In the absence of legal planning otherwise, your estate, no matter how large or small, will be distributed after your death according to New York’s laws of intestacy, and guardianship of your dependents will be determined by the state. Of course, this may not be the plan you would have chosen!
A properly drafted estate plan will replace the terms of the State’s estate plan with your own. It will provide the legal documents necessary to:
a) Convey your wishes with respect to disposition of your property at your death. Enhanced planning will ensure that the state and federal governments take only that amount in taxes to which they are legally entitled. This enables you to pass more of your assets on to those you love.
b) Provide for the care of your dependents at your death or incapacitation, with particular attention to minors and those with Special Needs, as per your wishes.
c) Appoint someone to make healthcare decisions for you should you become unable to make your own.
Typically the documents necessary include a will, a power of attorney, a health care proxy and a living will (or advanced healthcare directive.) Sovak Law will draft the appropriate legal documents to ensure that your wishes are carried out after your death.
* Last Will and Testament
* Revocable Living Trusts
* Irrevocable Trusts
* Credit Shelter Trusts
* Tax Planning
* Advanced Medical Directives
* Power of Attorney/Statutory Gift Rider