Tips for hiring an estate planning attorney in New York.
This guide will provide the reader with some insight on estate related matters their attorney should be knowledgeable about (aside from the obvious).
Questions to ask the attorney.Some of the obvious questions you may have are how long the attorney has been practicing, but it is more important to ask how much of the attorney's time is focused on estate planning. Many general practitioners may dabble in estate planning or use estate planning as a means of ancillary income, but because this area of the law is so complex, it is almost impossible to be a good estate planning lawyer without focusing almost exclusively on this area. How will you know if they are telling the truth? Let's face it, you may not be able to discern the answer 100% but the following are examples of more specific questions your estate planning attorney shouldn't bat an eye about: - what are the tax consequences of trust planning? - will my step up in basis in the property be preserved upon transferring the property? - how about my NYC enhanced star exemption? - will you be obtaining an EIN for the trust and why or why not? - what are some of the differences between a revocable and irrevocable trust? - how much flexibility can I preserve given my objectives?
Personal questions for your perspective estate planning attorney.You should also inquire where the attorney is getting the information they are relaying (their sources) as well as their work history. Ask if they are part of estate planning attorney committees or groups and how they stay abreast of proposed regulations and the constantly changing law. Many solo practitioners and even mid-sized firms work in a vacuum and work off old templates based on outdated laws., this is especially true for firms and attorneys who don't focus their practice on the field of estate planning.