ESTATE PLANNING & ADMINISTRATION
There are several options available to those interested in Estate Planning. Each type of instrument has its benefits and drawbacks. A Will is usually the least expensive and simplest approach. Revocable Trusts produce no real tax benefits but do ease the process of distributing assets after death. Alternatively, Revocable Trusts cost more at the outset than simple Wills because they require creation of a Trust instrument followed by the transfer of assets to the Trust. Wealthy individuals can realize significant tax savings through Irrevocable Trusts but must forsake all indications of ownership and control over those assets to do so.
In addition to a Will or Trust, you should have a Durable Power of Attorney and an Advance Medical Directive in place. The former enables another competent individual to conduct affairs on your behalf should you become disabled, and the latter appoints a Health Care Representative to carry out your wishes should you be unable to convey those wishes yourself.
Estate administration can seem a daunting task, but it doesn’t have to be. With experienced counsel at your side, it can be simplified and handled expeditiously, often via email or a telephone call to Phone: (201) 529-5888 / (845) 357-0444 or an office visit.
I have served as an attorney and, depending on the need or circumstance, as the Executor or Administrator of many Estates.