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At Korsinsky & Klein, LLP, we take your estate plan seriously. We are dedicated to delivering high-quality legal service that honors the unique needs of your entire family. When you need an estate plan that successfully balances the constant changes that life can bring and your family's future needs, call a New York estate planning attorney from our firm. We will help you develop an estate plan that takes into account every asset, family member or financial endeavor.
Chances are that you have thought about your future; but have you acted upon those thoughts? Many people tend to shy away from planning for the future simply because the thought of one's own mortality can be overwhelming. You have probably spent your lifetime collecting funds and protecting your family. Don't throw away the things that you hold most dear because of a failure to plan for the management and distribution of those assets.
Our legal team will listen carefully to your needs and objectives and provide an honest opinion on which components of an estate plan can be utilized to best suit your goals. The key components to any solid estate plan can include the following documents and considerations:
Taxes can be imposed on a portion of your estate before the distribution of the property to your heirs. Even if you believe that your property will not be affected by a federal estate tax, you still must determine if your property will be subject to other taxes, including state-level estate taxes or inheritance taxes. Our lawyers will determine which legal action can minimize taxes and maximize your inheritance.
Healthcare proxies name a person, called an agent, whom you trust to direct your wishes for healthcare when you cannot do so yourself. Your agent will have the fiduciary duty of making the decisions for your medical treatment if you are incapacitated. In effect, the person that you name as your agent must be someone whom you trust to assert your wishes despite the pressure or discouragement of others.
A living will specifically document your wishes for the type of medical treatment that you would or would not like to receive in the event that you cannot speak for yourself. Through the use of a healthcare proxy, your appointed agent must adhere to the terms in your living will. A living will can provide the peace of mind that your loved ones need because it eliminates the pressure of keeping you on life-sustaining support based on your declared wishes.
Powers of Attorney
Powers of attorney can be durable, general, limited, or special. Once you create a power of attorney, that individual will make financial or business decisions on your behalf once you are no longer able to make your own decisions. The state of New York requires that the creation of a power of attorney be written and signed willingly.
Probate & Estate Administration
Once a person passes away, the decedent's property must be distributed. If a person passes away with a written will, the decedent's property can be distributed through probate. If a person dies without a will, the decedent's assets will be distributed through New York's intestacy laws or through the estate administration process. Once all estate taxes are paid, debts are cleared and assets are distributed, the estate is closed.
Although it is ideal to distribute property amicably, it is not uncommon for individuals to experience conflict over the distribution of a decedent's assets. Major concerns may involve improper distribution or accusations of fraud. If you are facing a probate dispute, it is wise to speak with a lawyer who can help the parties involved reach an agreeable resolution.
Trust administration can vary in complexity based on the terms of the trust. Trust administration is the process of carrying out the terms of a decedent's trust. A trustee's duty for administering a trust may involve determining the total value of trust assets, keeping inventory and reviewing tax issues of the trust. Because administration can be complicated, it is wise for trustees to consult with an attorney.
Wills & Trusts
A carefully structured estate plan will be comprised of many elements, some of which could include wills and trusts. Wills and trusts serve many functions in an estate plan, including the protection for your assets, property and heirs. There are various types of trusts and wills that you can establish. To determine which will or trust can accomplish your objectives, speak with our attorneys.
Responsible families know first-hand that estate planning is not to be disregarded. Estate planning is a preventive measure that provides families with the peace of mind that they need. Countless individuals have become empowered through the proper legal measures to take action for the future security of their loved ones.
Don't wait another moment to hire a New York estate planning lawyer from Korsinsky & Klein, LLP. Without a valid estate plan in place at the time of your death, the courts could be forced to take action against your property to satisfy debts, taxes or other issues. Leaving your assets to the discretion of the courts could end up harming the ones you love the most.
Planning for the future with our skilled legal team will save you time, money and energy in the long run. We know that estate planning could force you to think about many things and could put a great emotional burden on you as you make these difficult decisions. We have represented countless clients throughout New York and surrounding states, and we have helped families create estate plans that allowed them to avoid the burden of litigation, probate disputes and other legal dilemmas.
From simple legal advice to concentrated legal representation through complicated estate matters, Korsinsky & Klein, LLP will be by your side from beginning to end. We offer flat fees for many cases. Contact our firm today for personal, attentive, and ethical legal services, or fill out our case evaluation form so that we can learn more about you and your estate planning needs!