Need for Estate Planning

Need for Estate Planning

I do not intend to be Chicken Little with this post. However in 2011 unless Congress acts to extend the estate tax credit all estates over $1,000,000 in value will be taxed at 55% of the entire value. This means that many people who previously would have had few estate tax issues presently need to examine planning options to protect their assets for their heirs.

That means that If planning has not already begun, the clock is ticking. What do you need to do in order to be ready?

The first thing you need to do is determine what your net worth is. Compile your account statements as well as your real estate holdings. The combination of these two basic totals will give you an initial basis of your basic net worth. If you are a business owner a valuation of your interest n the business will be necessary to include in the calculation. Once your net worth is established it is imperative to sit with an estate planning attorney to determine how to preserve your assets

When you sit with your estate planning attorney make sure you bring with you your net worth documentation so that the planner may review the assets to determine what else may be included in the calculations. That will make sure all information is available to make the best plan for you and your family ensuring the assets you worked hard to obtain will be able to be there for your children.

The estate planning attorney will explain the various options for you. They will start talking about different trust vehicles that may fit your needs. Listen carefully and understand certain trusts will divest you as the earner of this income of control of the assets. Others will allow you to maintain control but may lose certain benefits to you. Each individual’s circumstance is extremely specific so meet with your planner to best determine your need and the right planning to protect your assets as well as ensure your family is able to enjoy what you have worked hard to attain rather than the US government.

Todd Engel
[email protected]
http://www.engelatty.com
Twitter: http://www.twitter.com/toddengel

Why I love being a general practitioner

I love being a general practioner!

I represent corporations and individuals in such a wide and varied area of the law. I handle matters involving business planning and ultimate representation, estate planning, civil litigation, personal injury litigation, real estate, and equine law.  I have and do represent people criminally, as well as in Family Court.

Each day and case offers me a new opportunity to expand my knowledge in the law. But more importantly, it allows me to guide and assist my client in a way that is best for them. While each practice area may be different in scope and focus, the goal at the end of the day is always the same; get the best result for the client.

While each practice area has definite differences, they all excite me and keep me interested and involved. I love that one morning I can be working on a complaint in a personal injury matter and that afternoon I can be working with a family to figure out how best to plan their estate.

The saying goes variety is the spice of life. With my practice, my life is therefore definitely spicy! Which is how I like it.

Todd Engel

Engel Law Offices

[email protected]

Moving My Practice

Dear Friends,

I am pleased to announce that effective December 22, 2009, I will be relocating my practice to 214 N. State Street, Syracuse, NY 13203. My new telephone number will be 315-295-1450. My new fax number will be 315-478-1687. My email will remain [email protected] My Saratoga office remains at 1104 Middleline Road, Ballston Spa, NY 12020.

I will continue to represent individuals and small businesses in the following practice areas:

• Estate Planning and Adminstration
• Trust Drafting and Implementation
• Business Development and formation
• Personal Injury Litigation
• Commercial Litigation
• Equine Matters, including partnership formation, syndication, licensing issues, or any other associated matter.

I look forward to this new opportunity and am excited to continue to provide the quality personal based representation you have come to expect from Engel Law Offices. Please contact me with any questions regarding this move.

Wishing you and your family the best during this holiday season.

Todd