Experienced lawyers specializing in tax matters in Brooklyn can help you resolve your legal issues faster and more effectively. Whether you are seeking guidance with IRS matters or dealing with state and local taxes, you can trust an experienced attorney to assist you.
A Brooklyn estate planning lawyer may be able to suggest strategies that could safeguard your assets from excessive taxation. They can also recommend trusts that can bypass the probate process.
Durable Power of Attorney
A durable power of attorney allows you to choose a trusted friend or family member to handle your affairs in the event you become incapacitated. It can be limited or broad in scope, depending on your wishes. It can also include provisions for medical decision-making, although those may be addressed in a separate document such as a health care surrogate designation.
Because it provides a clear designation of powers, durable power of attorney can reduce conflict among loved ones who must decide how to handle your affairs after you become incapacitated. It can also avoid costly mistakes if your designated agent mishandles the duties you assign to him.
It must be executed while you are mentally competent, and you must name a backup agent to step in if your first choice cannot or will not serve. The person granting the power of attorney is called the principal, and the person who receives the authority is known as the agent or the attorney-in-fact.
Trusts are a common estate planning tool that allow you to keep your financial affairs out of the public eye and facilitate the transfer of assets to heirs. They are particularly useful if you want to protect assets from family members who might sell or spend them inappropriately.
A revocable living trust (RLT) is something you create and fund during your lifetime. A testamentary trust only comes into effect upon death and is set out in your will.
Both types of trusts help you avoid probate, which is the process by which a court validates a will and transfers assets. Probate can be time consuming and expensive. A trust can also reduce your tax liability and make it easier for beneficiaries to receive distributions in a timely manner. A Brooklyn trusts and estates lawyer can explain your options for creating a trust. Depending on your goals, you may choose to include terms such as age attainment provisions or other parameters on how the assets in the trust can be used.
It’s important to have a comprehensive estate plan so that you can dictate how you want your assets to be distributed upon your death or incapacity. Your estate planning attorney can help you choose appropriate trusts, wills, power of attorneys, advanced directives and other documents for your situation.
A thorough estate plan can also protect your family from excessive taxes. For example, your estate planning lawyer can ensure that your beneficiaries do not pay more than their fair share of Federal and New York state taxes.
In addition, an experienced Brooklyn estate tax attorney can handle property assessment appeals. Often, local assessors make subjective decisions on market value, cost, depreciation, capitalization rates and other valuation factors, which can result in unfair and excessive tax assessments. A qualified tax appeals lawyer can handle these challenges in a timely and cost-efficient manner.
Connors and Sullivan Attorneys at Law, PLLC, represents clients with IRS and New York state tax audit departments, New York tax collection cases and penalty abatement resolution. The firm also has experience in preparing income tax returns for individuals, businesses and estates and trusts, and handling taxation-related litigation.
It’s important to legally protect accumulating wealth or property from creditors and others who seek to locate and seize assets. An experienced lawyer can recommend strategies to shield such assets without engaging in illegal practices of concealment, contempt, fraudulent transfer or tax evasion.
The firm also handles property taxation matters, including revaluations and appeals. Local assessors make subjective judgments about property value, cost, depreciation and capitalization rates, and these errors can result in excessive taxation. The firm can file appeals on your behalf with the assessing authority or New York’s state appellate courts. This can help you save on taxes that may be imposed upon your estate.