Wills & Trusts
Preservation…
Most of us work hard all our lives and in so doing we acquire certain assets which we hope to enjoy in our later years. It's our hope that our loved ones would also share in the enjoyment of our labors, and we therefore plan to preserve our assets as best we can.
Proper "estate planning" is the traditional means by which most of us seek to protect our families from the unnecessary depletion of our assets. The most basic tool in any estate plan is the Last Will and Testament. This document clearly recites someone's wishes on how his or her estate will be distributed at the time of death, and also can instruct one's loved ones on others matters which are of importance to the person making the Will. Sometimes a Will may not be enough… we may wish to create "trusts" in favor of our loved ones during our lifetime.
I will help you explore and understand the legal ramifications of your entire estate plan.
You Already Have A Will!
If someone were to die without having prepared a Last Will and Testament, the state steps in and dictates how that person's assets will be distributed. In New York there is legislation which rigidly spells out who, and in what percentages, they will "inherit." For example, if someone were to die, leaving a spouse and children, the spouse would receive one third of the estate, and the children would share two thirds of the estate. If the children are not yet 18 years old, the minor's share would be held in trust for the child until the age of 18 years at which time the entire share would be paid over in one lump sum. Most people would agree that this is not what they would want for their survivors. With "extended families", second marriages, and a host of other factors germane to one's family, the state imposed order of an estate's distribution does not properly serve every case and that is why each person should have his or her own will.
Consider The Taxes…
After the choice of how one's estate is to be distributed, the next consideration in a proper estate planning strategy is how to eliminate or minimize federal and state taxes. Both federal and state law permit several means by which an individual can insure the fruits of a life's labor will be preserved for the family. Trusts, gifts, joint ownership, and a variety of other legal entities should be discussed to "tailor make" your estate plan to serve your needs and wishes.
Health Care Concerns…
No estate plan discussion would be complete without exploring your options concerning those questions which may arise during one's last illness. Health care proxies, "living wills" reciting one's desires when faced with life support choices and other very personal, private concerns are matters which should be decided.