Would you like the peace-of-mind that comes from knowing your affairs are in order and your loved ones are provided for?

The benefits of estate planning for all are evident:

1) ensuring that the planner's wishes are followed after their death,

2) that the planner's family is spared unnecessary expense and delay, and

3) that someone the planner trusts will be in charge if they are ever incapacitated and unable to manage things on their own.

Firstly, learn how to avoid probate after your death.

Unless you do some planning ahead of time, your family may have to conduct a probate court proceeding after your death, to get court approval to transfer your assets to the people who inherit them. For many people, probate is a waste of money, easily avoided with a living trust or other simpler methods.

In New York, there are a few legal instruments to protect you from probate: living trusts, joint ownership, payable-on-death (POD) designations - for back accounts, transfer-on-death (TOD) registrations - for stocks and bonds (as well as deeds for real estate & registration for vehicles), and also possibly through the use of simplified probate procedures for 'smaller estates'. Some may apply to you, some may not - at Gavenda Law, we can help sort it out.

And secondly, minimize New York estate tax.

Currently, New York imposes its own estate tax if at your death you leave assets worth more than $1 million. That’s a lot of money, which means that most estates don’t owe any tax—but if you own real estate in New York, it’s not hard to bump up against the million-dollar threshold. State lawmakers are talking about raising the exempt amount, but it hasn’t happened yet. If you think your estate might owe the tax, talk to an experienced lawyer about methods of reducing the bill.

If you would like us to step you through your estate planning, we would love to guide you quickly and easily to success in your search for your peace-of-mind. Contact Gavenda Law today.

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