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New York Estate Planning Lawyer
Estate planning is vital to your family's financial well-being. Creating a will and any necessary trusts can reduce your tax burden while providing for your family and ensuring that your wishes are carried out after your death. Littman Krooks can help you set priorities and put the essential documents in place.
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There are several strategies that can be employed to reduce your family's estate tax burden. Bypass trusts can address the portability issue with New York's estate tax. Gifts made during your lifetime are a good way to provide for your loved ones while avoiding taxes.
You may make annual gifts of $15,000, per individual recipient, to as many individuals as you like, without them counting toward your lifetime gift and estate tax exemption amount.
New York Estate Tax Considerations
- New York State has no spousal portability. Unused unified credit cannot be given to a surviving spouse for state tax purposes.
- If a New York resident has a taxable estate exceeding the New York State exclusion amount by 5%, then an estate tax is imposed on the entire value of the estate.
- New York State has no spousal portability. Unused unified credit cannot be given to a surviving spouse for state tax purposes.
- If a New York resident has a taxable estate exceeding the New York State exclusion amount by 5%, then an estate tax is imposed on the entire value of the estate.
There are many reasons why you may wish to include one or more trusts in your estate plan. While a will provides for direct distribution of your assets, a trust is a way to hold property for the benefit of another person.
The creator of the trust designates a person known as the trustee to manage and distribute the assets for a beneficiary.
When a trust is created by a will, it is known as a testamentary trust. Your will can direct that some assets be distributed directly, and others be put into trust. This may be useful when you have heirs who cannot manage the money on their own, for instance because they are too young or because of a disability. In your will, you can instruct a trustee to manage funds responsibly and make appropriate distributions to the beneficiary.
Trusts can also be created during your lifetime. A revocable living trust can be formed while you are alive to allow a trusted person to manage your affairs, even if you become incapacitated. You can also place your major assets in such a trust, so that your trustee can distribute them according to your instructions directly from the trust after your death, without the need to wait for the process of probating your will.
Trusts can take different forms and can be used for several purposes.
Special needs trusts can provide for a family member with a disability while protecting their eligibility for public benefits. Asset protection trusts can keep resources safe from future creditors. Spendthrift trusts safeguard assets from young adults who have not yet developed good money management skills. Bypass trusts can help wealthy New York families keep the state estate tax exemption of the deceased spouse for the surviving spouse. Charitable remainder trusts take advantage of tax deductions to make an irrevocable charitable gift, while also benefiting a non-charitable beneficiary.
When the intentions of a decedent are clearly stated, the process of probate and estate administration should proceed smoothly and without complications. However, in some circumstances, this process can be delayed and result in conflict and litigation.
The probate and administration process can be disputed when inheritors or other involved parties believe their rights have been denied. A fiduciary or trustee can have his or her performance challenged. A spouse can demand his or her right of election. Wills and trusts can be contested for a variety of reasons. There are serious and complex issues associated with estate litigation. When pursuing a claim, it is crucial to have expert legal guidance that will protect your inheritance and ensure that you receive what is rightfully yours.
While our first priority is to guide parties to a practical and amicable solution, thereby avoiding complications, expense and needless confrontation, we will fiercely litigate on behalf of our clients when necessary.
It is important to note that the statute of limitations in estate litigation matters. Immediate action is required to contest a will and, if not done promptly, you may lose what is rightfully yours. Therefore, it is imperative to obtain expert legal advice as soon as possible.
Our team has successfully represented clients in claims involving the validity of a will or trust, the administration of trusts and estates, and contested accountings. We understand that tremendous frustration can arise out of this process, and we are there to guide you through every step of it.
We can assist you in any estate matter including:
- Will/trust contests
- Contested powers of attorney
- Spousal right of election
- Contested accountings and actions involving breach of fiduciary duty
- Fraudulent transfers
- Protection of beneficiary rights
- Will and trust construction
- Trust reformation
- Guardianship proceedings
An estate plan is made up of living documents. Legal documents such as Wills, trusts, and powers of attorney are flexible and, therefore, can and should be reviewed on a regular basis.
Most estate planning professionals advise that an estate plan be reviewed, and if necessary, updated every three to five years, or more frequently should a major life change occur. Many people put off estate planning under the false assumption that planning early will cause the plan to be "locked in," and unchangeable.
Waiting to start on an estate plan until "sometime in the future" or "a life changing event" such as marriage or having children is unnecessary due to amount of flexibility available in an estate plan. In fact, waiting to begin planning can cause undue stress and financial hardship for loved ones should something unexpected occur. It is always important to have an estate, and it is equally important to review the plan regularly to make sure it still conforms to current living situations.
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Littman Krooks LLP combines extensive legal knowledge and expertise with individual attention to your needs. Over 25 years, we have brought astute, honest counsel and strong, thorough representation to every one of our clients.
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Littman Krooks LLP
New York City Office
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New York, NY 10017
(212) 490-2020 Phone
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Rye Brook, NY 10573
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This article does not constitute legal advice and should not be relied upon. If you need legal advice concerning this or any other topic please contact our offices to schedule a consultation with one of our attorneys at 914-684-2100 or 212-490-2020.
