Many people think estate planning is a process that only takes place late in life, but the truth is that it is never too early to start. With the help of an experienced New York trusts and estates lawyer, you can make well-informed decisions about your family and finances and put your plans into effect quickly and efficiently.
The attorneys at our firm combine decades of experience with compassion and a client-centered approach to business, making this sometimes-difficult process easier on everyone involved. To learn what we can do for you and your family, please call our law offices today, or read on to learn more about the complete suite of services we offer.
Senior Counsel Mort Price (Yale Law School, Class of 1959) has dedicated his entire career to helping clients with their estate planning, giving them piece of mind knowing that their families will be properly taken care of after they pass. Attorney Price has had decades of experience dealing with highly complex matters, such as commercial transactions, trusts, estates, and real estate dealings.
Services We Provide
When it comes time to plan your estate, our attorneys can help you to assess your holdings and property and ensure that all of your non-liquid assets are properly valued and accounted for. We also help clients to create essential legal documents, including wills, trusts, and powers of attorney.
Like every state, New York has its own statutory and procedural nuances regarding trusts and estates. In this respect, it’s important not to simply work with any New York trusts and estates attorney, but to secure legal counsel who can apply years of experience to help you make the most of your trust formation or estate planning process.
In addition to these two primary areas of practice, our attorneys also help clients with issues that involve:
- Asset Protection
- Business Succession
- Power of Attorney & Joint Accounts
- Elder Law
- Estate Planning
- And More
Contact our law offices today to speak to someone who can listen to your unique needs and explain how our legal team may be able to help.
Summary of Trusts and Estates in New York
The laws regarding trusts and estates in New York are outlined in the New York EPTL – Estates, Powers & Trusts Law. Estate planning helps an individual to put a plan into place for the disposition of his or her assets and property, with the goal of maximizing the value of the estate and reducing or eliminating taxes and expenses wherever possible.
Wills and Power of Attorney
Creating a will is a key step in estate planning, which ensures that your assets and property are left to the individuals that you choose. New York has a variety of statutory requirements for a will to be valid, so it is imperative that a will is properly drafted and executed. Estate planning can also involve executing powers of attorney, which allow another person (an agent) to act on your behalf. Such agreements are enforceable in New York and should be drafted and executed accurately and clearly with the help of a trusts and estates attorney in order to avoid any potential negative repercussions.
Titling your Assets
In some circumstances, individuals can reduce tax consequences by gifting assets during life, which can be a useful estate planning tool. Additionally, some assets can pass outside of probate, which in most cases is preferable as probate involves a court process that can be time-consuming and costly. For real property to pass outside of probate, it must be co-owned with another person in a joint tenancy or co-owned with a spouse in a tenancy by the entirety. Also, trust assets pass outside of probate, so creating a trust is a viable option for many while planning their estates.
Contact an Experienced Legal Advocate Today
Planning your estate can be a complicated and intimidating process. There are many factors to consider and often there are many different options available, each with different benefits. Let our experienced New York trusts and estates attorneys help you and take on some of that burden. We will ensure that you are apprised of all the options available to you. We will assist you in understanding fully each step of the process and help you to draft a will or any other legal instruments you may need for your estate plan. Contact us today to get started.