New York Estate Plan Basics

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New York Estate Plan Basics
The Law Offices of Saul Kobrick, P.C.
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In this presentation we will dissect the
components of a complete but simple estate plan
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There are more complex approaches that can be
utilized under certain circumstances, but this
is the basic core
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Last Wills
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The most commonly utilized estate planning device
is the LAST WILL
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You can use this legal instrument to direct
asset transfers to your heirs after your passing
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In your last will you can name an executor to
administer your estate
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You can also include the selection of a
potential guardian for your minor children
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Revocable Living Trusts
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When it comes to transferring assets in a
relatively simple manner you have options outside
of a last will
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You may want to consider arranging for future
distributions of your financial resources to
your loved ones via the utilization of a
revocable living trust
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These trusts enable efficient asset
distributions outside of the probate process
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Probate
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Why would anyone want to avoid probate?
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Why would anyone want to avoid probate?
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It is time-consuming
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Why would anyone want to avoid probate?
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It is time-consuming
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Probate costs can be considerable
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Why would anyone want to avoid probate?
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It is time-consuming
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Probate costs can be considerable
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Probate records are publicly available
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Advance Health Care Directives
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A thorough but basic estate plan should include
advance health care directives
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Living Will
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This document is used to state your wishes
regarding the use of life-support measures
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Health Care Proxy
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With a health care proxy you select someone to
make medical decisions for you in the event of
your incapacitation
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Incapacity Planning
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An incapacity component should be contained
within a broader estate plan
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People are living longer than ever, with the
oldest old being the fastest growing age group
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Around 45 of people who are 85 and up have
Alzheimer's disease
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The existence of Alzheimer's disease alone makes
incapacity planning a must
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Durable Powers of Attorney
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Durable powers of attorney are used to prepare
for possible incapacity
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With a durable power of attorney you empower an
agent to handle your financial affairs in the
event of your incapacitation
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Because the power of attorney is in fact
durable it remains in effect even after the
incapacitation of the grantor
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Every responsible adult should have an estate
plan in place
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Those who go through life without an estate plan
are putting their families at risk
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Many people don't act because they don't know
what to do
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The logical first step would be to schedule an
initial consultation with a licensed estate
planning attorney
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Want to Know More about Estate Planning In New
York?
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Click to visit www.kobricklaw.com
Click to visit www.kobricklaw.com