ESTATE PLANNING

Estate planning is a general term that typically refers to creating a plan for who or what entity will inherit your assets upon your passing. This can be done with a Will, Trust, or even by naming beneficiaries on accounts. In addition to deciding who will inherit the assets, estate planning may include tax planning, Medicaid planning, special needs planning and planning for incapacity or disability.

Creating a comprehensive estate plan ensures that should you become disabled, or upon your death, your assets are safeguarded and preserved for your intended beneficiaries.

Health care proxy, power of attorney, HIPAA release, living will, Last Will and Testament, and possibly a Trust depending on the client’s goals. 

A living will is a statement of your wishes with regard to end of life decision-making. New York does not recognize substituted judgment meaning that if an end-of-life decision must be made by your health care proxy, they cannot make this decision based on what they would want if they were in the same situation. They can be forced to provide proof of what the patient would have wanted. If it is your preference not to be kept on life-support, including but not limited to mechanical respiration, or artificial hydration and nutrition, you should detail your wishes in a living will. Having this document will serve as the evidence needed for your health care agent to make these difficult decisions, should the time come. 

That depends on the assets and who the decedent’s heirs are. The law will dictate who inherits your assets if you die without designating beneficiaries in a Will, Trust or by beneficiary designation.