New York estate planning lawyer Yana Feldman (https://yanafeldmanlaw.com/three-fundamentals-of-estate-planning-in-ny/) of New York Legacy Lawyers has recently published an enlightening article titled ‘Three Fundamentals of Estate Planning in NY’. The article unravels the complex world of estate planning, providing residents of New York with a clear roadmap to secure their assets and ensure their wishes are upheld.
The New York estate planning lawyer defines estate planning law as encompassing the drafting of wills, trusts, guardianships, and other documents that facilitate the transfer and management of property after death. She emphasizes that a well-thought-out estate plan can proactively address potential challenges related to asset distribution following a loved one’s death.
“Contrary to popular belief, estate planning isn’t just for those with large, taxable estates. Regardless of the estate’s size, having an estate plan is crucial,” The New York estate planning lawyer explains. She further explains that estate planning involves more than tax minimization, employing wills and trusts to suit individuals across different financial circumstances.
In the first fundamental – drafting a Last Will and Testament – Feldman underscores the crucial importance of this legal document in clarifying the distribution of assets after death. She elaborates on the legal requirements for drafting a will in New York, and the potential limitations a will might have.
“Depending on the estate size and preferences, a will can be a simple single-page document or a large detailed volume,” explains Feldman. “It should describe the estate, the people who will receive specific properties, instructions about care of minors, or disinherit people expected to get the property.”
The second fundamental revolves around planning for guardianship. Feldman explains the importance of including guardianship provisions in an estate plan, particularly for those with young dependent children. She outlines the legal requirements for a guardian in New York, and the potential implications of failing to establish guardianship provisions.
Establishing a trust forms the third fundamental of estate planning. Feldman explains the concept of a trust, a separate legal entity to which one can transfer assets. She provides an example to illustrate how a trust operates and emphasizes the need to seek professional assistance to understand the different types of trusts and their applicability.
The article is a must-read for anyone seeking a comprehensive understanding of estate planning. It underscores the importance of professional guidance in navigating the complexities of estate planning in New York.
About New York Legacy Lawyers:
New York Legacy Lawyers is a team of skilled estate planning lawyers dedicated to helping individuals manage their assets during life and transfer them after death or incapacitation. The firm is led by Yana Feldman, a seasoned lawyer with a deep understanding of estate planning law in New York. The team’s goal is to help clients get ahead of challenges by laying out the best possible plan for managing assets and ensuring their long-term care desires are clearly expressed. New York Legacy Lawyers is committed to providing strategic estate planning solutions that prevent family disputes, optimize access to government benefits, and minimize tax liabilities.
Embeds:
Youtube Video: https://www.youtube.com/watch?v=4DPHm-pDC2c
GMB: https://www.google.com/maps?cid=16408561942605909937
Email and website
Email: yana@yanafeldmanlaw.com
Website: https://yanafeldmanlaw.com/
Media Contact
Company Name: New York Legacy Lawyers by Yana Feldman & Associates PLLC
Contact Person: Yana Feldman
Email: Send Email
Phone: (718) 713-8080
Address:132 32nd St, Brooklyn, NY 11232
City: Brooklyn
State: New York
Country: United States
Website: https://yanafeldmanlaw.com/