Estate Planning Attorney in New York City

Estate planning is not only for the super rich. If you want a say in what happens to your legacy, you want an estate plan.

My name is Albert Goodwin. I'm an estate planning attorney. I'm going to walk you through what matters when choosing an estate planning attorney, and share how I work with my clients.

Estate planning touches many different parts of your life at once. It takes years of hands-on work to see how all of those pieces fit together. This is what I do every day. I work with families at every stage of life who want to make sure their wishes are carried out and their loved ones are taken care of.

What I do, at its core, is make sure two things happen. That your plan saves on taxes. And that your wishes are carried out after you're gone. Those two things sound simple, but getting them right takes real knowledge and real care.

A lot of my clients end up creating a trust. A trust lets you skip probate. That means your family can settle things smoothly and privately after you pass. But a trust can do more than that. It can cut your tax bill. It can also be set up to help protect you when it comes to Medicaid.

You also want an attorney who knows the courts that handle estates. In New York, that's the Surrogate's Court. I appear there on a regular basis. I know what's needed and how the process works from the inside. A good plan is built around how things actually work, not just how they look on paper.

Here's how we work together. We sit down, talk about your life, your family, your assets, and what you want to happen. Then we build a plan around that. No two plans are alike because no two people are alike. If you own a home or a business, we'll talk about the best way to pass that on to the people you choose, while keeping taxes and costs down.

We prepare your documents with care so there's no room for confusion. We're there when you sign everything, making sure all the legal steps are done correctly.

And when the documents are signed, your plan is in place. If life changes down the road and you want to update things, we're here for that too.

I take the time to explain things in plain terms. The more you understand, the better your plan will be.

If you're ready to get your estate plan in place, I'd love to talk. We go over your goals and give you a clear picture of what makes sense for you and what it will cost. No pressure, no confusing language.

You can contact us by phone at 212-233-1233 or by email at [email protected].

Planning ahead is a real gift to the people you love. It brings peace of mind — for the people you care about as well as for you.

What Goes Into a Complete Estate Plan

A complete estate plan typically includes a coordinated set of documents, each serving a specific purpose:

Last will and testament. The will distributes your probate assets at death, names your executor, and nominates a guardian for any minor children. Even with a trust-based plan, a pour-over will catches anything you forgot to fund into the trust.

Revocable living trust. For most clients with real estate or any complexity, a revocable trust is the central planning vehicle. The trust holds your assets during life, you remain in control as trustee, and the assets pass to your beneficiaries at death without probate.

Durable power of attorney. The power of attorney authorizes someone to handle your financial affairs if you cannot. New York's 2021 statutory form is the standard, with options to customize the scope and authority.

Health care proxy. The proxy designates someone to make medical decisions for you if you cannot.

HIPAA authorization. The HIPAA release allows your designated representatives to access your medical information.

Living will / values statement. A statement of your preferences for end-of-life care guides your health care agent and the medical team.

Depending on your situation, additional documents may be appropriate: irrevocable trusts for tax planning or Medicaid planning, life insurance trusts, special needs trusts for disabled beneficiaries, business succession documents, charitable giving structures.

Planning for Different Stages of Life

Estate planning needs evolve with life stages:

Young families. The priority is guardianship for minor children, life insurance to provide for them, and basic disability planning. The estate may be modest in current value but the planning is consequential because of the children.

Mid-career professionals. Building wealth, growing families, and possibly business ownership. Estate planning becomes more sophisticated — trusts for children, tax planning, business succession.

Pre-retirement. Significant assets, often including real estate, retirement accounts, and possibly business interests. Tax planning, asset protection, and Medicaid considerations become more prominent.

Retired clients. Focus shifts to maintaining control during potential incapacity, providing for surviving spouse, and orderly transfer to children and grandchildren. Medicaid planning often becomes a central concern.

Surviving spouses and individuals in late life. Updating plans to reflect changed circumstances, finalizing arrangements, ensuring documents are current and well-organized.

Tax Planning in New York

New York imposes its own estate tax in addition to the federal estate tax. The New York exclusion is significantly lower than the federal exclusion. Worse, New York has a "cliff" — estates that exceed the exclusion by more than 5 percent lose the entire benefit of the exclusion, not just the excess. This creates planning challenges for clients near the threshold.

Common New York estate tax planning techniques include:

• Lifetime gifting to reduce the taxable estate.
• Credit shelter trusts at the first spouse's death to use both spouses' exclusions.
• Spousal Lifetime Access Trusts (SLATs) to use the federal exclusion before scheduled reductions.
• Charitable giving to reduce the taxable estate while supporting causes the client values.
• Life insurance held in an ILIT to provide liquidity for the eventual tax bill.

Medicaid Planning

For clients concerned about future long-term care costs, Medicaid planning is a core part of the estate plan. The most common technique is the irrevocable Medicaid Asset Protection Trust, which holds the home and other significant assets outside countable resources after a five-year look-back period. Other techniques include life estate deeds, joint ownership arrangements, and (in crisis situations) caregiver contracts and gift-and-loan arrangements.

Medicaid planning works best with long lead time. Starting more than five years before care is needed gives the full range of tools to choose from. Crisis planning, while still possible, has fewer options and worse outcomes.

Updating the Plan Over Time

Estate plans should be reviewed periodically. Triggers for review include:

• Marriage, divorce, or remarriage.
• Birth or adoption of children or grandchildren.
• Death of a named beneficiary, executor, or guardian.
• Significant changes in assets or income.
• Major changes in tax law.
• Health changes affecting the client.
• Move to a different state.
• Estrangement from a family member previously included in the plan.

A plan that fit your situation five or ten years ago may not fit today. Periodic review and updating keeps the plan effective as your life evolves.

Fee Structure

Most estate planning engagements are handled on flat fees. The fee depends on the complexity of the plan. We discuss the fee structure and scope of work at the initial consultation, agree on it in writing, and stick to it. The fee includes the documents and the signing ceremony. Additional work (funding the trust, updating beneficiary designations, follow-up consultations) may be included or may be billed separately depending on the engagement.