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Long Island Estate Planning Attorneys
Protecting the ones you love starts with estate planning in New York. It is imperative to plan ahead now to protect your assets and your loved ones.
Estate planning is the bedrock of a family’s financial well-being for generations to come. By preparing a Will and all necessary trusts, you take control of your family members’ financial security, ensure your wishes are carried out, and leave your family free of uncertainty and chaos.
Cona Elder Law combines extensive legal knowledge in the field of Trusts and Estates with passionate advocacy for our clients and their family members. Our leading estate planning attorneys on Long Island are guided by our mission of delivering the highest quality of estate planning legal advice, straightforward guidance and result-driven outcomes. Our thorough and comprehensive Estate Planning services are designed to make you and your family comfortable.
Based in Melville, Long Island, Cona Elder Law is an award-winning Trusts and Estates Law firm. Our Founder and Managing Partner, Jennifer Cona, is nationally recognized and our attorneys are the recipients of many awards and honors.
Why is Estate Planning Important?
According to the state bar, 59% of adults do not have a Will. Even more concerning is that some of those who do may have used on-line tools or other do-it-yourself Will preparation kits which won’t hold up, ultimately increasing the number of people who pass away intestate (without a Will).
If you pass away without a Will, the Laws of Intestacy in New York will control how your assets are distributed, as follows: $50,000 and one-half of the balance of your assets will be given to your spouse. The other one-half of your assets will be given to your children, even if they are minors. If your spouse has predeceased you, all of your assets will be given to your children. If you don’t have children, your spouse will inherit your entire estate. If you do not have a spouse or children, your parents and siblings will be the beneficiaries of your estate, followed by your siblings if your parents have predeceased you. Since this distribution may not be in line with your wishes, you need to prepare a Will.
Who should make an estate plan?
Estate planning is for everyone: you are never too young or too old and never too rich or too poor to plan. If you have assets that you wish to pass to surviving family members on your own terms, then you need an estate plan.
Estate planning documents include a Last Will and Testament, in many cases Trusts, as well as Advance Directives, namely, a Power of Attorney, Health Care Proxy, and Living Will, which documents allow you to plan ahead in the event of incapacity.
How OUR ESTATE PLANNING ATTORNEYS CAN HELP YOU
The dedicated Estate Planning lawyers at Cona Elder Law listen to your concerns, discuss your goals and help you set priorities. We pride ourselves on making the issues straightforward and easy to understand while guiding you and your family toward the best decisions. Together, we develop a holistic plan so that your estate can be cared for according to your objectives. You’ll feel comfortable and confident knowing our knowledgeable and compassionate Estate Planning Attorneys on Long Island are your advocates working to protect your assets and your family members.
What an Effective Estate Plan Should Do
• Protect Beneficiaries: By preparing a Will, you determine who shall inherit from you and when. For example, you may wish to leave assets to certain heirs in trust until a given age or even for their lifetime. This is certainly the case for minor beneficiaries and typically the case in blended families. This is also very important for children with special needs.
• Protect Against Family Fighting and Litigation: A well-planned estate can avoid Will contests and costly court battles which can drain the estate of its assets and leave your family in complete disrepair.
• Reduce Estate Taxes: Federal and State estate taxes can greatly reduce the amount of assets which ultimately pass to your heirs. A good estate plan can reduce or even eliminate estate taxes altogether.
• Protect Assets: A comprehensive estate plan that includes an Asset Protection Trust allows you to safeguard assets in advance of a long-term health care need. Your hard earned money is thereby permitted to pass to your family members without the risk of spend-down.
• Plan for Incapacity: A Power of Attorney, Health Care Proxy and Living Will, collectively known as Advance Directives, allow you to plan ahead in the event of incapacity. These important legal documents enable you to keep control of key financial and health care decisions by making arrangements in advance and appointing trusted agents to assist you in the future.
Our Elder Law Firm’s Practice Areas
At Cona Elder Law, we create customized Trusts, Estates and Elder Law plans. We focus on your Estate Planning, Asset Protection and care needs. We examine your concerns, discuss your goals and develop a holistic plan that works for you and your family members. You’ll feel comfortable and confident knowing our experienced Elder Law attorneys in New York are your advocates working to preserve your assets and protect your family.
Estate Planning
Do you need an Estate Plan? Very simply, yes. Every adult should have an Estate Plan regardless of age or wealth. Our trusted Estate Planning attorneys can work with you to establish legal documents such as a Power of Attorney, Health Care Proxy, Living Will and a Last Will and Testament.
Estate Administration
There are many complex legal and financial issues that can accompany Estate Administration in New York. The experienced attorneys at Cona Elder Law will help you navigate this space, and will be part of your fiduciary team throughout the Probate and Estate Administration process.
Estate Litigation
Whenever conflicts arise in the administration of an Estate or Trust, the experienced New York Estate Litigation attorneys at Cona Elder Law can help. Our knowledge and experience can be your greatest asset when faced with the complex and daunting prospect of Estate Litigation.
Our Long Island Estate Planning Services
Estate planning is critical to not only ensure your wishes are carried out, but to protect your assets and your family members. By preparing estate planning documents, you decide who receives assets from you and when, you can reduce or eliminate estate taxes, and you can plan ahead in the event of incapacity. All in all, estate planning is also the best way to avoid family fighting and discord as your wishes will be clearly stated. Lastly, estate planning allows for wealth preservation as planning will include strategies for asset protection.
Estate Tax Planning
Both the federal government and New York State impose an estate tax on the value of an individual’s estate upon death. These taxes can be hefty, in some cases consuming over 55% of an estate. Since most of us want to see our assets pass to family members and not to the government, proper estate tax planning is critical. Estate tax planning involves the use of trusts, which, depending on your assets and situation, can be testamentary or living trusts.
The estate tax laws frequently change. Our lawyers at Cona Elder Law are always up-to-date and will keep you informed of all estate law and estate tax changes and how they may impact you so you can make informed decisions and take action when necessary.
Living Will
While difficult to think about, one of the most important things you can do for yourself and your family members is to give thought and consideration to your end-of-life care wishes in the event you become terminally ill. This includes decisions regarding life-sustaining medical treatments you want or don’t want. These wishes are documented in a Living Will. The Living Will can then be followed by medical providers and your family members, assuring your wishes are honored, avoiding family disputes, and removing the heavy burden from loved ones having to make these extremely difficult decisions for you. Our estate planning lawyers will guide you through the options and issues, answer your questions and provide real insight.
Health Care Proxy
A Health Care Proxy is a legal document wherein you appoint an agent to make medical decisions for you in the event you are unable to do so yourself. The Proxy does not take away any of your authority to make health care decisions for yourself; your agent can only make decisions for you once a doctor has determined that you are unable to make health care decisions for yourself. Everyone over age 18 should have a Health Care Proxy in the event of temporary incapacity, such as a car accident. The Health Care Proxy works hand-in hand with the Living Will and the agents named in each legal document must be the same.
Gift Planning
Planned giving allows charitably inclined individuals to leverage gifts to charities while providing a lifetime income stream to the donor and estate; and tax gift planning can produce funds for heirs and the charity while providing benefits to the donor’s estate. Planned gifts can include outright gifts of appreciated assets; gifts that provide an income stream back to the donor or other financial benefit in return for the donation; and gifts that are payable upon the donor’s death
There are many options when it comes to gift planning and there is no one size fits all. Our team will help you weigh your options, offer our finest legal advice, and find the best solutions for you, your favorite charity, your estate, and your heirs.
Last Will and Testament
The most essential document in your comprehensive estate plan is your Last Will and Testament. This is a legally binding declaration of how you wish to have your assets and property distributed upon your death. You may wish to leave assets in trust for minors, engage in estate tax planning, protect inheritances in second marriages and blended families, name a guardian for minor children, safeguard inheritances for children with special needs and more.
All of the above can be accomplished in a well-drafted Last Will and Testament. You will also name an Executor in your Will, which is the person or people who will be responsible for administering your estate.
Durable Power of Attorney
A Durable Power of Attorney is a legal document wherein you appoint a trusted person or people to make financial decisions and handle transactions for you even if you become incapacitated.
The individual(s) you appoint, known as your agent, can handle such financial transactions as:
-Paying your bills
-Managing your bank and brokerage accounts
-Filing tax returns
-Applying for government benefits
-Handling real estate transactions
-Managing pension benefits and Social Security benefits
The Power of Attorney is a powerful document, and the Power of Attorney law in New York frequently changes. As such, you should never prepare a Power of Attorney without the assistance of a New York Estate Planning and Elder Law attorney.
The knowledgeable estate planning attorneys on Long Island at Cona Elder Law are always up-to-date with the changes in the law and will regularly keep you informed.
Trusts
The cornerstone of Estate Planning is the use of trusts to ensure your assets are managed according to your wishes, both during your lifetime and after you pass away. There are numerous types of trusts, each with a different purpose, goal and outcome.
Further, there are trusts created during lifetime (Living Trusts), trusts created after you pass away (Testamentary Trusts), Revocable Trusts and Irrevocable Trusts.
Certain trusts are designed to eliminate or avoid estate taxes, protect assets for government eligibility purposes, establish rules for those who can’t or shouldn’t have access to monies outright until they are more mature, protect assets for minors, avoid probate, preserve assets for a child with Special Needs, and more.
With so many options and nuances, it’s easy to get overwhelmed. The estate planning lawyers at Cona Elder Law will listen to your concerns and goals and determine the right trust and comprehensive Estate Plan for you and your family members.
Work with Our Experienced Estate Planning Attorneys on Long Island
Our estate planning lawyers are recognized leaders in the field of Trusts and Estates. Our dedicated team of attorneys bring a combined total of 125 years of compassionate and knowledgeable best-in-class estate planning legal advice and services to Long Island and the metro New York area. If you are looking for an estate planning attorney on Long Island, look no further.
Cona Elder Law consistently ranks as a top Trust and Estate firm on Long Island and frequently represent our client families for decades and across the generations. Join the thousands of other clients who have benefited from our cutting-edge programs and services designed not only to provide top-notch estate planning legal services, but to empower you to live your best life.
Contact us at 631.257.3774 to get started.
New York Estate Planning FAQs
Did you know that a Power of Attorney, Health Care Proxy, and Living Will should be included with everyone’s estate planning documents in New York? Note that other states’ documents vary significantly, with different document names and authority. Discover more commonly asked questions about estate planning below.
