Estate Planning

If you or a loved one has worked a lifetime to accumulate property, belongings and investments, these assets deserve to be protected. At Tilem & Associates, PC, we are proud to help people throughout the New York metropolitan area, from Westchester County to Suffolk County, protect the wealth they have spent a lifetime building.

We offer free initial consultations in which our attorneys sit down with potential clients, listen to them carefully, and then suggest an estate plan that best fits their needs. Our estate planning attorneys can help you understand the complex structure of laws related to gifts, estates, wills and trusts and provide the guidance to achieve your short and long-term goals.

At Tilem & Associates, we have carefully and skillfully handled a number of delicate probate, estate planning, and estate administration matters. Just a few estate planning elements we can provide include:

Wills

Trusts

Drafting simple, complex and pour-over wills

Revocable, irrevocable, children's and charitable trusts

Limited family partnerships

Living wills

Healthcare proxies

Durable powers of attorney

Business succession planning

Estate tax issues (see below)

Without a comprehensive estate plan, the courts may end up making choices regarding the disposition of your assets and guardianship of your minor children. We work to assure that our clients control what happens to their estates. We strive to help our clients avoid the probate process.

We can also assist people who are currently dealing with probate or estate administration. Our firm has extensive experience in sorting out complex legal matters involving people who have died intestate (without a will).

Estate Tax Issues

Many of our estate planning clients are interested in avoiding estate taxes as much as possible. Our attorneys work closely with accountants and investment advisors who understand tax avoidance matters and can help our clients minimize estate taxes.

On top of New York's significant estate tax, you may have to deal with federal estate taxes, which are very complicated. As you may be aware, the federal estate tax is scheduled to be repealed effective in the year 2010. However, the federal estate tax goes back into effect with a pre-2004 exclusion the very next year, 2011.

The chart below demonstrates the uncertainty and variability built into the federal estate tax system over the coming years:

Calendar

Year Estate Tax Applicable Gift Exclusion

Gift Tax Lifetime Gift Exclusion

Highest Estate and Gift Tax Rates

2007 and 2008

$2,000,000

$1,000,000

45%

2009

$3,500,000

$1,000,000

45%

2010

Not Applicable

$1,000,000

Top individual
tax rate applies

2011

$1,000,000

$1,000,000

55%

Contact Us

If you would like a free consultation with an attorney to discuss any estate planning issue, call us at (914) 833-9785, or E-Mail.