When You Need an Estate Planning Attorney
Today, there are plenty of video tutorials and online instructions that allow you to complete just about any task yourself. These can save you money when it comes to addressing simple matters, but trying to cut corners with more complex tasks can end up costing you significant amounts in the long run. There are times when, for your own protection, you need help from someone with the skill and experience to ensure the job is done right. This is particularly true when it comes to estate planning. While there are articles addressing the topic and online forms for items such as a will, certain circumstances warrant getting a professional estate planning attorney on your side.
When You Own Significant Amounts of Property and Assets
Estate planning protects the property and assets you have spent years of your life accumulating. It can help to ensure your financial affairs are maintained in the event of a serious accident or illness. In the event of your death, it plays a major role in ensuring those you previously identify inherit from your estate and helps ensure New York Probate Court proceedings go smoothly, avoiding costly and time consuming delays.
Consulting with an estate planning attorney is a smart idea for people of all income levels. It is a must for those with higher earnings, inherited wealth, or significant financial holdings. Depending on the circumstances surrounding your situation, we can guide you in the numerous estate planning tools available to help protect you, your family members, and the assets you possess.
One of the biggest concerns when dealing with high value estates is protecting it from being overtaxed. Under Internal Revenue Service (IRS) guidelines, estates with more than $11,400,000 in combined gross assets and prior taxable gifts are required to file an estate tax return. Estate planning can help avoid having a large chunk of your wealth go towards paying estate taxes and fees.
Complex Situations Require Guidance From an Experienced Estate Planning Attorney
Even if you do not have significant amounts of property and assets, the Balance urges consulting with an estate planning attorney if there are complex financial matters or family situations involved. These include:
- You are going through a divorce or in the process of remarrying;
- You have minor children from a current or previous relationship;
- You have a child who suffers a disability;
- You have adult children with personal problems, such as drug abuse or other addictions;
- You recently lost a spouse, parent, or some other family member;
- You want to leave all your money or property to charity;
- You own a business or are in a partnership;
- You have a significant amount of assets in retirement accounts;
- You are retired and on a budget, with concerns about paying for long term care.
Contact Us Today for Help
At Cavallo & Cavallo, our top priority is protecting you and your assets. To discuss estate planning options in your particular case, contact our Bronx & Westchester estate planning attorneys to request a consultation today.