PRACTICE AREAS / ESTATE PLANNING

Estate Planning

Why does everyone need estate planning?

Estate planning encompasses a plan for an orderly conduct and transition of one’s affairs after death, and also during periods of lifetime incapacity.

A proper estate plan will minimize estate taxes and other costs and fees usually incurred by an estate or next of kin of deceased; will provide for an orderly transfer of a decedent’s assets, and will provide for responsible management of decedent’s affairs during the post-mortem period and during any period of incapacity.

What is the role of the estate planning attorney?

The estate planning attorney should be not only an advisor, advocate and skilled draftsman, but given that issues of life and death are involved, should also be compassionate, caring and dedicated to ascertaining the client’s objectives, concerns and financial situation, and take into account all reasonably expected contingencies.

In order to draft an effective estate plan, the attorney must devote sufficient time to elicit all relevant information from the client in addition to properly probing and ascertaining the client’s hopes, fears and other objectives and relationship with his loved ones.

Planning Documents

The following are some of the frequently used documents by our office in conjunction with estate plans. Please note that every situation is unique and the client and attorney should consult on the suitable documents for any estate plan.

• Last Will and Testament
• Living Trust (revocable and irrevocable)
• Testamentary Trust
• Powers of Attorney (effective now or “springing”)
• Living Wills
• Health Proxy
• Life Estates
• Family Limited Partnership
• Life Insurance Trusts
• Deed or asset transfer

If you need a competent and experienced estate planning attorney, please contact us at (212) 406-2811 or by email at ben@goodnewyorklawyer.com