An Estate Planning Attorney is someone who specializes in executing your estate plan. They have years of experience in New York City and can advise you on many issues, including asset protection and disposition, as well as tax advantages. Having an attorney on your side will also give you peace of mind. They can also help you inventory your assets and review beneficiaries to ensure that your loved ones will receive everything that they’re entitled to. Here are some of the reasons why you should hire an Estate Planning Attorney:
The first step in estate planning involves collecting information about your family and kinship. Obtaining this information can be a daunting task, especially if you’re separated from your family. Sometimes, the kinship history may extend outside the United States. You also need to review your assets, including bank accounts, stocks, and real estate. Having these assets appraised will prevent you from paying taxes on those assets in the future. A good estate plan will also prevent family rifts and costly court battles.
You should also ask about fees. Many estate planning attorneys charge an hourly rate, which indicates the total amount you’ll pay upfront. However, if you’re not sure if you want to retain their services, you can request a quote before meeting with an estate planning attorney. Otherwise, you’ll be stuck with the bill no matter how many times you request additional information. A flat fee is a better option for many people because it eliminates any worries you have about phone calls and other costs.
When choosing an Estate Planning Attorney, you need to be aware of the specific laws in your state. While all attorneys can practice law, some are more familiar with the estate laws of your state. A lawyer with a specific specialty in your state may be able to provide you with better results. Also, it’s crucial that you feel comfortable with the attorney you choose. If you feel comfortable talking to him or her, the entire process will be much easier.
A good estate planning attorney will have at least two years of experience in estate planning. Their expertise in this area is essential for ensuring your loved ones’ well-being. They also know how to educate beneficiaries on the process of probate and wills. Additionally, they are knowledgeable about life insurance policies, retirement plans, and charitable contributions. An estate planning attorney has a J.D. from a university or college and passed a state bar exam. They typically start as associates and progress to partner or senior attorney positions after completing their training.
When considering an Estate Planning Attorney, you should first prepare a comprehensive inventory of your assets. This will help you determine the value of your estate for tax purposes and can help you plan for how your assets should be distributed. You should also gather all bank accounts, retirement plans, life insurance policies, securities, and grant deeds for your real estate. Finally, it’s crucial to consider your beneficiaries. Without proper estate planning, your loved ones could suffer disastrous tax consequences after your death.