A. Estate planning is the process of making sure that your assets are distributed according to your wishes upon your death. Good Estate Planning will also consider the tax ramifications of the Plan and make plans to minimize any taxes on the assets transferred to your beneficiary.
A. Absolutely!!! The Law Office of David W. Wilson can, and will, help you complete your Estate Planning, draft the necessary documents and oversee the execution of those documents even during the Coronavirus Pandemic. Especially during this uncertain time, all individuals should have a basic Estate Plan, Health Care Proxy, a Power of Attorney document and a Last Will and Testament in full force and effect. Call us today to complete your Estate Plan.
A. Without an Estate Plan, you will have no control over what happens to your assets upon your death. The New York State Law of Intestacy will control how your assets are distributed. There will be no ability to minimize the tax ramifications of the distribution of your assets after your death without an Estate Plan. A good Estate Plan will also include the appointment of a person, or persons, to raise your minor children in the event that both of the children's parents pass away prior to the children reaching the age of 18 years old.
A. In the event that you do not, while you are in good health, make plans for your future which include plans to distribute your assets upon death, as well as to plan for the possibility of you being incapacitated and not being able to manage your own finances and business affairs, or make your own health care decisions, you will often put your family and friends through great expense. If you fail to plan for these events, you give up your right to control your future. If you fail to plan for your possible incapacitation, and inability to manage your own affairs, a judge will, after a costly process, appoint someone to care for your affairs. That person may not be the person that you would have chosen to be the one to handle your affairs.
A. A Conservator is an individual appointed by the New York State Supreme Court or Surrogates Court to manage the financial affairs of an individual known as a Conservatee. A Conservator is appointed by the Courts once a showing has been made that the proposed Conservatee does not have the mental or physical capacities to make their own decisions relative to either their finances and business affairs or their own personal health.
A. Guardianship is a legal process that is carried out through the court system to appoint a Guardian to manage the assets of a person or to manage the assets and make medical and health care decisions for the person in need of a Guardianship. A Guardianship is put in place for an infant until said child reaches the age of majority. A Guardianship can be put in place for an adult who cannot manage their own affairs and the Guardianship lasts until either the person in need of a Guardianship passes away or becomes capable of taking care of their own affairs.
A. It is possible that your beneficiary's inheritance may be taxed by the United States government and the New York State government. Whether or not a beneficiary's inheritance is taxed depends on the type of assets your beneficiaries receive and the method by with your beneficiary receives those assets. A good Estate Plan will minimize, or eliminate, any taxes your beneficiary will need to pay on their inheritance.
A. Probate is the process when Surrogate's Court names an individual as an Executor or Executrix to gather the assets of a decedent and to distribute those assets pursuant to the decedent's Last Will and Testament, or in the absences of a Will, pursuant to the New York State Law of Intestacy. Simple put, Probate is the process which allows an individual who does not own property, or assets, to be able to exercise control over those assets and distribute them to the decedent's heir or beneficiary.
A. It is not necessary to have an attorney to get divorced. However, in order to get the best possible results, and have the best possible financial outcome for you and your children, it is absolutely necessary to have a skilled divorce attorney who understands the tax ramifications of a divorce settlement, how to plan child support payments, the distribution of assets and the distribution of debts which have accumulated during your marriage. There are numerous other issues which need to be considered, such as the presence of any children in the home, the age of the children and how the children will be educated through college commencement. These are not simply issues to properly plan for and a skilled attorney will guide you through the legal requirements surrounding each of these areas.
A. You should hire a divorce attorney and begin to plan your divorce well before a divorce case is filed against you. A skilled divorce attorney can help you plan for your divorce before you or your spouse begins a divorce action. A good plan will minimize the negative consequences of divorce and maximize the benefits of a divorce to you.
A. Absolutely!!! Much of the work that a divorce attorney does with his client can be done either personally, or through telephone appointments, emails and/or video conferencing. During the Pandemic, the Law Office of David W. Wilson is closed to the public by the Order of Governor Cuomo; however, we are working from home and can assist you with your immediate divorce needs and plan and prepare for future court appearances. Courts are still open for emergency appearances and one can be arranged virtually, or by telephone, if required in a matrimonial action.