What Does an Estate Planning Lawyer Do?
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by: Tehila Mörtl
As stated before, we at Protect & Advise Senior Care Consultants are passionate about keeping senior citizens in our society safe, secure and living with a sense of peace. Part of ensuring an elders peace of mind comes with organizing one’s estate and ensuring that all necessary legal documentation is in place. Legal documents prepared and implemented by New York Estate Planning Lawyer include wills, gifts, trusts in which arrangements are made for transfer of assets from the decedent’s estate to assigned heirs and beneficiaries, etc..
These attorneys must also be educated in tax law so that reduction of taxes and fees imposed on an estate are minimized. Additional matters which a New York Estate Planning Lawyer can assist with include securing life insurance to cover the cost of funeral and burial expenses, maintaining an individual’s financial well-being by integrating fiduciary knowledge, business development, investments, retirement plans, annuities, intestacy, and bequeaths to charitable organizations.
One might wish to discuss trusts vs. wills with their estate planning lawyer as a trust unlike wills, one can help avoid the expensive and lengthy process of overseeing distribution of assets.
As reported in Forbes, the number of lawyers who specialize in estate planning has decreased due to the 2010 estate tax relief legislation. Whereas individuals with modest estates previously had to pay between $2,000 and $3,500 for an estate plan while larger, more intricate estates resulted in much higher fees. The change in legislation increased the amount of property value to $5,000,000 before estate taxes are required. Therefore, many no longer require advanced estate planning to avoid such taxes. Either way, the services provided by an New York estate planning lawyer such as wills, trusts, appointing trustees, etc. continue to be of great importance when planning one’s estate and distribution of such upon their demise.
Thank you for visiting Advise & Protect Senior Care Consultants and joining in our discussion on the services provided by an New York Estate Planning Lawyer. Please check back as we continue exploring other elder law topics including but not limited, elder abuse, powers of attorney, etc. Meanwhile, please be reminded that we offer many services FREE of charge so, should you have questions, we encourage you to give us a call at 646-820-9202 and speak with one of our Senior Care Consultants. They will be able to answer any questions you might have to begin the process of providing whatever assistance you might need.
Should you have an experience in elder law that will be of assistance to our other readers and would like to share, please contact us directly.