The Estate Planning Checklist
Estate planning is an intimidating task that some people prefer to avoid. Except Everybody needs to prepare for estate planning sooner rather than later. To help get the ball rolling, here is a checklist that can help take care of you and your family through a will, power of attorney, living will, and more.
Create your will and list down who you want to receive your properties and assets. Appoint a guardian for your minor children just in case something happens to you. Make sure to discuss things with who you appoint ahead of time.
Consider holding your property in a living trust so that your family members will not have to go through the probate process.
Write your healthcare directives. If you are terminal or have a degenerative medical condition, plan for a time when you cannot make medical decisions for yourself anymore. A health care directive may include a "living will" and power of attorney to give someone the right to make decisions for your medical or health care on your behalf.
Make arrangements for financial power of attorney and assign a trusted person to handle your finances should you become incapacitated or cannot handle your own affairs.
Name someone to manage your properties and take care of your young children and to hold the funds they will inherit from you.
To avoid the hassle of probate, file beneficiary forms and name your bank accounts, retirement plans and other funds to be "payable on death" to the assigned beneficiary so that it is easier to claim.
Life insurance may prove to be a good idea when you have a house and may be indebted to various debts or estate tax after you die.
Protect your business by creating a succession plan when you are the only one handling and managing your business. If you have a partnership, have a buyout agreement.
Learn about estate taxes. Some states impose estate tax upon death if the taxable estate is above $5 million.
For your funeral plans, consider a payable-on-death account at your bank to help cover up the funeral expenses.
Your executor or your attorney-in-fact should have access to the documents that you have prepared. Among these documents are your trusts, will, insurance policies, certificates (stocks, annuities, bonds), real estate deeds, and information regarding your bank accounts, mutual funds, retirement plans, IRAs, debts, credit cards, funeral prepayment plans, etc.
Make sure you include important details such as joint bank accounts and who else owns them. Not addressing estate planning can lead to a judge appointing your asset's administrator or executor who will then decide how to distribute your assets. For obvious reasons, having a stranger make decisions on your loved one’s assets can upset the deceased’s family members.
Estate planning is challenging as most people are uncomfortable thinking about death. Though taking control of matters and knowing just what will happen will provide a comforting feeling like no other. It’ll actually remove stress rather than cause it.
NYC (Brooklyn, Queens, Long Island Attorney)
Probate Law: What You Need To Know
Probate is the legal system used for disbursing estates to the heirs at the time of death. The process of probate will happen if you have left a will or have not made any estate planning. Again, even if you have a will, you will still need to go through probate. So why is this bad?
Probate is held in probate court. It is a formal proceeding with many requirements. It is exceedingly difficult to go through the whole process without the help of a good probate attorney. Due to all the formal requirements, time needed, and inherent delays in the system, probate can last a long time and can get very expensive. Having to deal with the probate process for 2 to 3 years is normal and the court fees and lawyer fees are high. Lawyers are allowed to charge a percentage of the whole estate as their fee regardless of the work they put in.
Probate is also a public process which means that all the details of your estate is now in the public record. Details of your family business as well as your family’s personal finances are included.
All transactions that happen during the probate process needs to be approved within probate court. Sales of assets and real estate is included. Many realtors are familiar with the challenging prospect of selling homes during probate. Sales usually take several months and for much lower than their market value.
All key decisions are final. Probate Judges will determine who gets which assets as well as when they get it. Custody of children and what happens to all your assets will be decided by probate judges. It is also close to impossible to challenge a judge’s decision.
Challenging a will during probate is easy and leads to years of delay. Even if you leave behind detailed instructions, an heir can challenge it simply by filling up a short form in court or by stating their challenge. One of the duties of your probate attorney will be to oversee the whole process from A to Z and make sure you will not run into any major delays.
Many families lose their businesses due to the delays and other problems caused in probate such as difficulty accessing capital and competitors learning about their inner financial workings. One more thing worth mentioning is that when you have no estate plan at all, your estate is exposed to death taxes.
The downsides of probate cannot be ignored. On the upside though is that you can avoid probate by distributing your estate through a revocable living trust. There will be no need to go to probate court, no need for judges, or lawyers and your estate will be distributed within weeks rather than years. The distribution will be managed privately and be difficult to challenge. You can protect yourself from excessive taxing and allow for quick sale or your assets. Probate is a type of Elder law and is no laughing matter and require help so that everything can be done efficiently.
People have a tendency to procrastinate when it comes to getting help planning an estate. Everybody thinks they will have time to do this later until it becomes too late. You just have to remember that anything can happen and that you have nothing to lose and everything to gain by taking care of this now.
NYC Attorney At Law: Offices
If you need an estate Lawyer or need medicaid planning services from a qualified elder law attorney then you have came to the right place. Call or visit the Law Offices Of Roman Aminov today.
We have 2 NYC offices for your convenience.
Queens Office: Law Offices of Roman Aminov 147-17 Union Turnpike Flushing, NY 11367 (347)766-2685
Brooklyn Office: Law Offices of Roman Aminov 1600 Avenue M Brooklyn, NY 11230 (347)766-2682
We have recently been featured on the Brooklyn Brownstoner, visit our Brownstoner Elder Lawyer page today.
Nothing is more important than preparing yourself and your estate during the golden years of your life. Making sure you have the long-term healthcare that you will need is absolutely vital. If you cannot obtain private insurance you will need a medicaid planning lawyers help. Only an experience elder lawyer can guide you through this maze. You must make sure to ask your NYC elder lawyer the right questions. From asset distribution, to estate planning, to medicaid planning make sure to cover all bases with your attorney.
If your loved one left a will and you do not know where the probate court process begins it's time to call a law firm to assist you. Even in the event your loved one did not leave a will, we can help you claim what rightfully belongs to you through what's called estate administration. Learning what estate administration is will be crucial as the claims process without a will is quite complicated. You will need a long consultation with a qualified firm to understand the process in your state of claiming funds without instructions from the deceased. So whether you are looking to plan your estate in Astoria, Flushing, or anywhere else in the five boroughs of NYC you call call us for a free sit down consultation. Writing a will involves a lot of law. There is even a big legal debate about an estate will written by A Dementia patient that has terrible memory and very bad cognitive skills.
Video #1: Can I Revoke My Last Will and Testament?
Video #2: Does my will or beneficiary designation take precedence?
Video #3: Do I Need a Will If I Have Beneficiary Forms?
Brooklyn Area Workers Compensation Lawyers
Were you injured at work? Workplace injuries can be one of the most difficult things for a family to deal with. The financial burden of losing your skills to to physical issues can be overwhelming. Whether you are looking to file a claim with your employers insurance or looking to get government assistance you should call an attorney. Did you know that you pay taxes to the state of NY every single month for disability? Know your rights, claim whats yours, and call a workers compensation lawyer in Brooklyn today. As a reminder, when you get hurt at work you must notify your employer immediately. After that you must visit a doctor to receive medical attention right away. Finally, call a workers attorney right away. Our sister law firm handles our employment law issues. They can be contacted at: Shulman & Hill Workers Compensation Firm 44 Court St #808 Brooklyn, NY 11201 (718) 852-4700 http://www.shulmanwc.com
Real Estate Lawyers in NY
Real Estate in NY is very expensive can be a big drain on ones time and energy. The last thing anyone wants to worry about when dealing with the purchase of the home of their dreams is the law involved with that purchase. This is exactly why it is so vital to deal with a housing attorney that one can trust and rely on during this crucial time. At the end of the day, your real estate transaction must go as smooth as possible from the perspective of the law or the deal can get ruined. Residential and commercial closings have a lot of aspects involved that only a quality attorney will know. Lease reviews and negotiations are often a key element of this process. Landlord-Tenant and foreclosure issues are common today and require the immediate help of a qualified real estate lawyer. You may require CEMA preparation or 1031 counseling. As you can see from the perspective of the law representation is a must. Don't hesitate and make sure you deal with a highly experiences legal representative. Closing with an unqualified attorney can cost you thousands in damages. Make sure you choose an NYSBA licensed real estate attorneythat has dealt with a significant amount of property closings in the past.
Family Real Estate Law in NY
The Law When People Die Without Leaving Wills
Being the legal experts at planning estates and ones future is no easy tasks. Elder law and medicaid planning can make or break the future of a human being. We keep up to date with every single change in the law and work hard to try to be the Kings Of Elder & Estate planning in the United States.
The latter resources are law related articles that our firm thought would be useful to the general public. It is by no means any form of legal advice. You must speak to your legal representative before taking any action or making any decisions based on this information.
Filing For Bankruptcy In NYC: Safe Planning
Whenever you are in debt and are having trouble settling it with your debtor, it may seem like there's no end to your problems. Filing for bankruptcy is not an easy decision to make. The process takes time-- especially when it comes to the requirements and procedures that must be completed in order to seal the case successfully.
Even though bankruptcy can give you some ease and relief, majority of the people who want to undergo this process simply don't know enough about what to do before filing the petition. The mistake most people make in filing for bankruptcy is the lack of preparation and failing to plan ahead.
Get Everything Organized
There are lots of requirements for filing for bankruptcy. The first step is to file the petition -- a detailed accounting of your assets, debts, financial standings and accounts. To be exact, you need a detailed listing of your properties, wage earnings,as well as things you owe to others or bought. All of this will be checked and carefully reviewed by the court.
All the paperwork involved can be mind-boggling, but having these documents straightened out and reviewed by an attorney before filing will make great improvements for your case. The following is a list of documents the court will need to see:
Income tax returns from 5 years up to the present
Loan information statements from secured assets like car or mortgage loans
Bank statements -- checks and savings account statements from the past 12 months
Debt bills or detailed statements from all of the creditors that you owe money to
Proof of income, such as paychecks from the past 12 months
- A will or any other estate plan that legally bounded your assets
Investment accounts or retirement statements from the last 12 to 36 months
Make sure to have these documents carefully reviewed by your attorney before filing the petition. Check for any inaccurate or missing documents and information as it will cause delays or may even have the case be dismissed by the court.
Another common mistake when filing for bankruptcy is the lack of appropriate financial management beforehand. In a few cases, people may attempt to gather more debt in order to file the bankruptcy, essentially collecting items without having to repay the debts. In some cases, people transfer some of their assets such as personal properties or money to their family members or relatives with the intention of getting the items back once the bankruptcy process is completed. Taking these actions is considered fraudulent and may be used as cause for your case to be dismissed.
The bankruptcy process is meant to aid people who are in the midst of financial problems; to organize or eliminate such debts. Any form of intentional manipulation of the system will lead to legal action taken against you. Other examples of potential fraudulent actions include:
Transferring properties temporarily to family members prior to filing for bankruptcy
Not declaring all of the information about your debts or assets in an attempt to conceal them for future interests
A purchase worth $550 or more using your credit card within 90 days of filing for bankruptcy
Requesting for a cash advance of $825 or more from your credit card within 70 days of filing for bankruptcy
To maximize the potential of success when filing for bankruptcy, always prepare your documents and finances ahead of time. We certainly advice you to visit our full blown bankruptcy website now and learn everything you possibly can about our local legal procedures for debt. Never leave any assets behind and always be honest and open when facing the court about your current financial situation. Never hesitate to share any information the court requires.
Estate Planning For Immigrants & Green Card Holders
Did you know that anyone with a legal status in the United States can write a will? Many immigrants and Green Card holders are unaware of their legal rights when it comes to elder law related issues. It is crucial for this demographic to plan their estate as the economic situation at home is usually tougher than that of the average American family. When people at a lower economic status pass away without leaving a will it can cause a huge rift in the family. Turmoil can break out when the family members begin discussing who gets what. Visiting a website of a local NYC immigration attorney and learning more about your legal rights is a great start for any foreign national. After that, you can work hand in hand with an estate attorney and plan your future the right way.
Queens Estate Planning: Be The King Of Your Will
After 18 years of age, one can write a will. However, it depends on some individual circumstances and there are exceptions that serve as reasons to prepare a will.
Being financially independent
Some people become financially independent from their parents at an early stage in life. Others who attend university or pursue other studies are still dependent on their parents even throughout their late twenties.
Estate Law, specifically the intestacy rules, state that if an unmarried person without any child dies without a will, all his assets go to his parents. If there are no parents, then everything goes to their living relatives. It goes without saying that someone who achieves their assets through their own efforts has the right to leave them to other people or groups of their choice.
Couples who have bonded through marriage, a civil partnership, or through a long-term relationship may write a will in their late 20s or early 30s. Without a will, what happens to somebody’s assets upon their death are covered within your state’s intestacy laws.
Some couples may be living together for a long time and may have acquired properties and assets together. They may be married, in a civil partnership or they may not be in any of these situations. Their arrangement would be disrupted if one follows the intestacy rules.
If you have any children then you must definitely prepare a will as soon as you can. If one or both parents dies while the children are still young and not capable of taking care of themselves, questions like "Who will take care of them?" will surely arise. A will addresses these concerns. It can be used to appoint guardians for the children and how assets will be allocated for their welfare.
A person who remarries or gets into another civil partnership due to a divorce or death of a partner, will have to make a new will. The will prior to the remarriage is automatically revoked by the recent marriage.
People with terminal illnesses will want to execute a will rather than have his entire assets go through the intestacy rules. Sometimes people choose to make like a charitable donation to a hospice or other charities related to their disease or to establishments that provided the care and treatment they received during their period of terminal illness.
Any person can start writing a will at the age of 18. However, if there are no obvious reasons to write a will-- such as family relationships, children, or marriage-- the average person doesn’t even think about what may happen should they die, much less consider writing a will.
Estate Law through the intestacy rules apply when there is no will upon death of the person. Intestacy laws varies per state and it is usually better for everybody if you take the time to prepare a will. Our advice- be the Kings & Queens of your estate and plan ahead with an attorney. For the average person, preparing a legally binding will usually takes a day if you seek out the help of a legal professional.
Official Queens Probate Attorney Page
Probate 101: Your Estate
The Need To Plan An Estate in NY
Medicaid Eligibility FAQ For NYC
What Is The Probate Court Process in NY
NYC Estate Law Simplified
Brooklyn & Queens Law Resource
Death With No Will: The NYC Law
Long Term Care Law in NY
Medicaid Lawyer NYC 101: Nursing Home Care
Probate 101: Control Your NY Estate
FAQ For Probate Law in Queens
Bellerose Estate Planning & Probate
Our St Albans Estate Law Team
Aminov Estate Law Now In Hollis
Queens Law Office
Estate Laws: Opening A Safe After Death in NY