Experienced Manhattan Estate Planning Attorney

Experienced Manhattan Estate Planning Attorney - Sishodia PLLC - NYC Probate Lawyer - Manhattan Estate Planning Lawyer

You’ve worked hard all your life to accumulate the estate and wealth. And regardless of the extent of your assets, you have the right to decide who they go to after you are gone. Many individuals put off developing a comprehensive estate plan for “someday.” However, when the unforeseen happens, those individuals may no longer have a say over who inherits their estate or in what proportion.

We know that these are difficult conversations to have – but sometimes the most difficult conversations are the most necessary. The skilled Manhattan estate planning attorneys at Sishodia PLLC can guide you in learning how you can care for your estate while you are alive and provide for your loved ones when you are no longer here.

Estate planning is much more than drafting a will. An estate plan can also include how your medical care is handled should you become gravely ill or incapacitated. It can ensure that your children are appropriately taken care of. It can reduce the tax burden on your loved ones after your death.

It is never too early to start thinking about estate planning or the legacy you wish to leave behind for your loved ones. With the skilled legal advice of estate planning lawyer Natalia Sishodia and our Manhattan estate attorneys helping you understand your options, you can be prepared for the future, whatever that may hold. Contact us at (833) 616-4646 to schedule a consultation.

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Why Everyone Needs Estate Planning According to Estate Attorney Natalia Sishodia

Estate planning is the entirety of many different efforts and documents with the primary goal of setting up your estate for the future. No matter how extensive or limited your wealth may be, estate planning should be an extension of any financial planning you do. While financial planning looks toward creating wealth, estate planning helps you preserve it for yourself and those you love.

Estate planning is not only about who will get what property after you die. It provides essential tools that allow for the efficient transfer of assets to your heirs and beneficiaries when that becomes necessary. Estate planning is about you having control over what happens to your wealth and property while you are alive and after your death.

This type of service also considers your future financial wellbeing. Planning for your retirement and the issues you may face in the future, such as long-term care, are only some of the issues that proper estate planning can consider.   With the help of a qualified NYC real estate attorney and estate planning lawyer, planning for your future can become easier and less stressful.

At Sishodia PLLC, estate lawyer Natalia Sishodia and our group of  Manhattan estate planning lawyers have enough experience to help guide you through the complexities of estate planning. They are here to help you understand your options and make the best decisions for your future. Call us today at (833) 616-4646 to schedule an appointment with our experienced attorneys.

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What NYC Estate Planning Attorneys Can Do For You

Having the guidance of a skilled estate attorney can help you make the right decisions for:

At Sishodia PLLC, attorney Natalia Sishodia and our group of wills and estate attorneys listen closely to your goals and needs. We take each aspect of your unique situation and explain how different estate planning devices can fulfill those needs. We advise you on how you can protect your properties while you are alive and provide for your loved ones after you are gone. 

Some important estate planning devices we can help you create include:

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The Importance of a Will in Estate Administration and Planning

A will is one of the most important foundational estate planning documents. It is a set of concise instructions that designate your executor, how your properties will be distributed,  and names a guardian to your minor children. Without a will, you don’t make these decisions. The state does.

Dying without the benefit of a will means that you die intestate. In that case, state laws decide how your property will be distributed after your death. Intestate succession is a single set of rules that determines what relationship gets what percentage of your wealth or estate after your death. While it was developed to mimic how most people would choose to leave their properties, it is not suitable for many people, including those who are unmarried or are involved in other nontraditional families. At the very least, intestate succession is probably not exactly what you would have chosen for yourself.

In addition, a will allows you control over naming your executor and a guardian for your children. Without a will, the court will decide who will handle the distribution of your wealth and properties and even who will act as guardian of your children.

Having a will is an essential estate planning tool that ensures that you have the ultimate power to decide what happens to your property after you are gone. Although you are not legally required to have an attorney create your will, having a skilled New York City estate planning lawyer develop and draft your will ensures that it has been created comprehensively and correctly, protecting it against potential challenges by others after you die.

If you are a high-net-worth individual, you may be even more interested in protecting assets that you have worked a lifetime to acquire. Without sophisticated estate planning strategies, many of the assets that you have amassed could be subject to taxation by the IRS, as well as local and state taxing authorities. Under these circumstances, you may need a more sophisticated planning process such as Family Limited Partnerships or Limited Liability Companies, Personal Residence Trusts, Irrevocable Life Insurance Trusts, and a variety of charitable gifting techniques designed to reduce federal estate taxes, gift taxes, and generation-skipping transfer taxes.

If you need an attorney who can help you make decisions about the future administration of your estate, experienced New York estate and wills attorney Natalia Sishodia and our group of probate lawyers at Sishodia PLLC can help. We can give you a thorough estate planning overview so you can plan better for your future. To schedule an appointment with a skilled willed lawyer, Call us today at (833) 616-4646.

Trusts and How They Are Used in Manhattan and NYC Estate Planning

Trusts are often used for the management and protection of wealth and properties in specific situations. This is an estate planning device that holds assets separately from you, the grantor, for the benefit of your beneficiaries and is managed by a trustee. There are many different types of trusts for many different purposes, but two types are most common for purposes of estate planning.

Testamentary trusts are established as part of the will and only go into effect upon your death. This is also an estate planning tool that has specific goals, such as providing a spouse’s future income, preventing children from inheriting before they are able to responsibly manage a great deal of money, and ensuring that special needs beneficiaries will be taken care of, or other specific requirements. A trustee manages these properties that are passed through your will for the benefit of your beneficiaries.

Unlike testamentary trusts, revocable living trusts go into effect immediately. It allows you to keep control of your properties and wealth while you are still alive but designates a successor trustee to step in upon your death or if you become incapacitated. When you die, the successor trustee will distribute the assets to your beneficiaries according to the terms of the trust. With a revocable living trust, you may be both a trustee and a beneficiary and you may revoke it at any time.

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What are the Benefits of Trust?

When wealth and properties are put into trusts, they are no longer part of your personal estate when you die, leaving nothing to probate. Many individuals choose to do this for ease and cost-effectiveness. Assets placed in trusts can be distributed immediately and not be subject to the long and often expensive process of probate. Trusts are also more difficult to challenge by others.

Asset Protection

Safeguarding your estate against others is critical for anyone who has accumulated any wealth. Asset protection is a series of strategies and documents that allow you to pass on your wealth to your heirs with minimal tax consequences or court intervention. These can include developing and implementing:

When it comes to estate planning, attorney Natalia Sishodia and our team of highly experienced New York estate attorneys look closely at your properties and wealth to evaluate the best ways to protect them from creditors or other potential litigants. Complementing your estate planning initiatives with a focused asset protection strategy ensures that they are working in sync and no legal complications arise. We create highly customized strategies to protect your hard-earned assets while always considering any possible tax or legal consequences. 

If you need legal advice about estate planning, it is important to have an experienced trust lawyer by your side. Attorney Natalia Sishodia and our group of New York planning lawyers can help. We have dedicated our passion and time to helping clients make the best decisions for their future by planning and distributing their estate well. To schedule an appointment with an attorney, call us today.

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Powers of attorney and living wills are vital estate planning documents that set out directives so your family, caregivers, doctors, and others understand your wishes.

Powers of attorney designate another individual to make important financial or medical decisions on your behalf should you not be able to do so yourself.

A living will, or advanced directive ensures that your desires are known to both your family and healthcare teams about what types of medical interventions you want and don’t want in specific circumstances, typically in end-of-life or emergency circumstances.

Estate planning should always include medical and financial powers of attorney, a living will, or combinations thereof. At Sishodia PLLC, wills attorney Natalia Sishodia and our NYC estate attorneys will sit down with you and discuss your wishes in depth so you understand your options when it comes to important end-of-life scenarios and incapacity. This can help provide you and your loved one peace of mind in case the unforeseen happens.

Call us at (833) 616-4646 to speak with a skilled attorney and discuss what option for estate planning may work for you.

Long-term and nursing home care is something that many people remotely consider at “some time” in the future. But it is difficult to predict if and when you may need this care. Unfortunately, long-term care costs continue to rise and the costs can be extreme once that time comes. Fortunately, there are ways that you can plan for the possibility of long-term care in your future while still protecting your assets and estate. 

While many hope to rely on government benefits for their long-term care, Medicare does not offer long-term care benefits and there are a very strict asset and income limits in order to qualify for Medicaid benefits. There are ways to transfer assets proactively, however, in order to get Medicaid benefits without the imposition of penalties. 

At Sishodia PLLC, Manhattan probate lawyer Natalia Sishodia and our team of attorneys can help you protect your hard-earned assets for your family while still offering options for long-term benefits for you. They can provide you with the best estate planning tools so you can be equipped with legal advice to make the best plans for your future. We look at every client’s unique needs to help them achieve their long-term care goals to ensure that they are being protected as well as their loved ones.

Having a comprehensive estate plan can make it easier for the executor of your estate to distribute your wealth according to your wishes.  It can be difficult for your loved ones to manage an estate and navigate the probate process after your pass away. If a loved one is named as the executor of your estate, they may find it challenging to go through the probate process on their own. 

New York State has a Surrogate’s court in every county. This court administers estates to the loved ones of those whose primary residence was in the country. Once the owner of the estate passes away, the Surrogate’s Court will approve the will in a process called “probate.” 

The probate process starts with the proposed executor filing the will with the court. All interested parties receive proper notice so they can challenge the validity of the will. The court will issue letters of testamentary if the will is approved. These letters allow the executor to assume the legal title of the assets of the decedent. After paying any estate debts, the executor can begin to distribute the assets in accordance with the instructions contained in the will.

It is important to distinguish between non-probate and probate assets during estate administration. Some assets such as those belonging to a beneficiary may be transferred directly without the need for probate.

A revocable trust can be used to hold many assets of the deceased. The trustee may then distribute these assets without the need for probate. A pour-over will state that all probate assets must be given to the trust. The trustee can also act as executor.

The closest distributee of the estate owner can file for the administration of the estate if the estate owner dies without leaving a will. This person is called an “administrator”. The surviving spouse can administer the estate for the decedent’s children. However, if there is no surviving spouse, the children will have the same rights. The Surrogate’s Court will issue letters to the administration instead of letters testamentary. The administration of an estate belonging to an intestate individual can be complicated. This is why it is important that you plan your estate carefully.

Attorney for New York estate planning Natalia Sishodia understands the importance of making sure that the future of your family and your estate is protected. Our skilled team of Manhattan and New York estate attorneys may be able to help you plan the future of your loved ones better. To schedule a consultation, call us at (833) 616-4646.


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Getting the Skilled Legal Advice of an Experienced New York Estate Planning Attorney

Estate planning is more than who gets your property when you pass away. It can protect your estate and wealth, your legacy, and ensure that your plans and wishes are followed. Don’t leave your estate planning for “someday.” It is never too early to get a comprehensive estate plan in place. Let NYC estate planning attorney Natalia Sishodia and the experienced attorneys at Sishodia PLLC help by giving you the legal advice you might need.

Call us at (833) 616-4646 or contact us online to schedule an appointment to discuss any of your estate planning needs or concerns.

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