Re:Yes Law PLLC
Estate Planning, Wills & trusts
In Estate Planning, we will explore what assets you have, potential creditor, debt, and tax issues, and potential family conflicts. We explore that in an effort to create an individualized plan that will solve your unique problems. We will explore those “gut feelings” that we have about how things will play out when we are not here–with an eye to creating your Intent, and desired Outcome, as you envision it.
Wills almost do not need introduction, on the one hand, as they are usually understood. On the other hand, Trusts seem unknown to the ordinary person. Why? Well, Trusts are fundamentally much more private than Wills. While Wills get probated in a public court proceeding, Trusts allow transfers that happen immediately upon the death of the decedent (actually, they allow transfers at the occurrence of any event or immediately upon their execution). There is no need for a Trust to be probated, so the transfer can happen from the comforts of your home.
Interestingly enough, while Trusts are generally unknown, people actually know them by another general name, that is, a “loophole.” How? They provide a vehicle for assets to be transferred while a person is alive in a way that protects the assets from creditors and lawsuits, that maximize tax benefits, and that create purposes for the assets that convert their nature.
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Confidentiality at all levels
At Re:Yes Law PLLC, we understand how difficult it is to discuss death and incapacity. Similarly, it is difficult to speak about how they relate to distributing your assets and your loved ones. We approach the topics with sensitivity while simultaneously creating a safe-space where we can explore your options. That safe-space is protected by attorney-client privilege even if you are a prospective client.
About us
How Can We Help?
In Estate Planning, we will explore what assets you have, potential creditor, debt, and tax issues, and potential family conflicts. We explore that in an effort to create an individualized plan that will solve your unique problems. We will explore those “gut feelings” that we have about how things will play out when we are not here–with an eye to creating your Intent, and desired Outcome, as you envision it.
The best way to understand a Trust is by imagining a piece of property, say your car. If you create a Will and leave the car to your loved one, John Doe, then he will need to go to probate to prove the Will is valid and then gain ownership of the car. The problem, of course, is that it will cost time, energy, attention, money, skill, and resources in order to probate that Will (setting aside the small estate provisions).
If, instead, you create a Trust and leave the car to your loved one, John Doe, held in trust till you die, then the car transfers ownership immediately and privately to John Doe because that is what you intended to do with the Trust. What happens to the Trust property is it becomes encapsulated within the Trust for the purpose designated by the creator of the trust.
If you wish to assess whether a Will and/or Trust would be beneficial for your particular situation, click here.
How Do We Do it?
- After you schedule an appointment, we will guide you so that you see that your particular matter has a resolution.
- During the free consultation, we will learn whether Re:Yes Law PLLC is a good fit for you and we will explore what we can accomplish for you.
- We will help you understand what powerful instruments, such as Wills and Trust, can do for you, what their differences are, and how one can benefit you over another.
- We also discuss how other powerful instruments empower your loved ones to take actions on your behalf if you ever become incapacitated, physically and/or mentally.
We provide you the option for Virtual Meetings, the convenience fully remote, from the comforts of your home™ and we offer in-person meetings (upon request).
We provide you with specific instructions so that you know what we need and when to accomplish your Goal, from initial meeting to execution of the instruments.
CASE STUDY
If there were one factor that makes us unique, it would have to be our ability to relate to our clients. We will treat your matter and your time with the respect that they deserve. Have a look at one of our case studies below.
Estate Planning – No-Contest Clause
Testimonials
What our happy clients say
Estate Planning and Litigation
from the comforts of your home.™
FAQ
Frequently asked questions
What happens if I die without a Will or Trust in New York?
If someone dies without a valid Will or Trust, his property is distributed according to New York law (i.e., law of intestate succession). For a convenient chart, click here. Simply, if you do not have a plan, then the government has a default plan for you. Usually, that means that the property passes to the heirs regardless of what your actual wishes are. If you wish to find out what would happen to your property if you passed away without completing planning, click here for a free consultation. We can make sure that we create an individualized plan, not the default.
What are the main benefits to planning?
One of the main benefits to planning is assuring that your loved ones do not conflict related to your assets. It is an unfortunate reality that when property is involved, the worst in people comes out. Creating a plan that captures your Intent and desired Outcome will communicate what you want to the people you love. When done correctly and validly, especially making sure the proper individuals are notified of the plan and are empowered to take the necessary actions, conflict is mitigated or extinguished.
Another main benefit is securing the future of your loved ones and making sure they get what you want them to get. Proper planning allows you to save substantial hardship, time, and resources for your loved ones. Specifically, proactive planning allows you to save substantial assets by protecting them from creditors, by avoiding court altogether, and by allowing access to your resources as fast as possible when your loved ones need them most.
Another benefit of planning is assuring that your Legacy and Values pass on, untarnished, when you are gone. Simply, planning allows your memory to be untarnished by the “I cannot believe he never did this” scarlet letter placed on those who die without planning.
What can I do if I know that one particular person will cause conflict when I am gone?
One action you can take is adding a “No Contest Clause” to your planning instruments. What is a No Contest Clause? Well, when someone is unhappy with what they receive in a Will, they may challenge the Will. With a No Contest Clause, the individual who challenges the Will and fails, loses his rights to claim under the Will. If the No Contest Clause did not exist, there would be no disincentive to challenge the Will. The lack of disincentive emboldens those individuals to take action against your loved ones, with the hope of increased recovery. Those challenges raise the cost of litigation against your loved ones. Fortunately, the New York courts enforce those clauses strictly. Therefore, that individual would think carefully before he challenges. If you are interested in exploring whether a particular individual would contest a bequest (property given in a Will), let’s chat here.