Estate Planning and Probate

New York Probate and Estate Planning Attorneys

PRESERVE YOUR DIGNITY, YOUR ASSETS AND YOUR LEGACY.

Many people wonder why they should bother with estate planning. There are many reasons why you should consider creating or updating your estate plan. No matter your what your age, financial, marital or parenthood status; you should document your wishes if you desire a certain distribution of your assets. An attorney at The Wool Law Group in Plainview, New York can ways of creating a sound estate plan and advise you about your need for a will, trust, power of attorney or other estate planning tools.

Contact us by e-mail or call 1-888-782-5849 to schedule a free consultation with one of our experienced estates and trusts attorneys. We have the knowledge and expertise to tailor an estate plan which will meet your unique circumstances and specific situation. We also provide important elder law services such as end-of-life planning through health care directives and living wills, Medicare and Medicaid planning and planning for incapacity through durable powers of attorney.

Two Important Estate Planning Tools: Wills and Trusts

A carefully drafted will allows you to decide who will inherit your property after your death, instead of having your assets distributed according to New York's intestate laws. Wills can also help avoid disputes over who gets what, and let you select who will be the guardian of your minor children if you should die. You also select someone you trust to be your personal representative (also called executor) who will be responsible for gathering and distributing your property and carrying out your final wishes.

Trusts are an important estate planning tool. Revocable trusts can be used for asset management, probate avoidance, and tax planning. Irrevocable trusts which give the person establishing the trust access to the income earned on the property held in trust, but bars access to the principal can be an effective tool for Medicaid Planning. A credit shelter trust can help you protect assets from creditors. Through a supplementary or special needs trust you can provide for disabled children or family members in the future without causing them to lose eligibility for benefits such as Social Security Supplemental Income and Medicaid.

Different types of trusts suit different personal needs. Learn about your options. Let the lawyers at The Wool Law Group, in light of your particulars, advise you about the benefits and pitfalls of these types of trusts (and more): educational trusts, trusts for minors, special needs trusts, life insurance trusts, and charitable remainder trusts.

Guiding You Through the Probate Process

If one dies without a will (intestate), if there is a will contest "knocking out" the will, or if the Surrogate's Court finds a will to be invalid, the decedent's estate is subject to an administration proceeding. Are you due an inheritance? Have you been appointed an executor? Would you like to be an administrator? Let attorneys at the Wool Law Group help you navigate the Surrogate's Court process and the gift and estate tax laws.

Once a person passes away, a will is subject to a probate proceeding. Probate is the legal process in which the deceased's assets are passed on to the people named in the will (heirs). The personal representative or executor is responsible for filing the will with the court, gathering the estate assets, paying the bills and taxes owed by the estate, filing income tax returns, distributing the property, and preparing a final account for the probate court. An experienced probate attorney can be invaluable in administering an estate through the probate process. For example, if an estate tax return is due and it is not completed and filed in a timely manner, you run the risk of incurring severe IRS penalties and interest.

Don't run the risk of making preventable and costly mistakes. The attorneys at The Wool Law Group are here to help. For experienced representation in probate or estate administration actions or insightful estate planning advice and services, call 1-888-782-5849 or contact us for a free consultation with our estate and probate lawyers. 

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