New York Estate Planning Lawyer Albert Goodwin

Albert Goodwin, Esq. is a New York estate planning lawyer who is widely praised by his clients and is respected in the legal community. Contact us to see what we can do for your legal needs.

As experienced New York estate planning lawyer, I recommend wills for younger clients and trusts for middle-aged and older clients. Wills are great because they are relatively quick and easy to make. Trusts are great because they can help you qualify for Medicaid, avoid the courts, and control what happens to your money after your death. Here to answer your questions about estate planning:

• How do I make sure the court is not going to void my will?
• Why do I need a lawyer to make a will?
• Should I make a trust?
• How do I plan for a disabled child?
• How do I plan for my disability?

Some people need an estate plan more than others.

For example, if you are planning to leave your property to your wife and kids, you may not even need a will because they would get your property anyway – half to the wife and half to the kids.

But what if you want all of your property to go to your wife? Then you need a will.

And what if you want your wife to use the property during her lifetime and then the property to go to your kids? Then, my friend, you need a trust.

As a New York estate planning lawyer, and I have seen all kinds of situations. If you are wondering if you need a will, a trust or nothing at all, I am ready to offer my honest opinion. You can give me a call at (212) 233-1233.

Make a Virtually Challenge-Proof Will

People with diminished capacity or a medical condition who can still make a Will but are concerned that it may be challenged after their death need defensive estate planning. They need someone to make sure that the Will is as solid as it can possibly be under the circumstances. More…

Minimize or Avoid Estate Taxes

We offer many ways to minimize or avoid estate taxes. We can help you set up a variety of trusts, including bypass trusts, credit shelter trusts, charitable trusts, life insurance trusts, AB trusts. We can also help you form a family company to hold your family’s wealth estate tax-free, or set up an annuity to capitalize on long-term gains. More…

Plan for Your Own Disability

The law allows you to leave directives for your family in case you will not be able to make your own medical or financial decisions in the future. This can be accomplished by having a New York City estate planning attorney provide you with a healthcare proxy, living will and financial power of attorney. More…

Avoid Disputes between Current and Past Spouse

If you have been married twice, and especially if you had children with more then one person, you may avoid a serious family disagreement by setting up a will or a trust. As part of estate planning, you may require a pre- or post-marital agreement.

Protect Your Assets

We can preserve your wealth from the risk of being taken over by creditors. We do this by settling up various asset protection entities, such as trusts, family-owned companies, and annuities to protect your assets. More…

Provide for Minors or the Disabled

If you have minor children, you should seriously consider giving guardianship directions and setting up a trust for the children’s behalf. Disabled persons may need you to set up a special needs trust (also known as supplemental needs trust) to avoid losing their government benefits such as SSI and Medicaid after inheriting an estate. More…

Avoid Probate

Setting up a trust will save your family thousands of dollars in probate costs, as well as help you avoid other negative aspects of the probate process, such as its substantial delay and public nature. More…

The Estate Planning Process from Start to Finish

Working with an estate planning attorney typically involves several stages:

1. Initial consultation. Discussion of the client's family situation, assets, goals, and concerns. The attorney explains the available planning options.
2. Information gathering. The client provides detailed information about assets, beneficiaries, existing documents, and any specific circumstances.
3. Plan design. The attorney develops a plan tailored to the client's situation, considering tax efficiency, family dynamics, and the client's specific wishes.
4. Document drafting. Wills, trusts, powers of attorney, health care proxies, and other necessary documents are prepared.
5. Review and revision. The client reviews the documents and changes are made as needed.
6. Execution. The documents are signed and witnessed under proper formalities.
7. Implementation. Assets are retitled, beneficiary designations are updated, and other steps complete the plan.
8. Ongoing maintenance. The plan is reviewed periodically and updated as circumstances change.

Documents in a Comprehensive Estate Plan

A comprehensive estate plan typically includes:

• Last will and testament. Directs how probate assets are distributed.
• Revocable living trust. Holds and manages assets during life and at death, avoiding probate.
• Durable financial power of attorney. Authorizes someone to manage finances if the principal becomes incapacitated.
• Health care proxy. Designates someone to make medical decisions if the principal cannot.
• Living will. Expresses wishes about end-of-life medical treatment.
• HIPAA authorization. Permits release of medical information to designated individuals.
• Disposition of remains directive. Specifies wishes about funeral and burial.
• Special purpose trusts. Special needs trusts, charitable trusts, or other vehicles as needed.
• Memorandum of personal property. Lists specific items going to specific beneficiaries.
• Letter of instruction. Non-binding guidance for the family about non-legal matters.

Tax Considerations in New York Estate Planning

New York estate planning involves multiple tax considerations:

• Federal estate tax. Currently exempts estates up to approximately $13.61 million per individual (subject to substantial reduction after 2025).
• New York estate tax. Currently exempts estates up to approximately $6.94 million per individual.
• The New York "cliff." Estates exceeding the New York exemption by more than 5% lose the exemption entirely.
• Gift tax. Annual exclusion of $18,000 per recipient (2024), plus lifetime exemption integrated with the estate tax.
• Generation-skipping transfer tax. Additional tax on transfers to grandchildren or more distant descendants.
• Income tax basis. Step-up in basis at death can save substantial capital gains tax.
• Retirement account taxation. Specific rules for required minimum distributions and beneficiary taxation.

Planning for Different Life Stages

Estate planning needs change with life stages:

Young adults. Basic will, health care proxy, financial power of attorney. The need is less about asset transfer and more about authorizing decisions if incapacity occurs.

Young families with children. Wills naming guardians for minor children, life insurance to provide for children, possibly testamentary trusts. Coordination with retirement account beneficiaries and life insurance.

Established families. More sophisticated planning including revocable trusts, tax planning if assets approach taxable thresholds, planning for educational expenses.

Approaching retirement. Review and update of all documents, consideration of long-term care needs, possible Medicaid planning, retirement account distribution strategies.

Retirement and beyond. Long-term care planning, Medicaid asset protection, second-marriage considerations, succession planning for businesses, charitable planning.

Special Situations

Some situations require specialized planning:

• Blended families. Children from prior marriages, current spouse, and step-children create complex inheritance dynamics.
• Family businesses. Succession planning for active and inactive family members.
• Special needs children. Special needs trusts to provide for disabled children without affecting government benefits.
• Substantial wealth. Estate tax planning using sophisticated structures.
• International elements. Foreign assets, foreign beneficiaries, or multi-jurisdictional issues.
• Pets. Pet trusts to ensure care of animals.
• Charitable goals. Charitable trusts, donor-advised funds, or planned giving.
• Substance abuse or financial mismanagement issues. Trusts protecting beneficiaries from their own bad decisions.

When to Update Your Estate Plan

Estate plans should be reviewed and possibly updated when:

• Marriage, divorce, or remarriage occurs.
• A child is born or adopted.
• A beneficiary or named fiduciary dies.
• Significant assets are acquired or sold.
• Family relationships substantially change.
• Major changes in tax law affect the planning.
• The client moves to a different state.
• The client's wishes change.
• 3-5 years pass without review.

An outdated estate plan may produce results no one wants. Regular review keeps the plan aligned with current circumstances and law.