Manhattan Estate Planning Attorney
At Cavallo & Cavallo, we help Manhattan residents create estate plans that protect their assets, honor their wishes, and provide for their loved ones. Whether you own a condominium, maintain investment accounts, or have rental properties, a well-crafted plan ensures that what you have worked for is managed and transferred according to your intentions. The goal of our Manhattan estate planning attorneys is to give you clarity and peace of mind while addressing the unique financial and legal considerations that come with living in New York City.
Why estate planning matters in Manhattan
Estate planning is not just for the wealthy. It is a way to take control of what happens to your assets, your healthcare decisions, and your family’s well-being. A properly designed plan can ensure your property passes to the right people without unnecessary delays or expenses, protect your home, savings, and investments from avoidable risks, provide for minor children or dependents through guardianship arrangements, and avoid conflicts and confusion among family members. By taking these steps now, you can create peace of mind for yourself and those you care about most.
Essential estate planning documents
A complete plan typically includes several key legal tools. For Manhattan residents, these often include:
- Wills that set out how your assets should be distributed and name an executor to manage your estate
- Living trusts to transfer property outside of probate and maintain privacy
- Durable powers of attorney to authorize someone you trust to handle your financial matters if you cannot
- Health care proxies to designate a person to make medical decisions on your behalf
- Living wills to outline your preferences for medical treatment and end-of-life care
We ensure these documents work together to cover all aspects of your personal and financial life.
Protecting Manhattan real estate and rental properties
Real estate is often the most valuable part of an estate in Manhattan. Whether it is a co-op, condo, brownstone, or rental property, it requires careful planning to protect value and income. We help clients:
- Transfer property smoothly to heirs without probate delays
- Use LLCs for rental properties to limit liability
- Align property ownership with broader estate plans
- Maintain rental income streams for beneficiaries
By structuring your real estate holdings effectively, we help ensure they remain a source of financial security for your family.
Minimizing taxes and preserving wealth
New York and federal estate taxes can take a significant portion of your estate if not planned for properly. We use strategies such as trusts, lifetime gifting, and charitable giving to reduce tax exposure and preserve more wealth for your beneficiaries. Even modest estates can benefit from tax-efficient planning.
Planning for long-term care
The cost of long-term care in Manhattan can be substantial. Without a plan, medical and care expenses can quickly erode your assets. We work with clients to explore Medicaid planning, long-term care insurance, and asset protection trusts that allow you to qualify for necessary care without losing the savings and property you have built over your lifetime.
Manhattan Estate Planning FAQs
Do I need an estate plan if I do not have significant wealth?
Yes. An estate plan helps ensure that your assets are distributed as you wish and includes important documents for healthcare and financial decisions.
Can a living trust help me avoid probate in Manhattan?
Yes. Assets placed in a living trust are transferred outside of probate, which can save time, reduce costs, and maintain privacy for your heirs.
Should I use an LLC for my rental property?
Often, yes. Holding rental property in an LLC can help protect your personal assets from liability associated with the property.
How often should I review my estate plan?
It is a good idea to review your plan every few years or after significant life changes such as marriage, divorce, the birth of a child, or a major change in assets.
Does a will avoid probate in New York?
No. A will must still go through the probate process in New York. Tools like living trusts and beneficiary designations can help avoid probate.
Can I protect my assets from long-term care costs?
Yes. Medicaid planning and certain trusts can help protect your assets while still allowing you to qualify for needed care.
Protecting your future in Manhattan
Our firm has decades of experience serving New Yorkers with compassionate and practical estate planning guidance. We understand the complexities of New York law, the high value of local real estate, and the needs of families in an urban environment. We take the time to understand your goals and create a plan that is thorough, flexible, and customized to your life.
At Cavallo & Cavallo, we believe estate planning is about more than distributing assets. It is about protecting your home, securing your family’s future, and making sure your wishes are honored. We work with Manhattan residents to build clear, effective plans that offer both security and peace of mind for the years ahead.