“Trusts and Estates” is the area of the law dedicated to planning for the future, particularly end-of-life concerns. Although it can be difficult to think about our own eventual incapacity and death, we all must die eventually, and failing to plan can cause a lot of pain and difficulty for one’s family.
Some of the major forms of planning in trusts and estates include:
- Wills – A will is the basic document for expressing your wishes for the care of your minor children and the distribution of your property after you die. Click here for more information about wills.
- Trusts – A trust is a more advanced type of property disposition that allows more control by appointing a trustee to oversee the use, sale, or distribution of property. A trust can be created in a will or during life. Click here for more information about trusts.
- Power of Attorney – A Power of Attorney is a document that gives another person the authority to conduct your financial affairs on your behalf. Click here for more information about Powers of Attorney.
- Medical Directive – A Medical Directive allows you to specify in advance your wishes regarding medical care in the event you end up unable to express your wishes due to injury or illness. Click here for more information about medical planning.
- Tax Planning – Over 99% of Americans will not pay a single penny in estate taxes simply because the exemptions are so very high that the taxes do not apply. However, for the few high-wealth individual to whom the tax applies, minimizing the amount of the tax can be a very important concern. Click here for more information about tax planning.
- Planning for Non-Traditional Families – The New York Estates, Powers, and Trusts Law is rather old and was not really written to handle family structures other than the traditional nuclear family. Non-traditional families need to take extra care to plan because the default rules provided by the Estates, Powers, and Trusts Law probably do not match up with their wishes. For more information about planning for non-traditional families, click here.
