The success of an estate plan hinges on the attorney’s knowledge and experience. While a general practice attorney can write a will or trust for you, an experienced estate planning attorney can create an estate plan to meet all your unique needs. With proper planning, you can avoid probate, pass on as much wealth as possible to your loved ones, protect your assets, and more. Many estate planning tools are available to address specific situations and produce favorable outcomes. An estate planning attorney uses these tools every day.
Build a Comprehensive Estate Plan
A Revocable Living Trust is the foundation of an effective estate plan. It’s the piece that keeps your estate out of the public probate process, leverages tax-planning strategy to minimize tax exposure, and affords some asset protection. Many additional tools are available to ensure the best outcome for you and your family. For example, a Supplemental Needs Trust will provide ongoing care for a child with special needs. A Medicaid Trust might be the right strategy to provide for your long-term health care needs. If you’re a business owner, you may need a business succession plan. A strategic charitable giving plan may make sense for your financial strategy. These tools and more are what an estate planning attorney works with on a daily basis.
Working Relationships with Other Professionals
A strategic estate plan includes several elements that must work in harmony. Each element has specific constraints and requirements that can affect the others. An estate planning attorney is familiar with these interdependencies.
Further, an estate planning attorney has the professional network that is essential to a comprehensive estate plan. Estate planning attorneys typically work with other professionals such as life insurance agents and financial planners to ensure the best possible outcome for their clients. In addition, if your circumstances include property in other states, an estate planning attorney will be able to connect with out-of-state estate planning attorneys. An effective estate plan is often built upon a network of specialized professionals that an estate planning attorney has cultivated.
Ongoing Professional Development
Best practices in estate planning are ever-changing. The laws that impact estate planning strategy, including tax laws, frequently change. While all attorneys are required to pursue continuing legal education, an estate planning attorney is likely to focus that required training—and even optional professional development opportunities—in the estate planning area, providing you with an up-to-date estate planning strategy.
Work with an Experienced New York Estate Planning Attorney
Our office is focused on creating successful comprehensive estate plans for our clients. Call Roth Elder Law, PLLC today to schedule an initial meeting at 607-962-6162 or complete this intake form and we’ll be in touch.