With a high median income level and property value that is nearly 2.5 times higher than the national average, Oyster Bay residents have a clear incentive to establish an estate plan to protect their assets and property. Putting in place an estate plan is essential to preserving a person’s legacy and ensuring that their heirs receive their full inheritance. To learn more about how our Oyster Bay estate planning attorneys can help, consider contacting Davidov Law Group today at 516-908-8689.
What Do Estate Planning Attorneys Do?
Estate planning attorneys are responsible for putting in place a plan to safeguard your assets and property in the event of your passing or incapacitation. Paradoxically, one of the only aspects of life that we can expect is the unexpected. Life is full of unforeseeable circumstances, but it is possible to plan for these circumstances through a strategic and comprehensive estate plan. An estate planning attorney will work alongside you to safeguard your assets and property, which can include any of the following:
- Bank accounts
- Investment profiles
- Life insurance policies
- Retirement accounts
- Real estate
- Personal possessions, like vehicles and jewelry
The assets and property that you own comprises your estate. More often than not, a person’s estate has been carefully built up over the course of their life. If that person suddenly falls ill or passes away, however, who receives ownership of their estate? Estate planning attorneys confront that question by leveraging different legal and financial tools.
What Are the Benefits of Estate Planning?
There are an array of benefits associated with estate planning, regardless of age or financial status. Establishing a comprehensive and effective estate plan is incredibly important for any person who has assets in their name, children to care for, and/or loved ones to provide for following their passing. Some of the most important benefits of estate planning include:
- Minimizing taxes: New York State and federal taxes can be incredibly burdensome on your loved ones. Through estate planning, there are ways to minimize the estate and income taxes that your beneficiaries may have to pay. Without having a plan in place, the amount that you hand down to heirs may decrease substantially due to tax burdens, especially for individuals with complex estates.
- Protecting children: For parents of young children, estate planning takes on a new meaning. To ensure that all children are cared for according to your wishes, it is essential to leverage estate planning tools. In doing so, a person can name guardians and decide who will raise any children in the event that both parents pass away before they turn 18 years of age.
- Exerting control of your estate. Without an estate plan in place, the distribution of your assets and property will be left to the state. How your assets are distributed will depend on New York State laws and the structure of your family. This being said, if you pass away without an estate plan in place, you risk your assets being distributed in a way that you do not necessarily approve of.
The benefits of estate planning are numerous. Without an established plan in place, it is often more difficult, time-consuming, and costly for your heirs to manage your estate. You spent years diligently building your estate. Leaving your assets vulnerable to probate, taxes, and state protocols undermines your hard work. The primary benefit of estate planning is protection, for both you and your loved ones.
What Are the Different Estate Planning Tools?
An effective estate plan includes different legal documents and planning tools that work to fully protect your assets and property. An experienced estate planning attorney will understand how to leverage these different tools to create an estate plan that works for your unique financial and familial situation. Some of the most commonly utilized estate planning tools include the following:
- Last will and testament: establishes a person’s preferences regarding the distribution of their assets. This document can also be used to detail guardianship preferences for children.
- Living will and healthcare proxy: used to specify health care wishes in the event of incapacitation. This document allows a person to dictate end of life and health care decisions if they are unable to make such decisions themselves.
- Durable power of attorney: authorizes another person to act on another individual’s behalf in legal or financial matters.
It is important to note that not all estate plans are the same, and for good reason. A proper estate plan should be tailored to your specific needs. If you wish to create an estate plan that most fully protects your assets, avoiding conventional, one-size-fits-all planning strategies is crucial.
Comprehensive Planning vs. One-Size-Fits-All Planning
While an estate plan may be effective using a few specific planning tools, many families require additional protections to fully safeguard their assets. There are a variety of different estate planning strategies that can be used in cooperation with the traditional aspects of an estate plan, including:
- Family limited partnerships
- Charitable and insurance planning
- LTC planning
- Final expenses
- Retirement Account Planning, adhering to the New York State Secure Choice Savings Program Act
- Succession planning for businesses
At Davidov Law Group, we understand that every family is unique and therefore every estate plan must be individually tailored. This is what sets our practice apart from other estate planning firms. Where other firms utilize one-size-fits-all estate plans, we tailor our services to meet your specific needs and establish a comprehensive estate plan that fully protects your family and property.
Selecting the Right Oyster Bay Estate Planning Attorney For Your Current & Future Needs
Selecting the right estate planning attorney for your current situation and future needs is one of the most important legal and financial decisions you will make. The right attorney will take the time to assess your estate and present a range of solutions to fully optimize your assets and property in the long-term. When meeting with a prospective estate planning attorney, the following questions can help provide valuable insight about whether they are right for you:
- Does the law firm have an in-house certified financial planner? What is their depth of experience in financial matters?
- Do they have a holistic view of planning to ensure effectiveness and full protection of assets? Are their services tailored to meet your individual needs?
- Does the attorney take the time to learn about your specific goals before making suggestions? Do you trust that they have your legacy in mind at every step of the planning process?
- For how many years has the attorney practiced estate planning law? Do they have experience with a range of cases and financial situations?
As a family owned law firm with decades of experience, we understand the common challenges that arise when creating and managing estate plans. For this reason, our founding attorneys published Keeping It In Your Family – Protecting Your Family and Leaving a Lasting Legacy to help individuals and their loved ones plan for their finances long-term. Financial planning is one of the most powerful tools that a person has to protect their legacy and leave generational wealth. Our Oyster Bay estate planning attorneys from Davidov Law Group are here to help make your goals a reality.
Protect Your Family and Preserve Your Legacy with Davidov Law Group
When creating an estate plan, protecting your family and preserving your legacy should be at the forefront. At Davidov Law Group, we work diligently to understand your situation, creating an estate plan that fully leverages financial and legal resources to help you meet your goals. To start the process, consider contacting our team of experienced Oyster Bay estate planning attorneys today at 516-908-8689.