Who Needs Estate Planning in New York?

It’s a common misconception that estate planning is only for the elderly or very wealthy. Anyone with assets of value can benefit from a last will and testament, trusts, and other estate planning documents. If there are dependents in the picture, the need for a well-crafted plan is all that much greater.

Estate planning helps you to secure your family’s future by arranging the distribution of your wealth and assets according to your desires. By drafting a personalized estate plan, you can efficiently plan for retirement, support your family, manage the risks linked to aging, and reduce costs and taxes, ensuring that your assets are allocated precisely as you wish. Proactive and comprehensive estate planning provides invaluable peace of mind, safeguarding your family from potential turmoil and ensuring your wishes are carried out after your passing.

Pierro, Connor & Strauss has been handling estate planning matters for clients in New York for more than 40 years. With combined experience of over 350 years, our experienced attorneys can evaluate your overall financial situation to help you determine if you need an estate plan. If you do, we can help you craft one that protects your wealth, your wishes, and the people you care about the most.

Louis W. Pierro

Aaron E. Connor

Peter J. Strauss

Why an Estate Plan May Be Right for You

An estate plan is a collection of documents and directions that specify how you want your assets distributed in the event of your death. An estate plan can also establish detailed instructions concerning medical treatment and the care of minor children. While nearly every adult aged 18 and older can benefit from an estate plan, you might be especially inclined to create one if you are:

Individuals with Assets: By establishing an estate plan, you can decide who receives your wealth, property and other assets at the time of your passing. Without firm plans in place, your surviving loved ones may be subject to uncertainty, vexing questions, and even disputes.
Parents of Minor Children: A last will and testament allows you to name a guardian for your minor children in the event you pass away. By naming a trusted person as a guardian in your will, you can help survivors avoid uncertainty and turmoil—and the possibility your child ends up under the care of someone you would not have chosen for that role.
Business Owners: The disposition of a family business is far more than the transfer of assets and real estate. A business owner can use estate planning tools to create an exit strategy, name successors, and establish a plan for the orderly transfer of key responsibilities.
Divorced Individuals: Divorce can complicate an estate plan, especially if you are remarried and have children from your prior marriage. By establishing a will, trusts, and other estate planning documents, you can make sure an ex-spouse or child from another marriage is taken care of—when they would otherwise be left out.
Those Looking to Avoid Probate: Whether you have executed a will or not, in New York, a decedent’s assets that are in her or his individual name will be subject to probate or be designated non-probate. This lengthy and costly process sometimes causes conflict among family members but can be avoided through trust planning and the proper assignment of beneficiaries to specific accounts. Our attorneys can guide you through this process to ensure your assets pass smoothly and privately following your death.
Individuals Needing Long-Term Care: Safeguarding many of the assets you’ve worked hard to build within an irrevocable trust can make it possible to qualify for Medicaid to cover these exorbitant costs. The experienced attorneys at Pierro, Connor & Strauss can create customized plans to hold or preserve assets during your lifetime, whether for your personal benefit or the benefit of your spouse or future heirs.
High Net Worth Individuals: The more wealth and assets you own, the greater the need for a comprehensive plan that protects those assets to the greatest possible extent.

Tax Considerations

Careful planning can significantly reduce your overall tax liability, as well as the tax burdens of your beneficiaries. You want to explore all options available to you, including transferring assets into irrevocable trusts, charitable giving strategies, and the implementation of a life insurance policy. The New York estate planning attorneys at Pierro, Connor & Strauss can craft an estate plan that protects your wealth and reduces your tax liability to the maximum extent.

Concerns Over Medical Treatment

An estate plan also allows you to express your wishes regarding certain types of medical treatment, especially as they relate to end-of-life scenarios. In New York, a health care declaration (also known as a living will) allows you to establish in writing the types of treatment you want and do not want to receive in these scenarios. A health care proxy allows you to name a person you trust to make important decisions regarding your medical treatment in the event you are incapacitated and unable to make those decisions for yourself.

Tailor-Made Estate Planning Solutions

No matter what stage of life you are in, the New York estate planning lawyers at Pierro, Connor & Strauss are here to help you establish documents that stand the test of time. With offices in Albany and New York City, we can work with you personally to help you craft wills, trusts, powers of attorney, and other documents that reflect your unique wishes and give you peace of mind in the face of an uncertain future. Contact us today to arrange your free legal consultation.

Life Happens…..Are You Prepared?

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