Brooklyn Estate Planning Lawyer
You've worked hard your whole life to purchase your home, raise your children, and save money for your retirement and for your children. Estate planning is about protecting all those assets you have worked so hard to accumulate. A comprehensive estate plan also helps your family understand how decisions should be made for you if you are unable to make your own.
At the law firm of Costello & Costello, PC in Brooklyn, we talk to our clients about their goals and help them develop estate plans that meet their objectives.
- Last Will and Testament: In your will, you can explain how your property should be distributed after your death. A will can also be used to name guardians for your children and set up trusts that can save taxes, protect your assets, and simplify the transition of property. It is a good idea to review your will every two or three years or after major changes in your circumstances (a birth, marriage, divorce). If you die intestate (without a will), your property may be divided by the state.
- Trusts: A living trust allows you to transfer your property to the trust while continuing to control the property. A trust may avoid the time and expense of the probate process, allowing the property to transfer to your heirs. A trust may also help avoid estate taxes. You can set up revocable trusts or irrevocable trusts, depending on your needs.
- Life insurance: Many estate plans include life insurance. Insurance proceeds usually go directly to the named beneficiary and do not go through probate.
- Health and disability insurance: Medical care for a serious injury or illness can wipe out a lifetime of savings. Health insurance, whether from an employer program or bought separately, and disability insurance, can help protect your savings if you are unable to work or need costly medical care.
- Retirement plans: If you have a retirement or pension plan, talk to your estate planning lawyer about the terms and benefits of each plan, and the statements you received over the years summarizing your contributions, company contributions, and the amounts in your account. Is there a survivor benefit?
- Records of your other property: Your estate plan should include copies of the deed to real estate you own, your stock certificates or brokerage account statements, your insurance policies, bank statements for your savings accounts, and documents regarding any other properties. For whoever must assemble your assets upon your death, their task will be easier if records are available. Any property you own that cannot be located, for example, because no one knows about it or if records are not available, will eventually be turned over to the state.
- Your bank account: Many people set up their bank account as a "Totten Trust." This is a legalistic way of saying your bank passbook account is set up to go directly to your heirs if you die.
- Power of attorney: This lets you appoint someone to handle your financial affairs and act on your behalf under certain conditions (out of the country or incapacitated, for example).
- Health care proxy: If you cannot make your own medical decisions, does your family know your wishes. A health care proxy enables you to appoint someone to make those decisions for you.
- Living will: This document lets you specify the types of life-prolonging treatment you want—or do not want—if you become terminally ill. It's called a living will because it takes effect while you are still alive.
Your estate plan should be a custom plan, developed to meet the particular needs of you and your family.
If you have questions about estate planning in New York, e-mail our law firm. We will usually respond within 24 hours.
The law firm of Costello & Costello, PC has served clients from our Bensonhurst office at 59th Street and 20th Avenue since 1959. Contact us for a free initial consultation at our Brooklyn, New Jersey, or Staten Island offices. We look forward to talking with you.
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