Trusts & Estates

Every individual, regardless of age or extent of assets, should have certain essential documents: a Last Will and Testament, a Health Care Proxy, and a Living Will. If appropriate for your situation, you should also have a Power of Attorney. For some, a living trust, either a revocable or irrevocable trust, may also be appropriate. Consulting an attorney to prepare the essential documents that are right for you will help you ensure that your assets pass in accordance with your wishes, and that the right people are designated to make decisions for you in the event that you are unable to do so, both during your lifetime and at your death. These are invaluable tools to help you accomplish your planning goals with as little burden as possible on your heirs.

Even if you have these documents in place, it is important to review them every 3-5 years or upon the occurrence of a significant life change (births, deaths, marriages, divorce, or remarriages for you or your heirs). It is critical to do so if you or any of your heirs are unmarried, contemplating divorce, or in a gay or lesbian relationship or same-sex marriage. The law in this area is frequently changing and it is critical to confirm that your documents continue to meet your needs in light of any changes in the law.

Consulting an estate planning attorney can also help you maximize your estate-tax savings strategies. Absent any action of Congress, the Federal and State tax exemption will return to $1 million in 2011 at a tax rate of 55%. This means that estates with more than $1 million will owe 55% to the Federal government (and 14% to New York State). For example, an individual dying in 2011 with a gross estate of $1.5 million will owe $275,000 to the federal government alone. This will greatly impact New York homeowners who will easily exceed the $1 million threshold because of the value of their real estate, even in a down market. If you die without a will or other documents, you cannot take advantage of tax savings or deferral techniques that may be available to you.

Alison Arden Besunder, P.C. offers its clients all aspects of estate planning consulting services, from traditional wills and revocable trusts to other specialized techniques such as irrevocable trusts, special needs trusts, family limited partnerships, and LLC agreements. The firm also advises clients on business succession planning.

See our page on International Estate Planning.
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