Trusted Legal Guidance for Estate Planning in New York
No one likes to contemplate a future where they may be incapacitated or deceased. All of us pass away at some point, though. Illness or disability can happen without warning. An estate plan that addresses all of these outcomes can protect your loved ones and ensure that your wishes are carried out when you’re unable to express them yourself.
With individualized, professional service, our clients can be assured that their interests are protected. Over time, the attorneys at Ledwidge & Associates, P.C. develop a thorough understanding of your personal and business interests. As a result, we are in a unique position to anticipate your needs and design an estate plan to meet them.
Estate Planning Services In New York City
Setting out an estate plan is a crucial part of financial management since it allows you to exert control over your wealth and assets after your demise. The goal is to preserve your wealth and make sure that it is distributed exactly according to your wishes in the event that you are incapacitated or otherwise incapable of making decisions pertaining to your estate. This is a complex piece of law that covers a wide range of aspects including inheritance, tax minimization, guardianship, setting up trust funds, and even donations in your name upon your passing.
Given the complexities that commonly arise during the distribution of your estate you must work with experienced lawyers capable of ensuring that your last wishes are respected. Ledwidge & Associates Attorneys At Law is a leading estate planning service provider in New York, offering our expertise in Manhattan, Brooklyn and Queens. With over 20 years of experience, Joseph Ledwidge has guided clients over the complexities of estate administration and continues to do so for a wide range of estate planning related concerns.
Get in touch with us today for more information on our services or to hire some of the best estate planning attorneys in New York City for your needs.
Why Work With Ledwidge & Associates
There are numerous issues that must be resolved when setting out a successful estate plan. There is a need to ensure that all the descendants receive their fair shares from the estate, while preventing legal disputes during the disposal of the estate. Sometimes these final plans must be changed according to change in legality, changing circumstances of all the stakeholders involved and special considerations made for mental incapacitation.
It is only through the efforts and insights of an experienced lawyer—specializing inheritance and estate law—that you can successfully navigate these choppy waters. At Ledwidge & Associates Attorneys At Law, we work through each of these problems to create a long-term estate plan that maximizes benefits for all the beneficiaries involved. From drawing up your will to setting up trust funds and assigning agents—our attorneys work consistently to resolve all of your estate-related legal concerns.
Get in touch with us today to set up an appointment with our attorneys. Let’s get started on setting out an effective estate plan.
Wills
The only way to ensure that your wishes are honored after you die is by creating a last Will and testament that details arrangements like the following:
- How your assets will be divided
- Who will serve as guardian of your minor children
- The appointment of an executor who will make sure the terms of the Will are carried out
An experienced and knowledgeable lawyer at our firm can help you create a Will that most accurately reflects your wishes for your estate after you pass.
Trusts
Trusts are legal structures that can serve many different purposes. Depending on your situation and needs, you can use a trust to:
- Preserve your estate for your beneficiaries and allow them to bypass the probate process
- Minimize tax exposure for your assets
- Help protect your assets from creditors
- Provide for a disabled loved one without impacting their access to means-tested government benefits
Trusts come in many different forms and serve equally varied purposes. Some of the trusts created by our attorneys include the following:
- Revocable Living Trusts: With a revocable living trust, you pass legal ownership of specified assets to the trust while still maintaining control. Assets held in the trust do not have to go through probate before they are distributed to beneficiaries. That way, everyone receives their inheritances sooner.
- Irrevocable Living Trusts: An irrevocable living trust is one that you can’t cancel or change without a court order. Once your assets are in the trust, you won’t be able to change beneficiaries, update instructions, or sell anything. Irrevocable trusts, in contrast to revocable trusts, may allow you to avoid certain estate taxes because they also remove the assets from your taxable estate.
- Testamentary Trusts: Unlike living trusts, testamentary trusts take effect after you pass. If you have minor children, you can use this type of trust to manage and protect their inheritances until they come of age.
- Supplemental Needs Trusts: If you have a disabled loved one, a Supplemental Needs Trust can help them keep more of their income or assets without losing their public benefits.
You don’t need to be wealthy to benefit from the creation of a trust. To learn if a trust is right for your estate planning goals, contact Ledwidge & Associates, P.C. today.
Powers of Attorney
Powers of attorney are legal documents that give specific legal authority to another person. These individuals are referred to as agents and may have general or specific powers. Most often, agents are authorized to handle financial transactions, business transactions, and gift-giving.
There are three categories of powers of attorney:
- Durable Power of Attorney: This type transfers power to your agent as soon as you sign the acknowledgment and continues even after you become incapacitated. A durable power of attorney is often created to assist an individual in the event they become unable to make life decisions.
- Non-Durable Power of Attorney: A non-durable power of attorney generally authorizes your agent to act once you sign the document, but the agent’s authority ceases when you become incapacitated.
- Springing Power of Attorney: A Springing Power of Attorney gives someone the power to make medical or financial decisions on your behalf. The agent only gains this authority once certain conditions are met, such as your incapacity.
Healthcare Proxy
In New York, you can appoint someone you trust—such as a spouse, adult child, or close friend—to make healthcare decisions for you if you are unable to do so. You can give your agent as much or as little authority as you feel comfortable with. You may also designate successor agents if your first option is unable or unwilling to act when the time comes.
Contact Ledwidge & Associates, P.C. for Your Estate Planning Needs
There are numerous issues that must be resolved when setting up a successful estate plan. It is important to ensure that all beneficiaries are given their fair share of the estate while preventing legal disputes during the disposition. In some cases, these final plans need to be amended due to a change in legality, changing circumstances of all stakeholders involved, and special considerations for mental incapacity. It is only through the efforts and insights of an experienced estate planning attorney that you can successfully navigate these choppy waters.
At Ledwidge & Associates, P.C., we work through each of these problems to create a long-term estate plan that maximizes benefits for everyone involved. From drawing up your Will to setting up trust funds and assigning agents, our attorneys will work consistently to resolve all of your estate-related legal concerns. To schedule a consultation, get in touch with us today.
