Estate Plans: Where Care Meets Planning.

A trust is a legal arrangement between you, a trustee who holds your assets, and beneficiaries. It is a beneficial way to manage property during life, and can act as a will substitute at the time of your death. Only assets that are in a trust can be handled in this manner. Beneficiaries can greatly benefit through this proactive estate planning technique. During the estate planning process, we work with you to determine what assets and which beneficiaries may benefit most from a trust, and help you put a specific plan in place.

An estate plan is the complete arrangement of how you are taking care of yourself during life, and what should happen upon your passing. This encompasses much more than what people often think! There are a whole range of factors to assess, and to plan for so that you and your loved ones can live the best lives possible.

Estate planning costs in Williamsville, Amherst, and the surrounding areas depends on the variables of your overall matters, which includes much more than property, but your own needs, your family, your loved ones, your assets, debts and goals and so on - in other words, everyone has a unique situation and the planning should reflect that!  Creating a “simple will” is never as simple as you may think as there is a lot that should go into any legal document, especially a will!  After all, you will not be here when it comes time to “probate” the will and that is why there is a whole process that the will has to go through before Surrogate’s Court deems it valid.  Such legal concepts like “testamentary capacity” and knowing the “natural objects of your bounty” need to be determined as well as fleshing out the best way to reflect your goals in a will.  All this is not to be taken lightly!  So, long story short, you may think it is less expensive to take shortcuts, but, eventually those shortcuts cause problems.  A will alone requires due diligence in its pre-planning, creation, execution and post-execution matters.  As well, there is more to consider than just a will. A comprehensive estate plan includes other documents, such as a Power of Attorney document, a Health Care Proxy/Living Will, a HIPAA Authorization, an Appointment of Agent to Control Disposition of Remains documents, potentially a trust and so on!  Becoming more educated about being prepared for the future is also an important part of working with an estate planning attorney.  All of this kind of work requires more time and understanding. At Ruth P. George Law PLLC, we customize all of our plans to your unique needs, and can often offer packages of services to ensure the most cost-effective AND comprehensive estate plan based on your needs. Schedule a consultation so that we can give you an accurate quote for our estate planning services. 

OF COURSE! An estate plan involves so much more than just your assets - It involves health care decisions, your wellbeing, and even simple tasks like paying your bills. Assets also grow over time, and therefore no matter where your assets stand now, it is still important to have an estate plan in place to offer clarity to your loved ones no matter the size of your estate. Minor children, pets, and even personal property must be carefully thought of. It's about creating a smooth transition for your family after your death.

This ultimately depends on the situation, however, when minor kids are involved it is always appropriate to be proactive with planning. This can mean nominating standby guardians, and guardians in your will. This is so important to consider and plan for with your estate planning attorney! We believe that ensuring our children are left in the most caring and loving environment possible, and not always who a judge would appoint, is one of the best gifts that someone can give when they pass away.

It can be easy to focus on up-front costs like attorney fees when creating an estate plan, but we are here to help you understand just how much time and money this can save you in the long run! A well-designed estate plan minimizes potential litigation (during life and at death), sets the stage for better living, reduces or avoids probate costs, reduces costly and time-consuming errors, reduces the risk of family disputes, and can even reduce or avoid various taxes, including income, capital gain and estate taxes.  For example, placing assets into a trust can help avoid probate altogether, and can preserve more of your estate for your loved ones with favorable tax consequences, as well.  While the cost of hiring an attorney to help you create your estate plan may seem like a cost that you may want to avoid, this is absolutely an investment that can save you and your entire family time, money, and stress!

Yes!!! We always advise doing what you can to get out of debt, and working with professionals can be so helpful in doing so. Part of your planning will involve short term and long term goals, and this can help you prepare better for the future. Additionally, you definitely still want to name the right person to act as your power of attorney and your executor to handle debts and financial matters as appropriate. Your planning can also encompass ways to minimize the affect of potential future creditors. If you have debt, we should plan!

No, you don't. You also don't need an attorney to buy or sell a house in some states, you don't need to work with a financial advisor to invest in the stock market. Whether or not those are wise decisions, however, is a completely different matter. Obviously we are big fans of getting your plan with an attorney knowledgable in the legal issues that come up and specifically strategizes how to minimize that for you. We know the process inside and out and are able to pass that experience along to make everything easier and smoother for you and your loved ones!

For the vast majority of New Yorkers, this will not be a concern. However, we are able to help those in this category. There are incredible, creative estate planning vehicles that can (AND SHOULD) be used to avoid federal and state estate taxes. Instead of seeing assets go to pay estate taxes, there is planning that can be done, including charitable planning. Work with your estate planning attorney to determine if this tax applies to you, and how you should effectively plan.

As a New York State attorney, Ruth P. George offers legal services and consultations for New York State matters.  Estate planning matters are typically handled in certain surrounding areas and counties within New York State.  We will be meeting in person for different appointments, including the consultation and the signing appointments.

DIY estate planning tools might seem like a quick fix, but they often just cause problems!  The problems are typically extremely costly to deal with!  Unfortunately, quick actions can even lead to your goals never being realized.  For just one example, New York has strict witnessing and execution requirements for wills.  For another example, a Power of Attorney needs to be well thought out and executed properly (along with witnesses!).  Having an attorney plan out, prepare and see the proper execution of these legal documents is so helpful in establishing the validity of the documents.  Obviously, you would not want problems with documents that do not accomplish your goals or that could be invalidated through litigation which is very costly.  Leaving your loved ones in a difficult position, either during life or at passing, is the exact opposite of what estate planning should do!  An attorney can ensure the validity of your will and your plan, protecting you, your family and your legacy. Ready to start planning? Check out our Trusts, Wills, and Legal Documents page to learn more, or Contact Us to schedule a consultation.