You may be concerned with providing for your minor or disabled child, protecting your estate from unnecessary taxes or safeguarding your assets against the cost of long-term care. If you share any of these concerns, it is vital that you plan. Without doing so, the laws and courts of New York will dictate what happens to your estate and the care of your children. Whatever your concerns are, The Law Office of Andrew M. Lamkin, P.C. in LI (Long Island), New York will create a comprehensive plan to meet your goals.
No two estate plans are exactly the same. Every client comes to me with unique needs. I am dedicated to drafting the estate planning documents needed to meet each of their concerns such as:
Estate tax planning
New York and federal estate taxes can take a significant portion of your assets away from the people you leave behind. The right estate plan can avoid unnecessary estate taxes and protect your assets.
Family life changes
Whether you are recently married, divorced or began a second marriage, your estate plan needs to reflect your current situation and wishes. I will help you protect your children and spouse from complications that can arise.
Property in Multiple States
If you own property in multiple states, your heirs may be required to probate your estate in each state in which you own property. The process may take over a year. The result can be the inability to sell the property quickly, a delay in paying a potential estate tax (resulting in a fine) and high legal fees. Planning can simplify this process by finding the right ways to avoid the need to admit your will to probate.
The probate process is expensive and estates can be difficult to administer. Planning ahead can save your loved ones the burden of a lengthy probate process.
The cost of long term care is extraordinarily high. If you or your spouse require the assistance of a home health aide or need to reside in a Nursing Home, how will you pay for the care and afford to live in your home? Would you rather your life savings be spent on your care or be passed down to your heirs? Planning can ensure that you will receive the care you need and that your assets are protected.
Providing for disabled children
Children with autism, Down’s syndrome or other developmental disabilities often receive government benefits. The right estate plan can provide for your child while maintaining his or her eligibility for these benefits.
Establishing guardianship for minor children
If you pass away, who will care for your child? Your Last Will & Testament needs to appoint a person you trust to be your child’s guardian to avoid a potential legal contest between surviving family members.
Same Sex Couples
Same Sex partners do not receive the same legal treatment in New York as married couples. Therefore, planning is even more vital. A Last Will & Testament can help you control to whom your assets are distributed upon your passing. Also, A Durable Power of Attorney and Health Care Proxy will ensure that your partner has the legal authority to manage your affairs and make health care decisions for you if you cannot make them for yourself.
Call 516-605-0625 or contact me online to schedule an appointment with an estate planning attorney. I am available to meet with you at your home or my office.