Law Offices of

Boris Nikhman

Tel:(718) 554-0523

Fax:(718) 928-9701

Vladimir@nikhmanlaw.com

2903 Ocean Avenue

Brooklyn, NY 11235

Мы говорим по русски

 

Brooklyn real estate lawyer

Basics Estate Planning

1. Wills

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.

2. Trusts

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 document.

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:

  • Wills
  • Probate Court
  • Trusts
  • Insurance needs
  • Property needs
  • Stocks, bonds, and annuity certificates
  • Data for bank accounts, mutual funds, and/or safe deposit boxes
  • 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