Welcome to the Law Office of Andrew M. Lamkin, P.C., where we specialize in helping Long Island residents navigate the intricate world of estate planning. You’re in the right place if you’re curious about how New York estate law impacts your estate planning decisions. In this comprehensive guide, we’ll delve into the importance of estate planning, key concepts of New York estate law, and why reaching out to us can make all the difference for your peace of mind and the future of your loved ones.
Why Estate Planning Matters
Estate planning in Long Island is not just for the wealthy or elderly—it’s for anyone who wants to ensure their assets are protected and their wishes are honored. Here are some reasons why estate planning is crucial:
- Protecting your loved ones. Estate planning allows you to designate beneficiaries for your assets, ensuring they are taken care of according to your wishes.
- Minimizing taxes and expenses. Proper planning can help reduce estate taxes and avoid costly probate proceedings, preserving more of your assets for your beneficiaries.
- Healthcare directives. Long Island estate planning includes documents like a living will and healthcare proxy, giving you control over medical decisions in case of incapacity.
- Guardianship for minor children. You can nominate guardians for your minor children in your estate plan, ensuring they are cared for by trusted individuals.
- Legacy planning. Estate planning allows you to leave a legacy by supporting causes or organizations that are important to you.
An experienced Long Island estate planning attorney can help ensure the management of your estate as intended for future generations.
New York Estate Law Concepts
Several important laws govern New York estate planning. Understanding these laws is crucial for anyone considering estate planning in the state. These laws, among others, form the legal framework for estate planning in New York. Working with an experienced Long Island estate planning attorney can help individuals navigate these laws effectively and create a customized estate plan that meets their goals and protects their assets and loved ones. Here are some of the key laws relevant to estate planning in New York.
New York Estates, Powers & Trusts Law (EPTL)
This comprehensive law covers various aspects of estate planning, including wills, trusts, powers of attorney, and fiduciary duties. It outlines the legal requirements and procedures for creating and executing wills and trusts and the roles and responsibilities of executors, trustees, and agents.
Surrogate’s Court Procedure Act (SCPA)
SCPA governs the probate process in New York. Probate is the legal process of validating a will and administering the estate of a deceased person. SCPA specifies the procedures for filing a will with the Surrogate’s Court, appointing executors or administrators, resolving disputes, and distributing assets to beneficiaries.
New York Tax Law (Article 26)
New York imposes estate taxes on certain estates. Article 26 of the New York Tax Law outlines the estate tax rates, exemptions, deductions, and filing requirements. Estate planning strategies often aim to minimize estate tax liabilities while maximizing the transfer of wealth to beneficiaries.
New York Public Health Law (Article 29-C)
This law governs healthcare directives, including living wills and healthcare proxies. A living will allows individuals to express their medical preferences regarding life-sustaining treatment in case of incapacity. A healthcare proxy appoints a trusted person to make healthcare decisions on behalf of the individual if they cannot do so themselves.
Community Spouse Resource Allowance (CSRA)
In Medicaid planning, the CSRA is an important concept that allows the spouse of a Medicaid applicant to retain a portion of the couple’s joint assets while the other spouse qualifies for Medicaid long-term care benefits. Understanding CSRA rules is essential for protecting assets and planning for long-term care needs.
Right of Election (EPTL Section 5-1.1-A)
New York has a right of election statute that allows a surviving spouse to claim a statutory share of the deceased spouse’s estate, regardless of what the deceased spouse’s will or trust provides. This law ensures that a surviving spouse is not disinherited and has a legal right to a portion of the estate.
New York Real Property Law (RPL)
RPL contains provisions related to real estate ownership, transfers, and conveyances. In estate planning, RPL is relevant for property ownership structures, such as joint tenancy with right of survivorship, tenancy by the entirety (for married couples), and trusts for real estate assets.
Contact a Long Island Estate Planning Attorney
At the Law Office of Andrew M. Lamkin, P.C., we understand the complexities of estate planning in New York and the unique challenges Long Island residents face. Our compassionate and experienced team is here to guide you through the estate planning process, from drafting wills and trusts to navigating probate and estate administration. Let us help you protect your assets, preserve your legacy, and provide for your loved ones.
Ready to take control of your estate planning journey? Contact us today for a consultation, and let’s start planning for your future.
Andrew Lamkin is principal in the law firm of Andrew M. Lamkin, P.C., where he focuses his practice in the areas of elder law, estate planning and special needs planning, including Wills and Trusts, Medicaid planning, estate administration and residential real estate transactions. He is admitted to practice law in New York and New Jersey.
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