Asset preservation; wills and trusts; family limited partnerships; dynasty trusts; business succession planning; international estate planning; testamentary trusts and intervivos trusts; installment sales; state domicile and residence issues; charitable organizations and their for-profit affiliates; estate gift and generation-skipping transfer taxes; elder law; personal tax planning; life insurance and charitable trusts; estate tax motivated partnership and asset planning; restructuring; post mortem estate planning and probate of estates.

Some of the tasks handled by our Estate Planning attorneys:

• INFORMS the Executor of the estate administration process

• ADVISES the Executor of his or her duties

• PREPARES and FILES appropriate court documents

• PREPARES and FILES appropriate tax returns and insures that tax payments are made on a timely basis

• MINIMIZES taxes

• INSURES the proper disposition of estate assets

• RESOLVES family disputes

• ANALYZES the interrelation of Estate, Individual Income, and Fiduciary Income Tax issues

• IMPLEMENTS estate planning for beneficiaries, especially a surviving spouse

Why Is Estate Planning Important?

Planning and providing for you and your family’s future in the event of your death is one of the most important actions you can take in your lifetime. Without this plan, your assets may not be distributed according to your wishes. While not always an easy task, a qualified estate planning attorney can help guide you through the process. If you’ve recently married, had a child, divorced, inherited money, purchased a home, or experienced another major life change, now is the perfect time to create or revisit your Will to make sure it reflects your current circumstances.

• An estate plan provides peace of mind for your immediate family.

• An estate plan provides for other relatives who need help and guidance.

• An estate plan gets your property to beneficiaries faster than going through probate.

• An estate plan helps you plan for mental or physical incapacity.

• An estate plan helps minimize expenses.

• Choosing a competent personal representative and trustee and providing them with clear direction is essential to a good estate plan.

An estate plan can help you support religious, educational, or other charitable causes, either during your lifetime or upon your death.

What Is Estate Planning?

If you own a house or simply just have some savings stashed away, then you have an estate. In these turbulent times in our country, planning for the future is more important now than ever, especially when it involves the financial security of those you love. If you don't plan for what happens to your estate upon your death, then the government will make those decisions for you.

Estate planning is the process whereby families develop a plan that ensures that the assets they have worked so hard accumulating during their lifetime are protected and distributed to those they love after their death. Without proper planning, the Internal Revenue Service (IRS) and the NY Department of Revenue stand to “inherit” a large portion of the assets of families in NY. Fortunately, it’s not too late to write these governmental agencies out of your will.

Probate and Estate Administration

In its most basic terms, probate is nothing more than a court-supervised transfer of title in an asset. Probate is the legal process that takes place after someone dies and often involves:

• Challenges to the validity of a will

• Distributing property as directed by the will

• Having the property appraised

• Identifying and inventorying the deceased person's property

• Paying estate debts and taxes

• Proving in court that a will is valid

Though this explanation of probate seems simple, the probate process unfortunately is not. There are often a number of different persons interested in the probate estate, including: creditors, other family members, beneficiaries, the surviving spouse, attorneys, and the personal representative for the estate. Each person has a different interest in the probate that is protected by law. Because of those protected interests, the steps undertaken to complete a probate can be lengthy, time-consuming, and costly.

We take special care during these difficult times to represent families in New York with caring and compassionate counsel, guidance and direction.

Why Have a Will?

• If you do not draw your Will, the State will do it in a manner that you probably won't like.

• The State provides no control over variations and timing of asset distribution.

• All assets are outright regardless of a beneficiary's age or financial ability.

• The Will can provide for Trusts for one's spouse and/or children in a manner that will protect them from themselves.

• Bequeathing Specific Items Of Property Can Only Be Done By Will

• Naming guardians for minor children

• Wills can direct trusts for minor children

• Estate taxation can be reduced

Wills are not the only solution to an orderly disposition of property but a Will is one of the most flexible and easiest documents to create to dispose of one's assets and name one's personal representatives to handle the affairs of a decedent.

The Will is the final, formal, directive of a deceased person as to how he or she wishes his or her assets to be distributed, to whom the assets should go, in what amounts, and when.

Copyright © 2008  Ronald S. Cook, P.C.

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Email: info@RonCookLaw.com