Estate Planning

• Why Use an Accredited Estate Planner?

Estate planning: it’s the primary topic of most clients’ first session with their New York elder law attorney. Many clients spend a lifetime amassing funds and assets and don’t concern themselves with planning the management of those assets until retirement is in sight.

But a truly diligent NY elder law attorney understands that proper estate planning defies being pigeonholed as strictly an “elder law” endeavor. In fact, estate planning is a lifelong task for responsible families. In the early years, estate planning provides the peace of mind that comes with knowing a plan is already in place to protect your family and the motivation that comes with knowing exactly why you’re going to work each morning.

Effective estate planning isn’t static or mass-produced. It is a process that is unique to each individual and influenced by the entire family’s evolving needs. Each home purchase, new family member, educational endeavor—every life change that affects your family’s structure, balance sheet, or future needs—should be integrated into a dynamic, holistic estate plan.

The most basic of estate plans drafted by your New York elder law attorney should include a Last Will and Testament, designed to ensure that the estate you’ve worked so hard to build stays in the hands of those you’ve loved and designated to enjoy it, rather than being chipped away by taxes or family litigation. A Last Will should also address guardianship and future care of any minor children.

Additionally, a proper estate plan establishes a durable power of attorney (POA). The individual named as “attorney-in-fact” by this document receives the authority to act in your best interests in the event that you become incapacitated. Again, it can’t be overstated that this is something that isn’t age-specific. A durable power of attorney can prevent unnecessary pain or conflict in your family, which is something you’re interested in, regardless of your age.

In addition to the POA, a properly planned estate includes a health care proxy, which is a designation of someone to make general medical decisions on your behalf in the event that you cannot speak for yourself, as well as a Living Will to address specific medical situations. Medical problems are often fraught with uncertainty; taking the time now, while all parties can assess their options objectively, can ensure that your wishes are honored.

The establishment and management of Trusts should also be addressed by a comprehensive estate plan. Trusts are complex legal / financial instruments, generally used to protect assets, minimize tax burdens, and keep your estate out of probate (which can delay your family’s access to funds). Trusts are, essentially, documents that establish who is responsible for disbursement of your funds and how you’d like them managed. Trusts are commonly set aside for spouses, children, other family members, and charitable organizations; however, the quality New York elder law attorneys at Littman Krooks can establish a trust tailored to meet your specific needs.

Each issue that falls under the umbrella of estate planning is rife with complexity, but solutions can be customized to fit your unique story with a small investment of time and effort. Take the time now to ensure that your story gets written the way you’ve dreamed it, rather than leaving it to chance and other people, who may not know your heart.