Long Island Estate Planning Lawyers
Securing Your Future With An Estate Plan On Long Island
Long Island has many attorneys dabbling in estate planning. Any one of them will be able to pull out the document you need to draft your legal will. At Futterman Lanza, LLP, we take your estate preservation plans beyond the simple paperwork and strategically protect you and your assets. Whether you live anywhere on Long Island, securing your legacy and protecting your loved ones is crucial. At Futterman Lanza, LLP, we understand that estate planning is a critical component of your family’s future. Futterman Lanza, LLP has celebrated its 20th anniversary serving and supporting our community. The estate planning attorneys remain at the forefront of legal developments to provide you with superior service.
Our firm focuses on elder law and estate planning. We are adept at navigating the complexities of the law to meet your needs precisely. We respect the dignity of each client, offering professional and individualized legal representation. At Futterman Lanza, LLP, we are committed to resolving your unique legal concerns in a caring, timely and cost-efficient manner. Our estate planning law firm primarily represents clients throughout Long Island (Nassau County and Suffolk County) and the Metro New York area.
Understanding Estate Planning
Estate planning protects and distributes your assets according to your wishes while minimizing taxes and legal complications. Many Long Islanders delay planning due to misconceptions or uncertainty about the process. Common misconceptions include:
● The belief that estate planning only benefits the wealthy, when in reality everyone needs a plan regardless of asset value.
● Assuming young people don’t need estate planning, despite life’s uncertainties making early planning crucial.
● Thinking a will alone is sufficient, overlooking documents like health care directives and powers of attorney.
● Believing estate planning is a one-time event rather than an ongoing process.
Working with experienced legal counsel helps create an estate plan tailored to your unique circumstances, protecting you and your loved ones for generations to come.
Avoiding Common Estate Planning Mistakes
The most critical mistake in estate planning is failing to update documents regularly. Life changes such as marriage, divorce, births, deaths or asset acquisitions require plan updates. Common pitfalls to avoid include:
● Improper document execution and missing witness signatures
● Unclear asset distribution instructions that can lead to family disputes
● Outdated beneficiary designations that don’t reflect current wishes
● Incomplete health care directives leaving medical decisions uncertain
● Failure to coordinate beneficiary designations with an overall estate plan
● DIY estate planning without professional support
● Neglecting to review and update plans every three to five years
With proper legal guidance and regular reviews, your estate plan remains current and aligned with your goals for your family’s future.
Tax Considerations In Estate Planning
New York’s estate tax landscape presents unique challenges for Long Island residents. The state’s estate tax exemption differs from federal levels, requiring thoughtful planning to minimize tax burdens. Strategies to minimize tax liability include:
● Strategic gifting programs utilizing annual gift tax exclusions
● Creation of irrevocable life insurance trusts (ILITs)
● Charitable remainder trusts for philanthropic goals
● Family limited partnerships for business interests
● Regular review of tax planning strategies as laws change
● Coordination of federal and state tax planning approaches
● Professional support for complex tax law compliance
A well-structured estate plan considers both state and federal tax implications, helping preserve your wealth for future generations through proven planning methods.
Why An Estate Plan Is Essential For Your Future
Estate planning plays a crucial role in preparing you to manage and distribute your assets both during and after your lifetime. This process helps you meet your financial goals and ensures the care of your loved ones according to your specific wishes. Everyone, no matter the size of their estate, should create an estate plan to prevent potential legal issues and honor their personal and financial preferences. A comprehensive estate plan usually includes wills, trusts, health care directives and powers of attorney, each providing distinct and essential functions in asset management and decision-making.
What is a will?
A will is a legal document that establishes your wishes for the distribution of your estate. It can also include guardianship appointments to care for any minor children you may have. It is the foundation of any estate plan, providing clear instructions to be executed by your chosen executor. Without a will, your assets are distributed according to New York state laws, which might not align with your personal wishes.
Why would I need a trust?
A trust enables a dedicated trustee to hold and manage assets on behalf of your beneficiaries. Trusts come in various forms and can be used to achieve specific goals such as tax reduction, asset protection, and providing for minors or family members with special needs. Unlike wills, trusts often enable the bypassing of the probate process, allowing for quicker asset distribution and maintaining privacy.
Why is a health care directive so important?
A health care directive, also known as an advance directive or living will, is a document that identifies your wishes regarding medical treatment if you become incapacitated and unable to communicate your decisions. It is an essential part of estate planning that ensures your health care preferences are respected, particularly concerning life-sustaining procedures such as tube feeding and ventilators.
Choosing a power of attorney
A power of attorney is a legal document that grants another person the authority to make decisions on your behalf. This can include managing your finances, making health care decisions or handling business concerns. Powers of attorney can be designated as durable, meaning they remain in effect if you become incapacitated, ensuring that your appointed individual can manage your affairs without court intervention.
Does It Matter Which Lawyer You Hire To Write Your Will?
Our estate planning lawyers understand how important estate planning is to any family and can help identify legal solutions that will work for your unique situation and avoid contentious litigation. We are a boutique law firm focused on personal client service. With us, every case is personal. Let us put our experience with trusts, estate and tax planning to work for you.
Do I Need A Will?
Do you really need a valid, updated will if your intent is to have all of your estate assets passed on to your surviving spouse or adult children? In New York, the answer is yes. Your intent should be in writing and clearly indicate your beneficiaries and choices for the executor. Proving a will to be valid is what’s known as probate. While our firm will discuss strategies to avoid probate, a valid will is an important component of estate planning.
The law is very specific regarding the format and witnessing of wills. Many older wills that have not been updated result in a more expensive probate process. Without a valid last will and testament signed by yourself under the supervision of an experienced attorney, the probate court will be required to make decisions about the disposition of assets that may come under dispute. By taking the time now to draft – or update – your will, you won’t be leaving your family with the burden of protecting their interests in probate court.
From our Long Island offices in Smithtown, Garden City and Bay Shore, we draft wills and provide sound estate planning strategies for individuals and families in Nassau County, Suffolk County and communities throughout the state of New York.
Call Our Long Island Estate Planning Attorneys Today
At Futterman Lanza, LLP, our Long Island lawyers understand the complexities of estate planning and provide you with customized solutions that meet your unique needs. Our experienced estate planning lawyers guide you through each step, ensuring that your estate plan is comprehensive and legally sound.
To learn more about estate planning and how we can help you, call us at 631-894-4730 to schedule a free consultation. You can also reach us by filling out our online contact form. We have Offices in Smithtown, Bay Shore, Melville and Garden City.