Planning for the future is a responsibility we owe to ourselves and our loved ones. Yet many of us postpone estate planning, assuming it’s a task for another day. The truth is that estate planning is essential for everyone, regardless of age or wealth. It ensures that your assets are distributed according to your wishes, minimizes taxes, and provides for your loved ones when you’re no longer able to do so yourself.
Ligh Law LLC (lighlaw.com) specializes in estate planning and strives to make the process as seamless and stress-free as possible for its clients. Led by Peter Ligh, the firm is dedicated to providing comprehensive estate planning services tailored to meet your unique needs and goals.
Why Estate Planning Matters
Estate planning isn’t just for the wealthy. Whether you have substantial assets or modest belongings, having a plan in place can provide peace of mind and protect your legacy. Without proper estate planning, your assets could be subject to lengthy and costly probate proceedings, and your loved ones may face unnecessary legal challenges.
Additionally, estate planning allows you to:
- Designate guardians for minor children: Ensure your children are cared for by individuals you trust in the event of your passing.
- Minimize estate taxes: Strategic estate planning can help minimize the tax burden on your estate, preserving more of your assets for your beneficiaries.
- Plan for incapacity: Establishing powers of attorney and healthcare directives allows you to designate trusted individuals to make decisions on your behalf if you become incapacitated.
- Avoid family disputes: Clear instructions regarding asset distribution can help prevent conflicts among family members and ensure your wishes are carried out.
Understanding the Federal Estate Tax Exemption and Its Sunset
It’s essential to consider the current federal estate tax exemption when planning your estate. As of 2024, the federal estate tax exemption is set at $13.61 million per person ($27.22 million for a married couple), meaning estates valued below this threshold are not subject to federal estate taxes. However, it’s crucial to note that this exemption is subject to change and may be affected by legislative updates. The current exemption amount is set to sunset at the end of 2025, which could result in a significant reduction in the exemption amount if not extended or revised by Congress. This underscores the importance of proactive estate planning to take advantage of the current exemption while it’s available. In addition, note New York State’s current estate tax exemption is $6.94 million per person.
Meet Peter Ligh: Your Experienced Estate Planning Attorney
Peter Ligh, the founder of Ligh Law, graduated from Yale College and Columbia Law School, and has practiced law in New York City for more than 20 years, including at Cravath, Swaine & Moore, and Eversheds Sutherland. He currently devotes most of his legal practice to helping people protect their most cherished assets–their families.
Our Comprehensive Estate Planning Services
Ligh Law offers a wide range of estate planning services tailored to meet the diverse needs of our clients. Whether you’re just starting to plan your estate or need to update existing documents, we’re here to help. Our services include:
- Wills and trusts: Drafting comprehensive wills and trusts that reflect your wishes and protect your assets.
- Powers of attorney: Establishing powers of attorney to designate individuals to make financial and healthcare decisions on your behalf.
- Healthcare directives: Creating healthcare directives, including living wills and healthcare proxies, to outline your medical wishes in the event of incapacity.
- Probate and trust administration: Guiding executors, trustees, and beneficiaries through the probate and trust administration process with compassion and efficiency.
- Estate tax planning: Developing strategies to minimize estate taxes and maximize the value of your estate for your beneficiaries.
How To Get Started With Your Estate Planning
Book a no-cost, no-obligation Peace of Mind Planning Session with Ligh Law
OR
Join Attorney Peter for an exclusive free live webinar this Wednesday!
Estate Planning 101: Protect Your Family And Your Assets
Wednesday, March 20, at 11 a.m.
REGISTER HERE (link to Zoom registration page)
* In this webinar, you will discover:
* How to name guardians for your children so they will always be taken care of by the people you want and the way you want, no matter what
* The secret to avoiding the time, expense, and publicity of Probate Court
* How to make sure your kids don’t get a big inheritance at 18
* And More!
Schedule a Consultation Today
Don’t wait until it’s too late to plan for the future. Contact Ligh Law today to schedule a consultation with Peter Ligh and take the first step toward protecting your legacy. Let us help you navigate the complexities of estate planning and ensure your wishes are carried out for generations to come.
Remember, estate planning is not just about distributing assets—it’s about preserving your legacy and providing for your loved ones. Trust Ligh Law to be your partner in this important journey.