Dissecting the Basic Estate Plan

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Dissecting
the Basic Estate Plan
Estate Planning Information Portal for Forest
Hills, NY 718-793-7000
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Unfortunately, researchers tell us that most
Americans have not executed all of the
appropriate estate planning documents.
Unfortunately, researchers tell us that most
Americans have not executed all of the
appropriate estate planning documents.
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Many people don't act because they DONT KNOW
where to begin.
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This presentation explains the basics, and it may
inspire you to finally take action for the
benefit of your family if you are currently
unprepared.
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The Eventualities of Aging
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People usually don't pass away suddenly without
experiencing any type of decline.
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Incapacity among elders is common, especially
when you consider the ubiquity of Alzheimer's
disease.
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For this reason it is important to include
incapacity planning documents within your estate
plan.
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A Living Will
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Advances in medical science have made it possible
for physicians to keep terminally ill patients
alive via the utilization of artificial means.
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With a living will you state your wishes in a
legally binding manner concerning the use of life
support measures.
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If you were to become unable to communicate while
in a terminal condition these wishes would be
honored.
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Health Care Proxy
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With a health care proxy you select an
attorney-in-fact to make medical decisions in
your behalf should you become unable to make them
on your own.
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The reason why this document is recommended even
if you have a living will is because scenarios
can present themselves that were not specifically
addressed in the living will.
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The Financial Side of Incapacity Planning
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The court could be petitioned to appoint a
guardian to handle your financial affairs if you
were to become unable to make sound decisions on
your own.
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This individual or entity may not be consistent
with your own preferences.
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You can select your own hand-picked
decision-maker by executing a durable power of
attorney.
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Arranging for Future Asset Transfers
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The matter of asset transfers is something that
must be addressed as well.
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There are numerous different vehicles of asset
transfer. The best combination will vary
depending upon the unique circumstances in
question.
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The Last Will
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With a last will you declare your wishes
regarding how you want your assets distributed
among your heirs.
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You should choose an executor or executrix to
administer the estate after your passing.
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Those who have dependent children should
also include the selection of a guardian who
would care for the children in the event of the
death of both parents.
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Revocable Living Trusts
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Revocable living trusts facilitate asset
transfers outside of probate.
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Some people choose to take steps to avoid probate
because it can be a lengthy and expensive process.
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You name a trustee when you create the trust
along with a beneficiary or beneficiaries.
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Now that you understand what you need to do to
protect yourself and your family
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you may want to
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If you live in the greater New York City area
contact our firm to set up a free consultation.
718-793-7000 www.DavidovLaw.com