Estate Planning

You have worked hard to earn a living and to provide for yourself and your loved ones. You want your assets to be passed along according to your wishes. I can help you to achieve this goal. We will discuss your intentions and the best ways for you to avoid paying more than necessary to the federal and state governments.

Many of you are aware that there is no Federal Estate Tax in 2010!  While this is true, did you know that there is still a New York State Estate Tax on all estate amounts over $1,000,000? And what happens next year, when the Federal Estate Tax is reinstated, with only the first $1,000,000 exempt from tax? In addition, under current law, there is no longer a blanket step-up in basis for property owned by the decedent, which could have an adverse impact on the heirs. Of course this all may change once Congress gets around to dealing with it, but we will need to discuss the possibilities and how they could affect your estate plan.

Estate planning is about more than just avoiding estate taxes. In fact, it reflects your deeply held values such as providing guardians for your children, protecting your assets from creditors and spendthrift family members and preventing inter-family conflicts. We can also discuss gifting strategies that will dispose of your assets during your lifetime, with the added benefit of reducing your taxable estate.

I will prepare a last will and testament and other documents designed to leave your well-earned estate according to your wishes. I also prepare a health care proxy and power of attorney to assist you in case you become ill and are unable to attend to your health care and other life decisions.

If one of your loved ones passes away, leaving you as the Executor or Executrix of the estate, or if your loved one did not have a will and you need to attend to his or her affairs, I can assist you in the administration of the estate, whether through Probate (when there is a will) or administration (when there is no will).

I am a member of the Trusts and Estate Section of the New York State Bar Association.