Estate Planning & Administration

Estate planning is the legal, financial, and personal strategies individuals use to manage their assets and provide for their loved ones, both during their lifetime and after they pass away.

These processes ensure wealth and property are transferred according to the individual’s wishes while minimizing potential disputes, taxes, and delays.

• Key Aspects of Estate Planning •

  1. Wills
    • A legal document that outlines how assets should be distributed upon death.
    • Designates guardians for minor children and how the children will inherit, i.e. in further trust.
    • Names an executor to manage the estate.
  2. Trusts
    • Legal entities created to hold and manage assets for beneficiaries.
    • Common types include:
      • Revocable Living Trusts: Can be modified during the grantor’s lifetime.
      • Irrevocable Trusts: Cannot be changed once established; often used for Medicaid and tax advantages.
      • Special Needs Trusts: Protect eligibility for government benefits for disabled beneficiaries.
  3. Power of Attorney (POA)
    • Designates a trusted individual to make financial or legal decisions on your behalf if you become incapacitated.
  4. Healthcare Directives
    • Living Will: Specifies medical treatment preferences in case of incapacitation.
    • Healthcare Proxy: Appoints someone to make medical decisions on your behalf.
  5. Beneficiary Designations
    • Designating beneficiaries for accounts like life insurance, retirement plans, and bank accounts ensures assets pass directly without probate.
  6. Tax Planning
    • Strategies to reduce estate, gift, and inheritance taxes:
      • Gifting during lifetime.
      • Establishing charitable trusts.
      • Utilizing exemptions effectively (e.g., the federal estate tax exemption).

Estate Planning looks at distinct time frames and transitions in your life, such as:

  • Chronic or Sudden Illness
  • Birth of a new baby
  • Death of a spouse
  • Retirement
  • Diagnosis of dementia

We start the process working with you to define what would happen if you lost the ability to make decisions for yourself regarding health care and finances, while you are alive. We then assist you to explore who you would want to assist you with these decisions and successor people in case your primary people are unable or unwilling to assist you. We then ask you to think about the important people in your life and how and what you would like to leave regarding your legacy after you pass on.

We thoroughly explain each of the legal documents that can assist you, i.e., power of attorney, healthcare proxy/living will, last will and testament,  revocable and irrevocable trusts and sophisticated long-term care and tax planning.

We explore what your goals are and work with you to achieve them.  We also have executor and trustee workshops to assist you if you find yourself in one of these fiduciary positions.

For a free consultation and to discuss your Estate Planning and Administration legal needs,

399 Knollwood Road, Suite 305
White Plains, NY 10603

340 Fifth Avenue
Pelham, NY 10803

1234 Summer Street, Fourth Floor
Stamford, CT 06905

*Manhattan and Long Island Offices, scheduled by appointment.  

Fax: 914-428-3137

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