than Inna to handle my families estate planning.… The paperwork was all done very efficiently, not to mention her services were very fairly priced. If I ever need legal advice or any services for me or my family, I definitely will be coming to Inna again!" - Jen K.

"Did our estate planning/trust with Inna. She is very knowledgeable, professional and explains very clearly. Would recommend her to everyone and will sure to be back in the future. Thank you!!!" - Elvira I.

"I came to Inna Fershteyn office with my parents to do our family's estate planning. We are very impressed by how attorney conducts her business and her knowledge. She was very direct and straight to the point. I would definitely recommend her office to anyone who is looking for attorney's help." – Anton L.

“Inna is an amazing lawyer. She helped us with asset protection and estate planning for our estate in New Jersey. She was highly recommended by our CPA and we are very happy to take his advice. She is a responsible and pleasant individual. Highly recommend.” -Peter F.

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