No matter the size of your estate, it’s essential you make careful plans for the future so that your final wishes are known and upheld. Without proper legal representation, the future of your assets and your family could be at risk. At Schwartz, Fang & Keating, P.C., we have offices in Woodbury (Long Island), New York, New York City and Edison, New Jersey to provide residents of both states with effective estate planning representation. Whether you wish to draft or change your will, establish guardianship for a minor, or discuss estate tax issues, our skilled professionals can assist you. Our attorneys draw on 97 years of combined experience in estate planning and will ensure you make use of every available instrument to memorialize your wishes.
Regardless of how you want to divide your assets after your passing, it is important to have a legally sound will to ensure your property will be distributed according to your wishes. We assist clients with essential aspects including:
After discussing your situation, our firm can more accurately assess your needs and assist you with a draft or revision that will properly reflect your wishes.
As a parent, your first responsibility is the care of your child, whether that child is a minor or an incapacitated adult. So it’s essential you make plans for their care in the event of your passing. Your will can specify a person you trust to assume the duties of a guardian, but the court will need to appoint that person for the relationship to be legally binding. There are two types of guardianship in New York and New Jersey: guardian of the person and guardian of the property. One person can serve in both roles, but your unique situation and goals for your loved ones will determine what kinds of arrangements you wish to establish.
After an individual dies, the federal government taxes estates valued at or above a certain amount, and that amount is subject to change. Some state governments also impose a tax on a decedent’s estate before it can be distributed to beneficiaries. In the state of New York, the threshold for estate tax is $5.25 million (as of January 2019, it is scheduled to increase to $5,490,000), so an estate valued at less than this amount is not taxed by the state. New Jersey does not impose a tax on the estates of decedents who have died on or after January 1, 2018, but the state does impose an inheritance tax on beneficiaries or transferees, based on the inheritance received and relationship between the recipient and decedent. There are ways to minimize estate taxes, including private annuities, marital transfers, and lifetime gifts to children. Our firm can go over the details of your estate and determine the best course of action to take to reduce your estate tax in New York or New Jersey.
Whether you are drafting a will, establishing legal guardianship, or handling estate taxes, Schwartz, Fang & Keating, P.C., with offices in Woodbury (Long Island), New York, New York City and Edison, New Jersey, can assist you. Please call 516-388-7445 or contact us online to schedule an initial consultation today.