Brooklyn real estate lawyer
Basics Estate Planning
Wills declare heirs to property and designate a guardian for
children if both parents die. Lawyers help you through will probate via the
court system. This ensures your assets and property go to who you desire.
Property held in a living trust ensures that your heirs don’t
have to work through the probate system to inherit. A Brooklyn real estate
attorney can help explain trusts.
3. Health care directions.
Health care directions protect those who unable to make a
medical decision themselves. These may include a living will or a power of
attorney. Lawyers can help with these items. These may be combined into one
4. Power of attorney.
A monetary power of attorney gives a reliable individual the
rights to handle money and property if the granter is unable to do so. This
makes them your agent.
5. Safeguard your kids' property.
An adult should be named to handle assets and property children
under age 18 inherit. For example, a NY real estate lawyer can help with
property in Brooklyn.
6. File beneficiary paperwork.
If you name your beneficiary for bank accounts or any retirement
plans, you are covered and heirs are paid with no need for probate. Most
states also allow you to list beneficiaries on things like stocks, bonds or
other monetary accounts.
7. Contemplate life insurance.
Those with minor children or are homeowners, have large debts or
owe estate taxes should consider life insurance.
8. Estate taxes.
Assets with a value of one and a half million dollars or more
may be subject to federal estate taxes if both parents die. You can reduce
this bill through an AB trust or tax free gifting.
9. Funeral expenses/arrangements.
Set up a bank account to pay for funerals and other associated
expenses. Tell others about burial and cremation desires or a wish to donate
your organs or body.
10. Safeguard a business.
Sole business owners need succession plans. A dual owned
business needs a buyout arrangement.
If you need further info on these topics, contact us about:
- Probate Court
- Insurance needs
- Property needs
- Stocks, bonds, and annuity certificates
- Data for bank accounts, mutual funds, and/or safe
- Data for retirement plans, IRAs and/or 401(k) accounts
- Data on debts like credit cards, loans, mortgages,
utilities, and/or unpaid taxes
- Data on funeral plans, and final arrangement desires