Olteanu Law, PLLC

Estate Planning

Creating an estate plan refers to the process by which a person implements various strategies designed to transfer assets to designated beneficiaries - usually upon death, but also potentially during life. Depending on the value of one's estate (i.e., assets - home, other properties, bank and brokerage accounts, business ownership interests, vehicles, etc.), federal and/or state estate taxes may be a consideration when creating an appropriate estate plan.

Estate plans typically include Wills, Trusts or a combination thereof, as well as Health Care Proxies, Living Wills (medical directives), and Powers of Attorney (financial directives). Wills and Trusts each have their respective advantages and their inclusion in an estate plan depends on each client's individual needs and circumstances. 

Among other reasons for creating an appropriate estate plan, proper planning ensures that your assets pass to beneficiaries whom you designate rather than to heirs who would receive your assets pursuant to default statutory intestacy provisions.  You have worked hard for your assets... You should be in control of who receives them when you're gone.  We can work together to figure out which estate plan works best for your family.      

Estate Administration

When a loved one passes, their estate must be "administered." This means that their assets must be collected, inventoried and accounted for and eventually distributed to the beneficiaries of their estate, all in accord with their estate planning documents (if they created an estate plan) or in accord with the state's intestacy laws (if they did not have an estate plan in place).  Their debts and expenses must be taken care of.  Arrangements must be made for the preparation and filing of their final income tax returns and estate income tax returns. Based on the size and nature of their estate, estate tax returns - which are distinct from estate income tax returns - may also be necessary. 

Depending on various considerations, the estate administration process can take up to several years to complete and may be extremely complicated.  In addition to the Surrogate's Court system and its many forms (often differing from county to county) and deadlines, the process can be further complicated by uncooperative family members, problems collecting assets, tax filing requirements, and a multitude of other issues that tend to arise.  Particularly difficult is that the family members handling a loved one's affairs are also the ones who are grieving the most during a very painful time of their lives.  

If you have lost a loved one, we can make this process easier for you, whether as an Executor (if your loved one named you in his or her Will), an Administrator (if your loved one died without a Will) or a Trustee (named in a trust agreement).  

Miscellaneous Legal Matters

Although Ms. Olteanu's focus is Trusts and Estates, she is familiar with multiple other areas of law, including matrimonial, real estate, charitable organizations, personal injury, and other matters. After discussing your particular issue and needs, if Ms. Olteanu is not able to assist, she will guide you in the right direction so that you can find appropriate legal counsel.