{"id":2723,"date":"2024-10-22T13:22:14","date_gmt":"2024-10-22T17:22:14","guid":{"rendered":"https:\/\/council.nyc.gov\/press\/?p=2723"},"modified":"2024-10-22T13:22:14","modified_gmt":"2024-10-22T17:22:14","slug":"nyc-council-helps-nearly-150-new-yorkers-across-the-city-with-free-estate-planning-resources-to-protect-their-assets","status":"publish","type":"post","link":"https:\/\/council.nyc.gov\/press\/2024\/10\/22\/2723\/","title":{"rendered":"NYC Council Helps Nearly 150 New Yorkers Across the City with Free Estate Planning Resources to Protect Their Assets"},"content":{"rendered":"

Initiative provided educational information about importance of estate planning and pro bono legal services to draft wills, powers of attorney, and healthcare proxies<\/em><\/p>\n

City Hall, NY<\/strong> \u2013 Earlier this month, the New York City Council collaborated with local law schools and pro bono attorneys to provide free estate planning resources to nearly 150 New Yorkers at a series of events in all five boroughs. The initiative is part of the Council\u2019s ongoing efforts to prevent deed theft and protect the hard-earned assets of working- and middle-class families in the city. All available slots for in-person intake sessions were filled, and some walk-in clients were also served, providing the opportunity for New Yorkers at least 50 years old and with annual incomes less than $100,000 to receive free legal services for estate planning. Approximately half of those served are continuing to receive legal support with drafting estate planning documents, such as wills, powers of attorney, and healthcare proxies, at no cost.<\/p>\n

\u201cEstate planning documents, like wills, powers of attorney, and healthcare proxies, are crucial to combatting deed theft and protecting families\u2019 abilities to maintain their assets,\u201d said Speaker Adrienne Adams<\/strong>. \u201cIn my 2024 State of the City address, I announced this Council-led initiative as part of a holistic strategy to protect homeownership, which has served as a critical pathway into the middle-class, helped families remain in the city, and closed racial wealth gaps. The Council is proud to partner with our local law schools to provide these free services and look forward to continuing our work to protect homeownership and families.\u201d<\/p>\n

Speaker Adrienne Adams proposed the idea of offering free estate planning services to combat deed theft in her State of the City address<\/a> earlier this year, highlighting<\/a> the need to protect homeownership, especially in communities of color that have been disproportionately targeted by predatory financial practices.  <\/p>\n

Homeownership has been a critical pathway of economic mobility into the middle-class to close historic racial wealth gaps, and secure housing stability in communities. Yet, Black and Latino homeownership communities have disproportionately been targeted by predatory financial schemes that threaten the loss of prized assets and the transfer of hard-earned wealth within families. Recently, there has been a rise in real estate speculators engaging in acts of deed theft through exploitative practices, targeting homeowners and heirs in these communities. Although the practices can sometimes be technically legal, they exploit the lack of estate planning.<\/p>\n

Providing information on the importance of estate planning and free services that support the preparation of their related documents are critical to preserve family assets, combating deed theft and other financial risks to the transfer of generational wealth.<\/p>\n

\u201cEstate planning is key to protecting your loved ones and ensuring that your wishes are honored,\u201d said Deputy Speaker Diana Ayala<\/strong>. \u201cDrafting a will and other key documents provides peace of mind, knowing that your legacy is secure, and your family is cared for.\u201d<\/p>\n

\u201cEstate planning is a crucial step for families in all five boroughs to secure their financial future and build generational wealth,\u201d said Majority Leader Amanda Far\u00edas<\/strong>. \u201cBy taking proactive measures through workshops like these we empower our communities to thrive, ensuring that hard-earned assets are passed down and benefit future generations. Thank you, Speaker Adams, for pushing this initiative forward to prioritize our working families.\u201d<\/p>\n

\u201cEstate planning is critical to ensuring our community cares for our loved ones and builds generational wealth, but estate planning services are often inaccessible and unaffordable,\u201d said Majority Whip Selvena N. Brooks-Powers<\/strong>. \u201cThe New York City Council\u2019s free estate planning information and consultation service is an incredible opportunity for New Yorkers to get their estate in order without paying exorbitant costs.\u201d<\/p>\n

\u201cMany older adults reach their twilight years without a plan in place to ensure their hard-earned assets are protected,\u201d said Council Member Crystal Hudson, Chair of the Committee on Aging and Co-Chair of the Black, Latino and Asian Caucus<\/strong>. \u201cOne out of every three older adults age seventy or older does not have a will or trust to ensure the proper distribution of their assets when they pass. Notably, deed theft is an existential threat to the wellbeing of our communities, particularly Black and brown older adults in rapidly gentrifying neighborhoods. However, there are tangible actions we can take to protect our older adults and protect them from predatory speculators and scammers. The citywide estate planning workshops organized by Speaker Adams make estate planning more accessible to more people. At the same time, there are legislative solutions we can take, specifically to address the issue of deed theft, most notably Int. 888 and Int. 889, which would provide greater protections and oversight for long-time homeowners at greatest risk of deed theft. I look forward to continuing working alongside Speaker Adams to curb deed theft in our communities.\u201d<\/p>\n

\u201cEstate planning is a critical component of financial literacy that holds immense importance for our communities,\u201d said Council Member Kevin C. Riley, Co-Chair of the Black, Latino and Asian Caucus<\/strong>. \u201cIt’s not just about distributing assets\u2014it’s about protecting the future of our families and creating a foundation for generational wealth. Without proper planning, much of what we’ve worked hard to build can be lost or mismanaged. By offering access to estate planning services across all five boroughs, especially for New Yorkers over 50 earning under $100K, we ensure more families can secure their legacies and foster economic stability for generations to come.\u201d<\/p>\n

\u201cThank you to Speaker Adrienne Adams for bringing this important event to District 49,\u201d said Council Member Kamillah Hanks<\/strong>. \u201cIt provided our residents with valuable insights on estate planning\u2014an essential conversation we need to have more often, so our loved ones are left with cherished memories instead of financial burdens.\u201d<\/p>\n

\u201cI’m grateful to Speaker Adams for organizing and convening these estate planning events for New Yorkers,\u201d said Council Member Lincoln Restler<\/strong>. \u201cIt’s critical that we are all aware of our options of how to protect our health, our future, and our family.\u201d<\/p>\n

\u201cThe overwhelming response to this program shows there is a real need for these kinds of services across the city, especially in communities where residents may face language barriers or may not have easy access to legal assistance,\u201d said Council Member Sandra Ung<\/strong>. \u201cWhether you have a large estate or a small one, planning for the future is essential, and we should continue to make estate planning resources accessible to everyone, not just those who can afford it. Thank you to New York City Council Speaker Adrienne Adams for having the foresight to recognize the urgent need for these services and allocating the resources that made this program possible.\u201d<\/p>\n

\u201cGrowing older is hard enough without having to navigate a complicated legal system to protect your health and your assets,\u201d said Council Member Shaun Abreu<\/strong>. \u201cAs a city, we have a responsibility to support our older adults as they plan for their futures. We are glad that this collaboration between the New York City Council and legal experts has been able to provide some peace of mind to families at a time when they need it most.\u201d<\/p>\n

\u201cEveryone deserves the chance to retire in dignity and set their families up with a foundation for generations to come,\u201d said Council Member Alexa Avil\u00e9s<\/strong>. \u201cI\u2019m grateful the council is stepping up to provide estate planning resources for middle- and working-class neighbors.\u201d<\/p>\n

\u201cA large portion of my constituents in Upper Manhattan are elderly, many without access to estate planning resources or knowledge of what estate planning is,\u201d said Council Member Carmen De La Rosa<\/strong>. \u201cBy educating our communities and providing free, inclusive legal services we ensure our aging population is protected in the long-term and informed about their rights.\u201d<\/p>\n

\u201cFor too long, Black and brown families have faced historical exclusion from estate planning services, limiting their opportunities to build generational wealth,\u201d said Council Member Shahana Hanif<\/strong>. \u201cI\u2019m deeply grateful that Speaker Adams is expanding access to these services through pro bono consultations, ensuring that all working New Yorkers can secure a legacy in our city.\u201d<\/p>\n

\u201cThe New York City Council\u2019s estate planning initiative was critically important to empower families to protect their assets and secure their futures. As a representative of a deeply diverse district with a substantial population of homeowners and families, it was imperative that we prioritized the growth of generational wealth in the middle class,\u201d said Council Member Farah N. Louis<\/strong>. \u201cBy expanding access to estate planning resources, we are prioritizing the preservation of homes for our future generations, and I applaud Speaker Adrienne Adams for leading this effort and supporting my constituents.\u201d<\/p>\n

\u201cAs a city, we are committed to providing all New Yorkers with the tools and resources they need to secure their futures and protect their loved ones. Estate planning is not just for the wealthy\u2014it’s an essential step that every family should take to ensure their wishes are honored,\u201d said Council Member Lynn Schulman<\/strong>. \u201cBy hosting these events across our city, we\u2019re making it easier for residents from all backgrounds to access critical information and expert guidance.\u201d<\/p>\n

\u201cEstate planning is not just for the wealthy; it\u2019s a vital tool for everyone,\u201d said Council Member Althea Stevens<\/strong>. \u201cBy providing our communities with accessible resources and expert guidance, we empower individuals to take control of their futures. These events are essential in ensuring that every family understands their options and can make informed decisions that will benefit them for years to come.\u201d<\/p>\n

\u201cAs we work to ensure all New Yorkers have access to essential services, providing free estate planning consultations and education to those over 50 is a critical step in protecting their financial well-being and ensuring peace of mind,\u201d said Council Member Dr. Nantasha Williams<\/strong>. \u201cBy partnering with law schools and pro bono clinics across the City, the NYC Council and Speaker Adams are empowering individuals to secure their assets, plan for the future, and make their wishes known. This initiative reflects our commitment to equity and care for New Yorkers, helping them navigate the complexities of estate planning without financial burden.\u201d<\/p>\n

###<\/p>\n","protected":false},"excerpt":{"rendered":"

Initiative provided educational information about importance of estate planning and pro bono legal services to draft wills, powers of attorney, and healthcare proxies<\/em><\/p>\n

City Hall, NY<\/strong> \u2013 Earlier this month, the New York City Council collaborated with local law schools and pro bono attorneys to provide free estate planning resources to nearly 150 New Yorkers at a series of events in all five boroughs.<\/p>\n

…<\/p>\n

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