Everyone has a general idea of what estate planning is; however, most people don’t take the time to fully understand all that is involved and why proper estate planning is critical to protecting yourself and your loved ones.
Estate planning is not something you want to put off. As estate planning lawyers, we are tasked with protecting your assets, ensuring they are distributed according to your wishes, and making sure your family is protected. Estate planning is far more than an attorney drafting a will. Estate planning involves the process of transferring your assets and liabilities to those who you wish to inherit them, minimizing tax liability through proper estate and gift taxation exemptions for both lifetime transfers as well as at death; and protection from future creditors or lawsuits that may arise after you pass away.
What is the Purpose of Estate Planning?
Estate planning protects our loved ones and ourselves by providing direction on how we want our property distributed upon death (disposition) while also limiting any potential family disputes over distribution if it becomes necessary in court. Estate plans can allow us to provide care for individuals with special needs without jeopardizing government benefits such as Medicaid or SSI/SSDI.
All estate planning involves writing a will. Other tasks to be considered with your estate planning lawyer include:
- Limiting tax exposure
- Discussing possible trust options
- Long Term Care protection
- Avoiding probate
- Establishing a guardian if necessary
- Determining the executor of the will
- Discussing funeral arrangements
As you can see, estate planning is crucially important so that your wishes will be heard, understood, and adhered to. When it comes to something this important, find an estate planning lawyer you can trust, one that will take the time to understand your specific situation. Lately we have been asked the question: “Can’t I just use a basic will template from the internet?” The answer is always the same: a one-size-fits-all approach will never work in the long term. Cookie cutter wills cannot ask you the pertinent questions in order to develop your specialized estate plan.
What is an Estate Planning Lawyer?
Estate planning attorneys have special training in the area of estate planning. They can help you create an estate plan that fits your unique needs and circumstances. Estate planning attorneys help their clients plan for the unknown by drafting wills, trusts, health care proxies and more. We offer a full range of Estate Planning services including: elder law, Medicaid planning, estate planning, asset protection, probate & estate administration, business succession planning, estate tax planning, special needs planning, and charitable giving.
What Does an Estate Planning Attorney Do?
It is important to remember that estate planning is a complex process that should be handled by an experienced Long Island Estate Planning Attorney. It is the process of carefully organizing your assets, including property and financial accounts, as well as medical directives to ensure that they are distributed according to your wishes. Estate planning includes several different documents and provisions, but the most important elements to address during this time are:
- Health Care Proxies
- Durable Powers of Attorney for Financial Management
- Living Wills (also known as Medical Directives or Advanced Directives)
- Drafting Wills and Trusts
- Help with Estate Tax issues
How to Choose an Estate Planning Attorney on Long Island
When choosing an Estate Planning Attorney, it is important to consider the following:
- Areas of Practice – Make sure the attorney specializes in Estate Planning.
- Experience – How long has the attorney been practicing? What is their focus?
- Client Reviews – What do other clients say?
Estate Planning is not only important for wealthy individuals with large estates; it also plays an essential role in protecting those of more modest means. In fact, most people possess some degree of wealth that could benefit from Estate Planning protection – even homeowners who have paid off their mortgages may own significant equity worth preserving through proper Estate Planning techniques such as trusts and life insurance policies.
About Jay P. Sheryll, Esq.
Jay and his team help their clients leave a legacy and achieve the peace of mind of knowing that they can protect their family if something happens to them. Sheryll Law, P.C. understands that their clients have worked hard to build their legacy. It is their pleasure to help them leave their money to their loved ones according to their wishes. Having observed other firms haphazardly draft wills and throw together some powers-of-attorney without any thought to the planning aspect, Jay realized he could fulfill a need for East End Long Island clients.
Contact Sheryll Law, P.C. to Begin Planning Today
Our experienced estate planning attorneys at Sheryll Law, P.C., work diligently to ensure that we establish a proper estate plan or trust that addresses each client’s specific circumstances in the East End of Long Island. Ready to secure your future and the future of your loved ones? Contact us at (631) 206-5893 or fill out the form to schedule a consultation.
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The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.
Sheryll Law, P.C.
633 East Main Street, Suite 2
Riverhead, New York 11901