At Legacy Law, attorney Quynh Vuong helps individuals and families in New York design personalized estate plans that reflect their wishes and values. She does not just provide the same solution to everyone. She will talk to you about your personal situation, your assets, and your goals. She will discuss different options and work with you to design a plan that works for you.
Planning for Individuals
There is a misconception that estate planning is only important once you have a family. In reality, estate planning is important for every adult. In fact, single adults need estate planning more than “traditional” families because our default laws are based on stereotypical families.
Ask yourself, “if I became incapacitated due to a serious injury or illness, who would make decisions regarding my medical care or finances?” If you do not have a plan in place, the answer is that a judge who has never met you will select a guardian for you. Fortunately, we can proactively put in place a plan for you that reflects your unique preferences and objectives, avoiding the state default laws.
Planning for Couples and Families
Planning for Incapacity
If an illness or accident leaves you unable to manage your affairs, your family may face significant legal obstacles. Many people assume their spouse, partner or adult children can automatically take over, but this is rarely the case. Without proper documentation, your loved ones must petition the court to be granted authority—a process that can be time-consuming, costly, and emotionally draining.
We help clients prepare the right legal instruments to avoid this scenario. We will help you designate a trusted person to handle your finances, pay bills, and manage investments immediately if you become incapacitated. We will also ensure that someone you trust can make medical decisions on your behalf, and that your preferences for end-of-life care, such as the use of life-sustaining measures, are honored.
Avoiding Probate
When an estate passes through probate in New York, it can take months—or even years—before assets are distributed. In fact, the law requires that creditors be provided 7 months to file claims. The process is public, expensive, and often emotionally taxing for families. Without proper planning, even basic living expenses may be delayed while the court reviews your estate.
Our firm helps clients use trusts and other probate-avoidance tools to ensure a smoother transfer of assets. With the right plan in place, your loved ones can access funds quickly, avoid unnecessary court involvement, and maintain their privacy throughout the process.
Providing for Minor Children
If you have minor children, your estate plan should clearly address who will care for them and how their financial needs will be met. We will help you think through these sensitive decisions, including:
- Naming a guardian who shares your values and parenting approach.
- Establishing a trust to manage your children’s inheritance until they reach an appropriate age.
- Appointing a trustee to manage funds responsibly (and who may be someone different from their guardian, if preferred).
A thoughtful plan can also include provisions to ensure your surviving spouse has the time and financial flexibility to focus on your children’s well-being. If you and your spouse pass away simultaneously, a properly drafted estate plan provides clear instructions for guardianship and financial management, helping to avoid court intervention or uncertainty.
Planning for Estate Taxes
Federal and state estate tax rules can affect how much of your estate passes to your loved ones. Unfortunately, New York imposes a significant state tax and if you don’t plan properly, your estate may be subject to what is notoriously known as the New York Estate Tax “Cliff”. That means, if your taxable estate exceeds 105% of the New York basic exclusion, the ENTIRE estate loses the exemption. We work closely with clients to identify strategies to minimize these taxes, such as lifetime gifting, charitable giving, and the use of trusts.
Charitable Giving and Legacy Goals
If you wish to give back to your community or support causes close to your heart, we can help you incorporate charitable giving into your estate plan. Options such as charitable trusts or bequests can allow you to support nonprofits while also providing potential tax benefits or lifetime income streams. We tailor each giving plan to align with your financial goals and values, ensuring that your generosity has a lasting impact.
Building a Legacy That Reflects You
A strong estate plan is more than a set of documents—it’s an act of care and foresight. By planning today, you make life easier for your loved ones tomorrow. Take the first step toward peace of mind and lasting protection. Contact us today to schedule a consultation and start building a plan that truly reflects your legacy.