Table of Contents

Is Probate Required if There is a Will?
When is Probate Necessary in New York?
Best Estate Planning Lawyers in Brooklyn: Why it is important?
Do I need an Estate Plan?
Estate Planning for a Married Couple: How to do it?
Estate Planning for Business: Why it is Important?
What is Estate Planning?
What does an Estate Plan include?
Is Estate Planning only for the Wealthy?
Estate Planning for Singles: Widowed, Divorced, and Never Married!
Estate Planning for Pets: Why it is important?
Estate Planning for Children: How to do it right?
Estate Planning Checklist: Important Guidelines & Details!
Estate Planning for Business: Why it is Important?
What Is Estate Planning?
What Does an Estate Plan Include?
Is Estate Planning Only For the Wealthy?
Estate Planning for Pets: Why You Need To Do It?
Estate Planning for Children
Estate Planning for Singles
Estate Planning Tips for A Married Couple
Do I Need an Estate Plan?
Estate Planning for Business
Estate Planning Lawyer
/Common estate planning scams you must ignore
Benefits of Estate Planning for Low Income Individuals
Why Estate Planning for Minors is Important?
Estate Planning for New Parents & Couples!
How to do Estate Planning for Non-US citizens?
How to do Estate Planning for Separated Spouse?
Estate Planning for Young Families & Couples!
Estate Planning Goals For Blended Families
What is Estate Planning in a Digital Age?
Estate Planning Strategy In The Digital World
Importance of Estate Planning In the Down Economy!
Estate Planning Is The Best Tool to Save Inheritance Tax
Estate Planning Process & Step by Step Guide!
Why Estate Planning for Elderly Parents is Important?
How to do Estate Planning for Digital Assets?
Estate Planning for Childless Couples & How to do it?
Custom Web Design
Estate Planning Errors to Stay Away From
Estate Planning Documents: All Must Have Important Docs in Details!
Estate Planning At Different Ages
Estate Planning and the Military; Understand the Importance!
Estate Planning: What happens when your spouse dies?
Estate Planning: Living Trusts vs. Will Difference & Importance!
Estate Planning Errors Through Digital Means
Do You Need A Probate Attorney After Estate Planning
Do Retirement Accounts Go Through Probate?
Estate Planning: Difference between a Will and a Trust!
Challenging Estate Plans – Fraud
Estate Planning: Difference between a Living Will & Power of Attorney

Studies show that nearly 60% of the American population has not indulged in estate planning. This is a gap that you need to address with haste. The misconception is that you do not require having a succession planif your assets are modest. But, the truth is that every person who has an income and asset needs to strategize. The aim is to keep your loved ones safe even after you are not there physically.

The average layman has little idea about the constantly changing laws and taxation intricacies. It is important that you should take expert help to plan. The law states that without an estate plan your assets will be under the guardianship of the state at death. Every state has a different law. But, by default, your spouse and minor children will face deprivation for a long time. The best way to combat this is to create a comprehensive strategy. Beat the taxman, save legal costs and make the process seamless with an estate plan.

Estate Planning helps You Avoid Probate

It is easy to make a will, but probate is a lengthy and expensive process. The probate involves validating the will and placing a monetary value to the assets left behind. The next step is to clear all pending bills and taxes. Then the remaining estate is distributed amongst the beneficiaries as you have indicated in your will.

An estate planning lawyer in New York is always in demand. You can seek advice on how to avoid probate. The aim is to keep your assets out of a long and complicated inheritance process. You save your heirs a lot of money in the process too.

Revocable Trusts

One of the most significant costs of inheriting property is prohibitive taxes. The federal-state tax and inheritance tax both are humongous. You can avoid lengthy probate by having a joint estate plan with your spouse. AB trusts, ABC trusts, and revocable living trusts are the best options to reduce tax burdens. You can assign your assets to the revocable trust. The assets still belong to you but will not be a part of the probate.

Irrevocable Trusts Are An important Estate Planning Tool

You can also form an irrevocable trust. This kind of trust constitutes a permanent decision. You are actually relinquishing ownership to the assets. The trustee that you appoint will be in charge of managing the assets. The move ensures that you do not control the property.  Hence, it is legally not a part of your estate and is not under tax purview. Creating an irrevocable trust makes a lot of sense if you have clarity about the beneficiary. 

Spousal Lifetime Access Trusts

The advanced form of trusts helps minimize and avoid taxes. The spousal lifetime access trust also ensures that your assets are protected if there are divorce proceedings or lawsuits. You legally do not own these assets anymore, so they are not a part of the taxable estate. Domestic asset protection trusts and specific offshore trusts are also an option. These trusts can keep your property safe from ex-spouses and creditors.

Estate Planning Lawyers Are Important

Do remember that these irrevocable trusts are not DIY projects. They cannot be undone if you change your mind. You need professional help when you take this decision as the trust is irrevocable in nature. The trusts need to make watertight and error-free from all angles. You should have in-depth discussions with your lawyer to ensure that your strategy achieves what you exactly intend.

If you have significant estate then your estate planning lawyer can use advanced techniques to protect your assets. You can gift your assets to your heirs through a family limited liability company. The other way to reduce tax burdens is to allocate assets to the business if you are an entrepreneur. There are umpteen ways to save taxes and avoid probate. But be warned, it’s not the cup of tea of a layperson.

The professional is knowledgeable about the current tax laws and can help you make the right decisions. You also need to review the strategy regularly as your life situation changes. Estate nature changes when your economic and familial status changes. A financial planner will help you stay abreast of all the modifications that you need to keep you and your loved ones safe.

Look for the best Estate Planner firm today to use multiple tools to keep you and your property safe.

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