The preparation of wills and trusts runs the gamut from the drafting of straightforward documents to creation of complex trust structures that can protect assets for generations to come. We will sit down with you to create a structure that fits your needs and goals. Whatever the nature of your estate it is critical for your peace of mind to create a plan for the future.
Wills and Revocable Trusts
Wills, of course, are traditional means by which assets, both personal and financial, are passed from one generation to the next. It is a basic way of ensuring that your wishes are carried out in the future. More recently, revocable trusts have gained in popularity. Revocable trusts enable you to retain control over your assets during your lifetime – the grantor of a revocable trust is often the trustee. A principal advantage of a revocable trust is that it enables your heirs to avoid the often cumbersome process of probate and ensures the privacy of you and your beneficiaries.
Durable Power of Attorney and Living Will; Health Care Proxy
The creation of a durable power of attorney and living will or health care proxy is an integral part of the estate planning process. These documents enable you to name a person to make legal and health care decisions for you in the event that you become unable to make those decisions for yourself. While unpleasant to contemplate, the naming of a legally designated agent removes the court from involvement in difficult and highly personal decisions.
We will work with you to develop and execute a plan that addresses your specific concerns, needs and goals. Under current federal law there is a lifetime gift exclusion of $11.58 million that may be excluded from an individual’s estate. Under New York State law that amount is $5,850,000. That means that only assets over those amounts will be subject to taxes on an individual’s estate at the time of his or her death. (The exception is for gifts and assets given or passed on to a spouse for which the amount is unlimited).
There are strategies to lessen or even eliminate that tax exposure. Most revolve around the creation of an irrevocable trust. An irrevocable trust is created during a grantor’s lifetime and requires that he or she give up control of those assets as soon as the trust is created. There are numerous forms that a trust can take involving everything from leaving funds to charitable causes to earmarking funds for beneficiaries in future generations.
Irrevocable and Complex Trusts
We will work with you to develop and execute a plan that addresses your specific concerns, needs and goals. Under current federal law there is a lifetime gift exclusion of $11.58 million that may be excluded from an individual’s estate. Under New York State law that amount is $5,850,000. That means that only assets over those amounts will be subject to taxes on an individual’s estate at the time of his or her death. (The exception is for gifts and assets given or passed on to a spouse for which the amount is unlimited).
There are strategies to lessen or even eliminate that tax exposure. Most revolve around the creation of an irrevocable trust. An irrevocable trust is created during a grantor’s lifetime and requires that he or she give up control of those assets as soon as the trust is created. There are numerous forms that a trust can take involving everything from leaving funds to charitable causes to earmarking funds for beneficiaries in future generations.