Estate Planning

Estate Planning

Estate Planning is the process for facilitating smooth family transfer of assets upon your death with the least emotional strain. It is the means by which your wishes are properly followed.

Will or Trust

Your Will or Trust sets forth your wishes upon your demise and also points the person or persons in whom you trust to carry out your wishes.

Power of Attorney

A Durable Power of Attorney is a document that authorizes another person to handle a variety of affairs. Form Powers of Attorney are available in stationery stores, but they do not have the necessary language to assist you and your agent should a crisis occur. Our Powers of Attorney have been drafted to prepare for a variety of possibilities.

Health Care Proxy

A Health Care Proxy is a document that authorizes another to communicate your health care decisions if you are not able to do so yourself. We prepare Health Care Proxies to allow your agent authority/access to your medical information under New York State and the federal privacy regulations (HIPPA).

Any adult child 18 years of age or older should execute a Health Care Proxy. In the event of injury or sickness, the parents or other agent, have the right to be advised of their medical condition and the right to speak to the treating physician. This is particularly applicable for an adult child at home, away at school or traveling. Without a Health Care Proxy and without the direct consent of the adult child, the parent or agent is not permitted any access to medical information.

Living Wills

A Living Will is a document that authorizes specific treatment or care in advance. Many jurisdictions rely upon a Living Will rather than a Health Care Proxy. A New York resident may execute a Living Will in addition to a Health Care Proxy.

DNR

A DNR (Do Not Resuscitate) Order is a direction on a patient's medical chart that the patient should not be resuscitated under certain circumstances. It may be directed by the patient or a member of the patient's family. The DNR can be revoked at any time.

Joint Ownership

Property owned jointly may be owned in two different ways: (1) as joint tenants with rights of survivorship (JTWROS) which provides that the survivor of the joint owners takes it all; (2) as tenants in common (TIC) which provides that each owner owns his or her individual share and it does not go to the survivor but to the Estate of the owner who died.

Named Beneficiary

Many assets have a direct beneficiary named such as life insurance, annuities, retirement accounts and pension plans. Such assets pass to the beneficiary regardless of the Will or Trust.

Where do I begin?

• Create a detailed list of assets including the value of the asset, any liens against the asset, in whose name the asset is held and any beneficiary of the asset.
• Create a family tree with dates of birth for children or grandchildren under the age of 21.
• Consider and discuss with your spouse, partner, and or family the person in whom you would trust as Executor of the estate, as Trustee of any trusts and as Guardian of any minor children.
• Think about any special bequests or burial arrangements you may have.
• Think about who you want to receive your residual estate, i.e., everything else you own.

Meeting with your Attorney

Once you have begun the process, it is time to meet with an experienced estate planning attorney. In addition to the above matters, the attorney will discuss with you whether the estate will be subject to estate taxes and, if so, who you expect to assume the burden to pay the taxes.