Preserving Your Legacy: Estate Planning Services
Why Estate Planning is Essential for Everyone
Many individuals mistakenly believe that estate planning is only for the ultra-wealthy, but in reality, it is crucial for anyone who owns property, has savings, or wants to secure their family’s financial future. Whether you have bank accounts, life insurance policies, or dependents, creating an estate plan ensures your assets are protected and distributed according to your wishes.
Without a proper estate plan, your estate could be subject to New York’s probate process, which often results in lengthy legal delays, unexpected taxes, and unnecessary legal fees. Even more concerning, if you pass away without a will or trust, the state—not you—will determine how your assets are divided.
At The Cormac McEnery Law Firm, we have dedicated more than 40 years to helping families, retirees, and business owners create legally sound estate plans. Our goal is to make the process seamless and stress-free, ensuring that your hard-earned wealth is preserved for future generations
“Without a proper estate plan, your hard-earned wealth could be subject to lengthy legal delays and unexpected taxes.”
Key Components of a Strong Estate Plan
A well-crafted estate plan ensures that your financial and healthcare decisions align with your personal wishes. Below are essential documents that should be part of your plan:
- 1. Last Will and Testament – Protecting Your Loved Ones
A last will and testament lets you specify who will inherit your assets and care for your minor children. Without it, New York intestacy laws apply, potentially causing family disputes and probate complications. - 2. Revocable & Irrevocable Trusts – Avoiding Probate & Enhancing Privacy
A revocable living trust ensures your heirs inherit assets without going through probate. It’s especially beneficial for:- Parents controlling when minor children receive inheritance.
- Protecting assets from excessive taxes.
- Seniors planning for long-term care expenses.
- 3. Durable Power of Attorney – Managing Financial Affairs
This document ensures a trusted individual can handle financial matters if you’re incapacitated. Without it, your family may need to seek court approval to manage your assets. - 4. Healthcare Proxy & Living Will – Medical Decision-Making on Your Terms
A healthcare proxy designates someone to make medical decisions on your behalf if you are incapacitated. A living will outlines your preferences for life-sustaining treatments, resuscitation, and end-of-life care—ensuring your wishes are honored.
5. Medicaid Asset Protection Trust – Safeguarding Savings from Nursing Home Costs
Nursing home expenses can drain a lifetime of savings if proactive planning isn’t in place. A Medicaid asset protection trust shields your assets while allowing you to qualify for Medicaid coverage for long-term care.
Your Questions Answered
What happens if I pass away without a will in New York?
If you die intestate (without a will), your estate enters New York’s probate process, where a court determines how your assets are distributed. This can lead to legal delays, family conflicts, and unintended beneficiaries receiving your property.
Can I avoid probate in New York?
Yes. Creating a living trust and properly assigning beneficiaries to financial accounts allows your heirs to bypass probate and receive their inheritance faster.
How can I protect my savings from nursing home expenses?
A Medicaid asset protection trust helps individuals legally qualify for Medicaid while shielding their wealth from long-term care costs.
How often should I update my estate plan?
It’s recommended to revise your estate plan every few years or whenever a major life event occurs, such as marriage, divorce, the birth of a child, or a significant financial change.
How do I begin the estate planning process?
The first step is consulting an experienced estate planning attorney who can guide you through the legal process and tailor a strategy that fits your needs. At The Cormac McEnery Law Firm, we’re here to help every step of the way.
Take Control of Your Future – Schedule a Consultation Today
A well-structured estate plan safeguards your assets, home, and loved ones from unnecessary legal challenges. Without one, your family may face stressful financial and legal obstacles after your passing.
