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home, but unlike the irrevocable trust
account, it can be revoked, and the
funds returned to the person(s) making
the arrangements.
Basics of NY Estate
Planning
The death or incapacity of a loved
one is a difficult situation that,
unfortunately, all of us face eventually.
The difference in the level of difficulty
faced is entirely in your hands - how
well did you plan for this contingency?
With proper estate documentation in
place, you can ensure that your family
and legacy are protected, and that
there is as little financial impact on
your family as possible.
The basic estate plan has two essential
aspects - the designation of individuals
to act on your behalf in the event of
your incapacity, and the proper and
clear disposition of assets in the event
of your death, with an eye towards the
minimization of tax and administrative
burdens on the loved ones you leave
behind.
In consulting with your attorneys
for your initial estate planning
consultation, bring with you a list of
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your assets (including real estate,
bank accounts, investment accounts,
annuities, retirement accounts),
liabilities, insurance policies and if
applicable, prenuptial agreements
and judgments of divorce. With this
information in hand, your attorneys
will be able to give you informed
advice regarding the best course of
action.
The Basic Estate
Documents
Healthcare Proxy
A Healthcare Proxy is an important
legal instrument which sets forth the
person or persons who you would like
to make healthcare decisions on your
behalf in the event of your incapacity.
In the absence of such an instrument,
your healthcare provider may not have
the proper guidance as to who you
would trust to make these important
decisions, or information how to
contact the person who you would
designate. By preparing a healthcare
proxy, you will assist your physicians
and nurses in providing the care that
you would want to receive if you were
able to speak for yourself.