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Protecting the ones you love starts with estate planning in New York. It is imperative to plan ahead now to protect your assets and your loved ones.
The experienced Elder Law and estate planning attorneys at Genser Cona Elder Law offer decades of experience helping people like you create a plan for the future. We offer a wide range of Elder Law services, including estate planning.
We'll work to help ensure all of your affairs are in order and executed to your exact specifications. Continue reading to learn more about estate planning in New York and how Genser Cona Elder Law can help.
Whether you believe it or not, you already have an estate plan. Under New York law, your house and other assets will pass to your heirs according to the applicable statutes — unless you have a valid Will. Combining a Will with other important planning documents ensures that your property will go to the people you want in the way you choose.
A carefully considered plan could help you and your family save on taxes while avoiding costly court costs and attorneys' fees. Equally important is keeping your estate plan updated by reviewing it regularly, especially when changes occur in family circumstances.
When you meet with your Estate planning attorney at Genser Cona Elder Law, we'll make sure to include — at a minimum — the following four estate planning tools:
Other useful instruments include various trusts providing different means to accomplish your planning objectives.
In the recent years, the laws regarding estate taxes have undergone significant changes. Even so, it's imperative for families to utilize strategies to reduce your overall tax burden. In addition to federal estate taxes, New York state has its own estate tax. Fortunately, the experienced New York Estate Tax Planning attorneys at Genser Cona Elder Law can help you devise a comprehensive strategy to help you achieve your current and future goals.
Learn more about New York estate tax planning.
The most essential and basic instrument in your comprehensive estate plan is your Last Will & Testament. This is a legally binding declaration of how you wish to have your assets and property divided upon your death.
If you don't have this essential document in place, the state's law will decide to whom and how your property and assets will be distributed, which may contradict your wishes. However, you can ensure your wishes are carried out as you wish by having a well-drafted Last Will & Testament.
Your Will can also play a role in reducing estate taxes. If you have a young family, your Will can be especially important in appointing someone as a legal guardian of minor children.
Learn more about creating a Last Will & Testament to ensure your wishes are communicated.
The durable power of attorney is one of the most powerful tools you can use when planning for the future. This important legal instrument allows you to name a trusted loved one to make financial decisions for you.
The person you name to make financial decisions on your behalf will become your agent, and you will be referred to as the principal. The agent's powers can be sweeping and broad to include virtually any action of a financial nature you may have performed previously. At the same time, you can determine the scope of the legal authority you grant your agent.
There are different types of power of attorney designations based on your unique needs and situation, such as:
The estate planning attorneys at Genser Cona Elder Law can help you understand your options and provide guidance to the best legal solutions for your needs, wants, and desires.
Executing a health care proxy will help ensure you receive the quality of care you desire. Your health care agent should be a loved one, family member, or someone you trust.
A Health Care Proxy is used to designate someone, called your Health Care Agent, to make medical decisions on your behalf and to communicate your health care wishes to doctors if you cannot do so yourself. A Health Care Agent is allowed to make decisions when your doctor has determined that you can no longer make those decisions yourself.
Choosing a health care proxy will ensure doctors and providers follow your wishes. The estate planning attorneys at Genser Cona Elder Law will help guide you through the process of establishing and choosing a health care proxy.
Your Living Will is a written statement that explains your desires pertaining to end-of-life care. The Living Will includes your wishes and instructions concerning life sustaining measures, such as:
At Genser Cona Elder Law, we’re proud to have been ranked the #1 Elder Law Firm on Long Island for 8 consecutive years by Long Island Business News. We provide a holistic approach to Elder Law by not only focusing on the legal issues, but also focusing on caregiver issues, family dynamics and practical issues.
We'll help you plan for the future you envision so you can focus on enjoying life's most precious moments today.
Contact Genser Cona Elder Law today for a greater peace of mind.
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