When it comes to estate planning, it is important to find an experienced law firm to handle your case. There are many different issues involved and you will want to make sure your lawyer understands your situation and can help you to protect your assets. For example, if you own a business, you may want to use an irrevocable trust. You can also create a power of attorney, which will allow you to appoint an individual to take care of your affairs. These are just a few of the services an estate planning attorney can help you with.
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Accredited Estate Planner Designation
Accredited Estate Planners (AEPs) are credentialed professionals who specialize in estate planning. They can help clients plan and administer trusts, and prepare fiduciary income tax returns. They can also assist with insurance and retirement planning issues. The National Association of Estate Planners & Councils (NAEPC) offers the AEP designation to those with extensive experience in estate planning.
To receive the designation, an AEP must be active in their profession and adhere to the NAEPC code of ethics. In addition to committing to continuing education, AEPs must participate in a yearly renewal process. The AEP designation allows designees to collaborate with other professionals to create holistic estate plans.
AEPs can be attorneys, Certified Public Accountants, Chartered Financial Analysts, and Certified Trust and Financial Advisors. Applicants who want to become an AEP must complete a minimum of five years of experience in estate planning, and they must meet certain admission standards. They must also agree to the NAEPC code of ethics and sign an application form.
Irrevocable Trusts
An irrevocable trust is an estate planning tool that helps to ensure the longevity of assets by reducing the taxable value of the estate. In addition, an irrevocable trust provides significant protection against creditors.
An Irrevocable Trust is a complicated legal arrangement that requires the services of a competent attorney. These lawyers will help clients establish the trust that is most suitable for their unique situation. The process can be very time consuming and expensive. However, it is one of the best ways to ensure that the legacy of a deceased loved one is carried out in a manner that is both efficient and effective.
A trust is a contract that establishes an agreement between the grantor and trustee. In return for the grantor’s funds, the trustee entrusts the assets to the beneficiaries. The assets can be anything from real estate to stocks.
Living Wills
A living will is a written document that indicates your preferences for medical care should you become incapacitated. It is an important part of any estate plan.
When planning your estate, you should also consider a health care power of attorney, or HCOA. A HCOA will allow you to appoint a person or persons to make health care decisions on your behalf should you ever need it.
If you want to create a living will, you should consult with a qualified estate planning law firm to discuss your needs and advise you on the best options for your situation. Your lawyer will be able to provide you with a variety of options to choose from, and will be able to help you make an informed decision about your health care.
Powers of Attorney
Powers of attorney are legal documents which appoint an agent to deal with the financial and personal affairs of another person. When executed properly, they can provide a loved one or a friend with the necessary authority to make important decisions on his or her behalf.
A power of attorney is a vital estate planning tool. If you are concerned about an incapacitated parent or someone in your family, you can appoint an agent who will make financial and medical decisions on your behalf.
A power of attorney can be general, limited, or durable. The type of power you choose will depend on the type of situation you are trying to protect. The Consumer Financial Protection Bureau has a booklet called “Managing Someone Else’s Money” that explains the main types of powers of attorney.
New York Estate Planning For Nonresidents
If you own real estate in New York, you may have to file an estate tax return if you leave the state of New York. But there are many ways to minimize this tax. A local attorney can help you plan ahead.
New York has an estate tax cliff, meaning that if you die in 2021 or later, your estate will be subject to the full tax on the amount over the $6.11 million exemption limit. If you aren’t planning to stay in the state after you pass away, you should act sooner than later.
A special residence trust can avoid the state’s estate tax for non-residents. This type of trust converts your NY real property to intangible property. Leaving it in this type of trust will not be subject to estate tax when you pass on, and it will be free of tax when your spouse passes on.