ESTATE PLANNING - STEP ONE

STEP ONE - ESTATE PLANNING

IDENTIFY YOUR GOALS - your estate can accomplish a multitude of goals such as

-reducing estate taxes
-providing income for your loved ones after your death
-protect your nest egg for children and grandchildren
-protect your nest egg from creditors
-provide an income during your lifetime and continued management should you become
incapacitated
-provide income and management of your assets for children who are disabled and are unable to
care for themselves and need assistance or those who rely on government aid and financial help
-put assets into a trust that is created to execute your wishes and needs
-ensure your wishes are carried out, especially if you are married for second time and have children from your first and/or second marriage

ESTATE PLANNING - STEP ONE

Identify your goals. Your estate can accomplish a mutlitude of goals such as:
-providing comfort and security during your life
-continued managment should you become ill and unable to do it
-reduce estate taxes
-provide income for your loved ones upon your death
-help secure and protect your nest egg for your children and grandchildren.
- provide assistance and income for those with special needs. If you have children with disabilitied who cannot manage money, rely on government aid, we can help with that
-you may want to put your assets into a trust with special provisions for your loved ones in need but also protecting the assets from third parties and creditors
-second marriages. Those with children from a first marriage may need special protection to ensure that your wishes are carried out.



MAKE A LIST OF YOUR ASSETS - STEP 3
Make copies of your records and a list of your assets and put that list with your Last Will and Testament. A place where you know that your loved ones will look. It makes their life easier at a time that is difficult enough and it also ensures that they will collect all the assets and not miss an insurance policy or stock etc. You can give that list to your attorney in a sealed envelope also to put with your Will. We have special forms to complete the list.

PROFILE ABOUT OUR OFFICE

I have been practicing law for over 16 years. i have worked for law firms in Nassau and Suffolk County. I have traveled and handled cases in the 5 boroughs of the City of New York as well as Westchester. I have handled many estate matters in Westchester. I have experience in litigation, trial work, personal injury, criminal law, divorces, family law and every area of elder law, probate, administration, Wills and trusts. Over the years my practice has focused on Wills, trusts, probate and administration thereof.

I have many clients that live out of New York and are executors of Wills and Estates that are in New York. We provide a complete service. We will help you collect the assets, manage the assets, maintain them, handle the Surrogate Court process, file the Estate tax return (generally there are no taxes but one must be filed) and the distribution. We are currently helping a client who resides in Florida, the property is in New York, and we have helped him get it cleaned, renovated and will even check on the property until it is sold or disposed of. As an executor of an estate, you will recieve a commission for your services as such. The commission helps to compensate you for your time that you spend on the phone with us or what ever you may do. This commission starts at 5% of the estate and is based on a sliding scale set by New York State Surrogate's Court procedure act and law.

Please call for a free consultation.

Did you know that in New York your spouse is the only person that is entitled to part of your estate no matter what your Will says? Yes, your spouse is entitled to 1/2 plus $50,000 of your estate even if you leave everything to your children, charity or whomever. The only time to be sure that your spouse does not get part of your estate, living together or not, is to either have a prenuptual, post nuptual or an executed waiver of the right of election form. Many of our clients have prenuptual agreements but it is not specific enough or it is not notarized or executed properly to be valid. For a free consultation please call. Our office also offers senior citizen discounts and home consultations.

We offer a one time fee for the drafting and execution of your Will. You may make as many changes as you like at no charge. We also offer a full service in that we provide estate planning, power of attorney forms, living will and health care proxy forms.

We are available 24 hours a day, 7 days a week. We are dedicated and reasonalbe rates.

Spouse's right to your estate in New York

It is very important that when planning your estate that you consider whether or not you need a pre-nuptual or post-nuptual agreement. It is important to consider if you have children from a previous marriage or out of wed lock (with someone other then your current spouse). The form will include a statement that your spouse will waive a portion or the entire portion of the estate that she or he is entitled to as your spouse in New York. If you die with or without a Will you will need this agreement if you intend to have your children or other inherit your estate and not your spouse. However, your spouse must agree and sign this document. If not, your spouse has the right to file an form known as a waiver and not file a "right of election" in your probate proceeding or administration proceeding. This document, discussing it and thinking about it can save your family and estate a lot of money and time.

Elderly should be careful with their assets and plan ahead. Now you have to plan ahead at least 5 years in advance due to the Look Back period. We can help. We offer huge discounts to senior citizens as well as free advice and information. Please see our website at http://www.liestateattorney.com/ or http://www.lilawservices.com/ or call us anytime. Bonnie Peters-Lawston. We are also certified Guardian Ad Litem and are on the Surrogate's Court list for appointments for both Nassau and Suffolk Counties. However, we will assist you if you live anywhere in New York State, on Long Island, Queens, Brooklyn, Manhattan, Westchester, the Bronx, etc.
Labels: Elderly law - planning ahead

PROBATE AND ESTATES

Our office has probated several estates whereby the client's have not updated their Wills or have written on the Wills thinking that those changes will be valid and their wishes upheld. That is not the case. The changes have to be executed in the same manner that a Will does with the same formal requirements. Updating a Will is easy and inexpensive and can be costly if not done. Its costly and worst part of all, the testator's wishes are not upheld. So the person dies thinking that their changes are honored and its not the case.

We always offer discounts to those in need and senior citizens. We probate the most difficult Wills, and help those probate the Will and collect the assets. We always look forward to helping the client and closing the Estate out. Our clients are happy with our services.