New York Estate Planning Attorney
Serving NYC, Brooklyn, Bronx, Queens, Staten Island & Manhattan
Estate planning attorneys at the Law Office of Inna Fershteyn want you to know that if you reside in the New York area, the five estate planning documents below will provide the foundation for your estate plan. If you already have these documents, we suggest reviewing them and making sure that they are up to date with New York estate tax laws as changes do occur.
The Five Essential Estate Planning Documents
A will is 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 that 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
This is a popular estate planning tool used to determine who gets your estate after your death.
With two decades of experiences providing estate planning in NY, The Law Office of Inna Fershteyn can assist you with preparing all of the needed estate planning documents applicable to your specific needs. Set up a consultation today. Call (718) 333-2394 or contact us online.
Estate Plans Tailored To Your Unique Needs And Personal Goals
Planning your estate involves difficult decisions about private matters. Inna Fershteyn, Esq. will work closely with you to develop an estate plan that will address your concerns, which may include:
- Disposition of your estate
- Asset protection, asset management & the division of assets
- Health care decisions
- Tax considerations
Why Hire An Estate Planning Attorney?
The bottom line is that if you own property in New York City, you need an estate plan. Some are quite simple and others are quite complex. No two are just alike, but all require some or all of the following twelve actions to be taken in concert with your estate planning attorney:
- Inventory property to determine what you own and what you owe.
- Understand how your property is owned.
- Name beneficiaries.
- Identify strategies to avoid probate or to reduce the amount of property which must pass through probate court.
- Prepare a will / draft a Last Will and Testament.
- Use trusts, if necessary.
- Evaluate insurance policies.
- Identify strategies to minimize taxes and expenses associated with the distribution of your estate.
- Select professionals to assist with the development of an estate plan.
- Review and update your plan as the need arises.
- Plan for the expenses of your funeral and burial or other form of body disposition.
- 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.
6 Common Estate Planning Mistakes
Have you evaluate your family’s estate planning an elder law needs? Our estate planning attorneys have put the following list together for you, which details six common estate planning mistakes made.
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 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 also helps you plan for unexpected or long term disability. 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 a professional estate planning attorney, 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 estate planning attorney.
Experienced And Compassionate Estate Planning Lawyer Serving New York City: Contact Us
We provide a full range of estate planning tools for estates of all sizes. Contact the Law Office of Inna Fershteyn today to arrange your initial consultation with an experienced estate planning lawyer. Call (718) 333-2394 or reach us using our contact form. Licensed in New York and New Jersey.
NY Estate Planning Guide
5 Most Frequently Asked Estate Planning Questions
- 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 experienced NY trust and estates planning attorney. 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. At the Law Office of Inna Fershteyn and Associates, P.C. we can help you accomplish the same goal of transferring property to your loved ones, 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 law 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 case 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 are experienced Kings county and New York county probate attorneys and have been representing client 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?
Simple answer to this question is that Will has to undergo a process of “Probate” in the Surrogates court of the state where the decedent died and 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 lot more cost effective way of owning your assets and allows one to pass its estate to the beneficiary without extra expenses of probate. Trust also starts working 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.
I live in NYC. Do I Need Estate Planning?
Estate planning is arranging 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?
The Law Office of Inna Fershteyn understands that estate planning is personal. Our Brooklyn estate planning attorneys have worked with New Yorkers for almost twenty years. We will work diligently to ensure that individual concerns are carefully addressed and goals are met. With our extensive knowledge of trust and estate work, 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.
Call (718) 333-2394 to set up a consultation or contact us online.