Westchester County Estate Planning Lawyer

Westchester County Estate Planning Attorney

Most individuals do not consider what might happen to their assets and wealth in the event of their passing until much later on in life. However, it is wise to begin planning ahead for the future, no matter your age and stage of life. Ensuring there is a plan in place to allow your assets to be distributed according to your wishes and to allow your loved ones peace of mind is essential, and a Westchester, NY, estate planning lawyer can help ensure you do so.

In building a comprehensive estate plan now, you can spare yourself and your loved ones from unnecessary issues at the time of your death. At Greco Law, we have helped numerous clients over the years ensure that their assets are protected from certain liabilities and that their loved ones and hard-earned legacy are protected for generations.

What Is Estate Planning in Westchester County?

Estate planning is a vital legal process that allows you to make important decisions regarding how your assets will be divided and distributed among your heirs after your death. It will also appoint an individual, known as your estate’s executor, to make decisions and manage your affairs. In general terms, it allows for both protection and control of your money, personal belongings, and property following your passing.

Under New York estate law, estate planning allows you to make decisions regarding who can inherit your assets and when, who can be named as the guardian to any surviving minor children, and can address how your financial or health matters will be handled in the event you are not able to make these decisions for yourself.

The process of estate planning can address concerns regarding estate taxes, help avoid disputes that may arise between family members, and ensure your loved ones are provided for. At Greco Law, we can ensure these decisions are documented legally so that, in the event of your passing, your exact wishes are carried out. We can also work to mitigate the impact of taxes or creditors and help avoid the costly and time-consuming probate process.

How Greco Law Can Help Protect Your Estate

When you work with the team at Greco Law, you can rest assured knowing that your future and legacy are protected and your loved ones will be safe for years to come, thanks to your hard work. We understand that no two estate plans are the same and can walk you through the necessary steps to ensure your estate plan perfectly fits your goals and priorities. These steps can include:

• Helping with the inventory of all property owned by the estate and determining what you may owe in debts, allowing you a clear picture of your financial situation
• Helping you better understand exactly how your assets are structured so that you can understand the needs of your estate and plan accordingly
• Assisting in naming beneficiaries or heirs to your estate and ensuring that your wealth and assets are allocated to the correct individuals or organizations
• Identifying any strategies that will help your estate avoid probate, saving your loved ones both the stress and the money often involved
• Assisting you in creating or drafting a legal will to ensure your wishes are documented
• Establishing a trust if it is deemed necessary to provide protection for your heirs and your estate
• Reviewing and updating your plan as needed to reflect any life changes or modifications to your wishes

Whatever your financial status or age, creating an all-encompassing estate plan is necessary in order to protect those you leave behind and the wealth you have worked so hard to obtain. At Greco Law, we have worked with countless clients over the years to ensure that their wishes are set in stone and that, after they are gone, they still have control over their property and can provide financial stability to their loved ones.

Estate Planning Tools in White Plains, NY

Every estate plan is unique and designed to fit the needs and situation of the owner of the estate. That said, there are several tools at your disposal to create a comprehensive and protective estate plan that can serve you and your loved ones for many years. The most common tools in an estate plan include the following:

• Last will and testament. Once you pass, a will can ensure that your assets are distributed to specific beneficiaries. It can also dictate your wishes on the guardianship of any minor children, and your funeral arrangements and help with minimizing conflicts that may arise between family members or possible creditors.
• Trusts. A basic trust can hold your assets or property separately from your estate for the benefit of designated beneficiaries. This can be created and placed into operation during your life or become active in the event of your death. Trusts can help avoid probate, protect your assets against creditors or legal claims, defer certain estate tax liabilities, or place certain stipulations on inheritance.
• Power of Attorney. This legal document names an individual, or group of individuals, as your agent or someone you trust to act on your behalf regarding certain decisions in the event you become unable to make these decisions for yourself. The agent can have the authority to manage your investments, pay bills, and conduct certain transactions in your name.
• Medical directives. If you become unable to make medical or health decisions for yourself, this estate planning tool can express how you wish to handle these forms of care.
• Medicaid planning. An estate planning attorney can help you apply for Medicaid benefits and meet the requirements necessary to gain nursing home care without harming your family’s wealth.
• Special needs planning. If you have a loved one with special needs, the establishment of a special needs trust can allow you to set aside certain assets for their benefit without harming their access to government assistance programs.

Speak With a Trusted Estate Planning Lawyer

If you are in need of estate planning services, the team at Greco Law is here for you. Contact our offices today to schedule a Legacy Planning Session.