Trusts and Estates Attorney Brooklyn

Estate planning is a legal processrnwhere you make an effort to preserve your assets now, and decide how they willrnbe distributed at your death or during your life. When done properly it canrnhelp to save you and your estate thousands of dollars, and ensure your finalrnwishes are carried out.

Proper estate planning will allow yournto ensure you are able to control what happens to your assets now and afterrnyour gone. It is the best way to ensure your specific wishes are followedrnrather than hoping the courts make the right choices on your behalf. rnThere are many benefits to estate planning including minimizing the taxes thatrnare owed, maintaining privacy for your estate, helping your loved ones avoidrnprobate court, and much more.

If you are the executor of an estate,rnyou will have quite a few responsibilities that you need to take veryrnseriously. One of the most important of these is making sure the taxes are paidrnon time, and in full, for everything you are responsible for. Estate taxes mayrnbe deferred in whole or in part and it will be your responsibility to make surernthat you make all the right elections timely (this is especially true for anrnestate that is highly illiquid, i.e. holds assets other than cash or marketablernsecurities). You need to analyze how taxes are going to be allocated among thernbeneficiaries and how funds are going to be raised to pay taxes.