Westchester County Estate Planning Attorneys

At Littman Krooks LLP, our Westchester County estate planning attorneys work with you and your family to meet your current and future needs.

Estate planning provides vital safeguards for your family’s financial well-being. A well-crafted estate plan, coordinated with your retirement plan, can also provide current financial benefits. 

At Littman Krooks LLP, we take our clients’ future seriously. We’re dedicated to helping you shape a future that reduces tax burdens, preserves assets, and creates a promising financial future for your family. Reach out to us today to learn more. 

Table of Contents

• Why Create an Estate Plan?
• Basics of Making a Will in New York
• Including a Trust in Your Estate Plan
• Reducing Your Estate Taxes
• Coordinating Your Estate Plan and Your Retirement Plan
• Choosing a Westchester County Estate Planning Attorney

Why Create an Estate Plan?

Contemplating your estate plan isn’t always a comfortable topic. After all, you’re thinking about what will happen once you pass away. 

However, the benefits of creating an estate plan far outweigh the discomforts. Estate planning ensures that you’ll leave the legacy you desire. A comprehensive estate plan also makes things easier for the loved ones who survived your passing – ensuring they can honor your memory and carry your legacy forward. 

Benefits of creating an estate plan include:

• Ensuring that you receive the treatment you want if you become terminally ill, severely injured, or unable to make decisions about your medical care.
• Clarifying how you want your assets to be managed and distributed after you pass. 
• Identifying who should care for any minor children you currently have. 
• Specifying how assets should be managed for any minor children or family members who are receiving an inheritance but are still minors or are unable to make their own financial decisions. 
• Minimizing the tax burden associated with inheritance. 
• Coordinating your estate plan with your retirement planning, including plans for any necessary long-term care. 

Estate planning can be complex. Working with an experienced Westchester County estate planning attorney can help. 

Basics of Making a Will in New York

A will directs the distribution of your assets after you die. In your will, you can specify who receives what, who will carry out the terms of your will, and more.

To begin the process of creating a will:

• Take inventory of your assets. You’ll need to know the fair market value of any real estate you own. It’s also important to identify the current balance of any bank, investment, or retirement account. If you have one or more family businesses, understanding your stake in the business and its value can also help you create your will. 
• Take note of titles and beneficiaries. You’ll also need to identify how certain items are titled and whether beneficiaries are designated. For instance, some bank and retirement accounts allow you to designate a beneficiary. These accounts will pass directly to the beneficiary upon your death – no need to list them in the will. 
• Estimate your expected retirement spending. Many people build up assets in preparation for retirement. Calculate your expected retirement costs and estimate how these will affect your estate. 
• Plan for long-term care. Many people require long-term specialized care near the end of life. Consider how you’ll finance this care. 

Some of these questions can feel challenging to answer. Speaking to an experienced attorney can help. 

Without a will, New York state law dictates how your assets are divided. The state’s laws for “intestate succession” impose a single set of rules for every person who dies without an estate plan. These rules apply regardless of the size of the estate, the types of assets contained within it, or the number or status of heirs. This one-size-fits-all approach streamlines the process for the courts, but it often creates results that a person would not have chosen for themselves. 

Including a Trust in Your Estate Plan

After a will, a trust is the most common estate planning tool. The two differ in key ways, however. A will provides for direct distribution of your assets after death, while a trust holds property for the benefit of another person. Trusts can be used to manage assets during your life and to distribute those assets after your death. 

There are many types of trusts. Each type of trust serves a different purpose. Commonly used types of trusts in estate planning include: 

• Testamentary trusts. These trusts are created by your will. The will specifies which assets are to be put in the trust. Testamentary trusts are useful when you have one or more heirs who cannot manage their inheritance on their own – for example, because they are minor children or because they have a disability that hinders their ability to make their own financial decisions. The trust protects their inheritance, ensuring it is used for their benefit. 
• Revocable living trusts. A revocable living trust is created and funded during your lifetime. It manages your assets so that you or someone you trust can manage your affairs even if you become incapacitated. When your major assets are placed in a revocable living trust, the trustee can distribute them directly from the trust after your death, according to the trust’s instructions. These assets can be distributed without the need to pass through the probate process. 
• Special needs trusts. A special needs trust provides support for a family member with a disability. These trusts allow disabled family members to access needed assets without endangering their access to public benefits. 
• Asset protection trusts. An asset protection trust keeps resources safe from future creditors. These trusts are useful if you expect your debt burden to rise between now and the end of your life. 

Other types of trusts can also provide valuable support as part of an estate plan. From safeguarding assets for young beneficiaries to reducing your overall tax burden, trusts often form a valuable part of an overall estate plan. 

Reducing Your Estate Taxes

Estate taxes can impose a significant burden on wealthy families. For 2025, the federal estate tax exclusion is $13.99 million per person or $27.98 million for a married couple. Amounts transferred above this limit, however, are subject to a 40 percent federal tax. 

In addition to federal taxes, Westchester County estates are also subject to New York’s inheritance taxes. New York’s estate tax exemption limit is much lower than the federal exemption limit. There is also no spousal “portability,” which means that one spouse cannot use an unused portion of their partner’s exclusion. Finally, New York’s estate tax exemption is a “cliff.” If the estate’s value exceeds the exemption amount by more than 5 percent, the entire estate is taxed, not just the excess. 

Without good estate planning, a family can lose millions to federal and state estate taxes. A well-crafted estate plan, however, can help your family retain more of the assets you’ve collected for them over your lifetime. 

Tools that can help reduce estate taxes include:

• Bypass trusts, which address the portability issue with New York estate tax exemptions.
• Gifts made during your lifetime. In 2025, you may make an annual gift of $19,000 to as many individuals as you like without these gifts counting toward your lifetime gift or estate tax exemption amounts.

There may be other tools available to reduce your estate tax amounts. Speak to an experienced Westchester County estate planning attorney to learn more. 

Coordinating Your Estate Plan and Your Retirement Plan

An inventory of your estate will provide a snapshot of your current financial picture. For a comprehensive estate plan, however, you’ll need to consider where your finances will likely stand at the end of your life – after you enjoy your retirement and receive any long-term care you may need. 

When coordinating your estate plan and retirement plan, questions may arise, including:

• How much am I likely to spend each year to meet my needs in retirement?
• If I have any vacations or other retirement events planned, what will those cost? 
• Approximately how much am I likely to spend on long-term care? 
• What sources of income will I have during retirement? Will these meet my everyday needs, or will I need to spend down some of my existing assets?
• How will my current financial situation affect my ability to qualify for Medicaid assistance, should I need it?

Answering these questions can be challenging. An experienced Westchester County elder law and estate planning attorney can help you understand how estate and retirement plans are interconnected. Your attorney can help you build an estate plan that supports your goals for retirement and end-of-life care. 

Choosing a Westchester County Estate Planning Attorney

Littman Krooks LLP is New York’s only law firm featuring three accredited Certified Elder Law Attorneys (CELAs)®. CELAs® are accredited by the National Elder Law Association, which holds these attorneys to the highest standard of elder law and estate planning care and expertise. As of 2023, New York had less than 50 CELA® accredited attorneys nationwide.

With three CELAs® on staff, Littman Krooks LLP provides the depth of experience found in large law firms with personalized attention unique to small firms. Our accredited attorneys regularly consult with one another, offering depth of experience and professional, experienced perspectives on every aspect of estate planning in Westchester County and throughout New York. We’re dedicated to providing our highest level of service for every client and family we serve. 

The Westchester County estate planning attorneys at Littman Krooks are here to help you protect your family’s financial future. Contact us today to learn more about how we can serve your elder law and estate planning needs.