Buffalo Estate Lawyers

It’s not always easy to think about what happens after you’re gone. Maybe it feels too far off, or maybe you just don’t want to imagine your family having to handle the paperwork, the stress, or the arguments that sometimes come when plans aren’t clear. But the truth is, everyone has an estate, whether it’s a home, a small business, a savings account, or a lifetime of personal things that mean something to the people you love. Planning for what happens next isn’t just practical; it’s a way of protecting them from uncertainty. At Raimondo & Sundquist LLP, our Buffalo estate lawyers help people prepare for those moments. Contact our team today so we can discuss your goals and needs.

Why Estate Planning Matters & How Our Lawyers Can Help

Estate planning matters because life is unpredictable. Without a plan, the State of New York will decide who gets your property, who raises your children, and who manages your affairs if you’re unable to do so. That might not sound comforting. It’s not meant to be.

A solid estate plan prevents that uncertainty. It gives you a voice long after you’re no longer able to speak for yourself. It lets your loved ones know exactly what you wanted and how to carry it out. And it spares them from unnecessary stress during an already painful time.

At Raimondo & Sundquist LLP, we take the time to listen to your story, learn about your family, and draft documents that not only meet the requirements of New York law but also carry your intentions forward, word for word.

The Core Components of an Estate Plan

An estate plan isn’t one single document; it’s a collection of tools that work together to protect you and your loved ones. Some are used during your lifetime; others take effect after death. Some of the most important components of a comprehensive estate plan are as follows:

• Last Will and Testament: The cornerstone of most estate plans. It determines who inherits your property, who serves as your executor, and who becomes guardian for your children if needed.
• Trusts: Legal arrangements that hold assets on behalf of beneficiaries, often used to bypass probate, reduce taxes, or provide ongoing financial management for loved ones.
• Durable Power of Attorney: Grants someone you trust the authority to manage your finances and property if you’re unable to.
• Health Care Proxy: Names a representative to make medical decisions on your behalf if you’re incapacitated.
• Living Will (Advance Directive): Explains your wishes for end-of-life care, such as life support and other medical treatments.
• Guardianship Designations: Ensures your children or dependents are cared for by the person you choose, not by the court.

The Estate Administration Process in New York

When someone passes away, their estate doesn’t automatically settle itself. The law requires a specific process, which can vary depending on whether there’s a will. If the deceased left a valid will, the case typically goes through probate in Surrogate’s Court. During probate, the court verifies the will’s validity, appoints the executor, and oversees the administration of assets. If there’s no will, the process becomes an administration proceeding, and the court appoints an administrator to handle the estate under intestacy laws. Some of the responsibilities the executor or administrator has are as follows:

• Locating and valuing all property, from real estate to bank accounts
• Notifying heirs, beneficiaries, and creditors
• Paying debts, taxes, and any outstanding obligations
• Distributing remaining assets according to the will or state law

Our estate lawyers help executors, administrators, and beneficiaries through each step of the probate and estate administration processes.

Minimizing Estate Taxes in New York

Many people are surprised to learn that New York has its own estate tax, separate from the federal one. The current New York tax exemption is about $6.94 million (as of 2024), which means estates exceeding that amount may owe taxes to the state, even if they’re well below the federal exemption of roughly $13 million.

And New York’s tax system comes with a catch: if your estate exceeds the exemption by more than 5% the entire estate, not just the excess, can be taxed. This “cliff” can make the difference between your heirs receiving most of your legacy or a significant portion of it. To help avoid that, our estate lawyers use proven strategies, including the following:

• Establishing irrevocable or charitable trusts to remove assets from your taxable estate
• Making lifetime gifts to gradually reduce your estate’s overall value
• Using the marital deduction for transfers between spouses
• Coordinating your state and federal planning to ensure full compliance and efficiency

Estate Planning Mistakes to Avoid

Even with the best intentions, it’s easy to make mistakes in estate planning, especially if you’re relying on online templates or outdated documents. These are some of the most common errors we see, and each one can create unnecessary problems later:

• Not having an estate plan at all
• Forgetting to sign or properly witness a will
• Using generic forms that don’t comply with New York law
• Failing to fund a trust after creating it
• Naming an unreliable executor or trustee
• Ignoring updates to beneficiary designations on life insurance or retirement accounts
• Overlooking digital assets like online accounts or cryptocurrencies
• Neglecting long-term care planning or nursing home considerations
• Assuming minor children will automatically go to the right person
• Storing your will or documents somewhere no one can find them

When to Review or Update Your Estate Plan

Your life changes, and your estate plan should change with it. What made sense five or ten years ago may no longer fit your current situation. At Raimondo & Sundquist LLP, we recommend reviewing your plan every few years, or sooner if certain life events occur. You should update your estate plan if:

• You get married, divorced, or remarried
• You have a child or grandchild, or adopt one
• You buy or sell a home or business
• You experience a significant change in income, investments, or assets
• Your chosen executor, trustee, or guardian passes away or becomes incapacitated
• You relocate to or from New York
• State or federal estate tax laws change
• You retire or receive an inheritance
• You develop new charitable or financial goals

An outdated estate plan can be almost as risky as having no plan at all. Keeping it current ensures your wishes are honored exactly as intended, without unnecessary complications for your family.

Contact Our Erie County Estate Planning Lawyers

Planning ahead means confronting uncomfortable questions and making decisions most people avoid, but doing so gives you something priceless: control. If you’d like to create a comprehensive estate plan or need assistance with the estate administration process, please don’t hesitate to contact our knowledgeable and dedicated Buffalo estate planning lawyers for an initial consultation today. We proudly serve clients throughout Western New York, from both our Buffalo and Jamestown office locations.