Estate Planning Overview

1
Estate Planning Overview
2
The majority of adults in the United States have
not executed all the necessary estate planning
documents
3
If you are among them you would do well to take
action for the well-being of your loved ones
sooner rather than later
4
In this presentation we will take a look at the
basic anatomy of an estate plan
5
Transferring Assets
Estate planning involves arranging for the
transfer of financial assets to your loved ones
after your passing
6
This can be done in a number of different ways
7
The best approach will vary depending on the
situation
8
Last Will and Testament
Transferring Assets
9
You have undoubtedly heard about a Last Will
10
These legal instruments are utilized TO DIRECT
FUTURE ASSET TRANSFERS
11
Parents of young children should also name a
guardian that would care for the children in
the event of the death of both parents
12
With a Will, you also name an executor or
executrix to administer your estate
13
The Probate Process
14
In NY, the Surrogate Court will supervise the
administration of your estate if you use a last
will to direct asset transfers
15
The executor or executrix will invariably need
the assistance of various paid professionals
16
And, the court itself charges a fee
17
These expenses can add up to consume a
significant percentage of the estate
18
Probate can also be quite time-consuming
19
Avoiding Probate
20
Because of the pitfalls that go along with the
process many people choose to avoid probate
21
There are ways to arrange for the distribution of
assets to your heirs outside of probate
22
One of these would be through the creation of a
revocable living trust
23
Revocable Living Trusts
24
With a revocable living trust, you as the
grantor retain control of the assets while you
are still alive
25
You name a trustee who will administer the trust
after your passing
26
These distributions will take place outside of
probate
27
Health Care Proxies and Living Wills
28
You should also include a health care proxy and
a living will
29
A health care proxy is used to name someone to
make health care decisions on your behalf in the
event of your incapacitation
30
With a Living Will you state your wishes
regarding the use of life sustaining measures

31
Get in Touch to Schedule a Free Estate Planning
Consultation
32
Now is the time to take action if you are going
through life without an estate plan
33
If you live in the NY metropolitan area, we
invite you to contact the Law Offices of Barton
P. Levine to set up a free consultation
34
Law Offices of Barton P. Levine
www.bartonlevine.com
[phone]