protecting your investment in the future.
Most people will work their entire life to ensure that they have enough assets to retire comfortably, and eventually, to pass on to their loved ones. Regardless of what phase of life you are in- a single person, newlywed, a parent, or grandparent- a well thought-out plan can help preserve what you have worked for, to ensure it is passed on to those you care about most.
The core of a successful estate planning strategy are three critical documents that everyone should have: the Last Will & Testament, Health Care Proxy, and Power of Attorney. These crucial instruments can be prepared quickly and economically by our office to provide you with the basic protection you need.
A Will provides for the disposition of your property to the people you choose as your beneficiaries, usually your husband or wife, children, or grandchildren, although a Will can specify anyone to receive your property, including charities. Without a Will, the laws of New York State will direct who receives your property after you have passed away. For young families, a Will serves another important function in naming guardians and trustees for minor children, should the unthinkable happen.
The Health Care Proxy and Power of Attorney are equally important, allowing your designated agent(s) to handle your health and financial decisions, respectively, if you are incapacitated. Without these documents, your loved ones would need to go through the process of being appointed your legal guardian before stepping in to assist with your financial and medical decisions.
For many clients, the creation of one or more trusts can also serve beneficial purposes in protecting assets from loss. A trust is a legal entity that can be created to transfer real property, stocks, bank accounts, or life insurance policies out of your name, which can help to shield them from tax consequences or allow the client to become eligible for programs like Medicaid.
Our attorneys have experience in the preparation of estate plans which address your concerns and are tailored to your specific goals. We can perform a thorough review of your assets to develop a strategy for maximizing the financial legacy you will leave behind. Call us for a consultation to determine how we can help you.