Additional Information

What is Estate Planning?

Estate Planning is important for people of ALL ages and income levels because it addresses financial, personal, and healthcare decisions that have cross-generational implications for quality of life.

An estate plan ensures that your personal wises are honored.

A well drafted estate plan saves tax, court and attorney costs. More importantly, mourning loved ones will not be burdened by unnecessary "red tape", delays, and financial confusion.

Without careful estate planning, your beneficiaries may not their intended inheritance

Explanation of documents

Last Will & Testament

A Last Will & Testament is a legal document that directs where, and to whom, your estate (assets/what you own) will go after your death.

If you die intestate (without a Will), your estate will be distributed according to the intestacy laws of New York State. This statutory mandated distribution may not be in accordance with your wishes.

Trust

A Trust is a legal document that permits the Grantor (individual who is transferring assets into the Trust) to set forth a distribution plan/schedule for their assets during their lifetime and upon their death.

Depending on the type of Trust (Revocable or Irrevocable), the Trust assets, and the Grantor's intent, Trusts can be amazing vehicles for asset and estate tax protections, as well as wealth accumulation/legacy planning.

The utilization of a Trust can have many additional benefits, including saving a Grantor's beneficiaries time and money upon the Grantor's death. This is because any assets existing in the Trust at the time of the Grantor's passing (after payment of debts and taxes) generally pass IMMEDIATELY to the beneficiaries pursuant to the terms of the Trust DO NOT require a probate and/or administration proceeding (which can be costly, invasive and time consuming).

Durable Power of Attorney ("POA")

A POA allows the person you appoint your — “attorney-in- fact”— to act in your stead for financial purposes as soon as it is executed. A “springing” durable power of attorney allows an appointed attorney-in-fact to manage your finances only upon your mental incapacitation.

Health Care Proxy

A Health Care Proxy allows you to designate another individual to make health care decisions for you if you are unable to do so yourself.

Living Will

A Living Will is a document which expresses your medical instructions. For example, your Living Will can state that you would like life support to be withdrawn if you are terminally ill or in a vegetative state.