Experienced White Plains Estate Planning Lawyers

“Long-standing relationships of trust make us the modern equivalent of the family lawyer.” ― Attorney Marianne Sussman.

With a sound estate plan in place, you can rest assured that your wealth is protected. You may be able to take advantage of tax-saving opportunities, and your wealth is distributed in the manner of your choosing. You can appoint trusted family members or others to make critical decisions about your future medical treatment, and financial and business transactions. Without sound estate planning guidance, including advance health care directives, these critical goals could be left to chance.

At Marcus, Gould & Sussman, LLP, we understand the importance of sound, comprehensive estate planning. We can provide you with the guidance you need to make the right decisions as you establish estate planning documents in New York.

Our firm is known for its sophisticated estate planning and estate administration practice led by partner Marianne Sussman. Clients gain significant benefits from her depth of experience in tax issues and wealth preservation strategies. We are now handling complex estate planning for a second generation of clients from the same families.

An Estate Plan Tailored To Your Needs

Every client has unique estate planning needs. We do not apply a one-size-fits-all approach when establishing estate plans. We work personally with our clients to gain an understanding of their unique needs. After evaluating your legal and financial goals, our estate planning lawyers can guide you in establishing:

• Wills
• Trusts
• Powers of attorney
• Health care proxies and living wills

Sound estate planning can protect your assets and spare your loved ones from unnecessary expense and conflict in the future. We have the experience to establish an estate plan that protects your interests and the interests of your loved ones.

Guardianships

Sometimes, your loved ones need assistance in managing their business affairs and personal needs. They may be elderly and have become unable to care for themselves or their property, or they may be disabled of any age who cannot effectively manage their financial and personal matters. Attention to the particular circumstances and the person’s specific needs will assure safe and effective management of both personal and business matters. Attorney Marianne Sussman will develop with you the most effective and efficient plan, whether through a guardianship proceeding or alternative legal approaches.

Trusts

A trust is a powerful estate planning tool that allows you to place assets under the control of a trustee for the benefit of your chosen beneficiaries. Our attorneys work closely with you to create trust arrangements that protect your assets and provide for your loved ones according to your wishes.

Types Of Trusts

The New York legal system recognizes various trust structures, each designed to address specific estate planning needs:

● Revocable living trusts: Remain under your control during your lifetime and allow for modification or termination
● Irrevocable trusts: Cannot be altered once established, providing stronger asset protection and potential tax benefits
● Special needs trusts: Provide for disabled beneficiaries without jeopardizing their eligibility for government benefits
● Testamentary trusts: Created through your will and take effect only after your death
● Charitable trusts: Benefit both charitable organizations and noncharitable beneficiaries
● Spendthrift trusts: Protect assets from beneficiaries’ creditors and provide controlled distributions
● Qualified personal residence trusts: Allow you to transfer your home to beneficiaries with potential tax advantages

Each trust type offers distinct advantages that can be leveraged based on your particular circumstances and goals.

Benefits Of Trusts

Incorporating trusts into your estate plan can provide significant advantages:

● Probate avoidance: Assets held in trust pass directly to beneficiaries without court involvement
● Privacy protection: Unlike wills, trusts are not public records, keeping your financial affairs confidential
● Tax efficiency: Certain trusts can minimize estate and gift taxes
● Asset protection: Some trusts can shield assets from creditors and legal judgments
● Control over distributions: You can specify how and when beneficiaries receive assets
● Incapacity planning: Trusts help ensure continuous management of assets if you become unable to manage them yourself

These advantages explain why many clients choose to incorporate trusts alongside traditional wills in their estate plans.

Potential Limitations Of Trusts

While trusts offer many benefits, they also come with considerations you should understand:

● Setup costs: Establishing a trust typically requires more upfront legal expenses than a basic will
● Maintenance requirements: Trusts require ongoing administration and possible tax filings
● Funding process: Assets must be properly transferred into the trust to gain benefits
● Complexity: Some trusts involve complex provisions that require professional management
● Irrevocability: Certain trusts cannot be changed once established, limiting future flexibility

Our attorneys at Marcus, Gould & Sussman, LLP, can help you navigate these considerations to determine whether trusts should be part of your comprehensive estate plan. We provide clear guidance on the most appropriate trust structures for your specific situation and assist with proper trust creation and funding.

New York Estate Planning FAQs

The complexity of New York estate planning laws can be daunting. To help ease the process, we have answered some of the most common questions from our clients.

What happens if you die without a will in New York?

If you pass away without a will in New York, your estate is subject to intestate succession laws. This means the state determines how your assets are distributed, typically to your closest relatives. Spouses and children are prioritized, but more distant relatives may inherit if no immediate family is found. However, this process can result in outcomes you may not have intended, which is why it is crucial to have a will in place.

How frequently should I update my estate plan?

It is recommended that you update your estate plan every three to five years or whenever you experience a significant life event like marriage, divorce, childbirth or the acquisition of substantial assets. Changes in the law or your personal financial situation also warrant a review of your estate plan. Keeping your estate plan current helps ensure that it reflects your wishes and protects your loved ones.

Who needs an estate plan?

While everyone can benefit from an estate plan, certain situations make it particularly crucial:

• Parents of minor children to designate guardians
• Blended families to help ensure all children are provided for
• Business owners to help ensure smooth succession or dissolution
• Owners of multiple properties or complex financial portfolios
• Those with specific charitable giving goals
• Individuals concerned about potential incapacity or long-term care needs

In these more complex situations, having a comprehensive estate plan can help ensure your assets are distributed according to your wishes, minimizing potential conflicts among heirs. Even if your estate is relatively simple, an estate plan can help avoid unnecessary legal proceedings and expenses for your loved ones.

How can the estate planning lawyers of Marcus, Gould & Sussman, LLP, assist?

We offer comprehensive legal help on a broad range of estate planning, trust administration and probate matters, including:

• Drafting wills and trusts tailored to state laws
• Creating powers of attorney and health care proxies
• Developing comprehensive estate plans
• Assisting with probate and estate administration in New York courts
• Handling trust administration
• Guiding tax planning strategies specific to the state

Our deep roots in the Westchester County legal community allow us to provide thoughtful, personalized guidance for all your legal needs.

Contact Our Westchester Estate Planning Law Firm

If you need legal guidance for drafting a will, establishing a trust or any other estate planning matter, our lawyers are here for you. Contact us today online or by telephone at 914-561-3249 to arrange a consultation with an experienced New York estate planning attorney.