Estate Planning, Retirement, Trusts, and Wills
Estate Planning
Many people hear the words “estate planning” and believe that it is for wealthy individuals only, but in truth, it is an essential step that everybody should take in order to ensure that their final wishes regarding their property – as well as their own health care — are carried out. Having a well-thought out and properly executed estate plan provides answers for loved ones at the time of your death, and also ensures that all of your assets are distributed in the way that you want them to be. An estate plan can save you taxes, expenses, aggravation and avoid disputes among family members. Every individual needs a Will, a Durable Power of Attorney and an Advance Health Care Directive or as it is more commonly referred to, a Living Will. This is particularly so if you have any minor children or a surviving spouse. A judge, who does not know your family, will be the one who decides who shall raise your children, snd how they will be raised.
As every individual has different circumstances and desires, sometimes trusts or other Estate Planning documents may also be necessary or advisable.
Whether you are simply in need of a Will, a Durable Power of Attorney, a Living Will, or have more extensive needs, the estate and trust attorneys at the law firm of Gerstein Grayson & Cohen are knowledgeable and experienced in meeting the estate planning needs of their clients and are able to provide you, at a reasonable cost, with a customized plan that will provide you, and your family, with peace of mind.
Mitchell T. Grayson, Esq. is our leading estate and trust attorney. He has a law degree, masters of law degree in taxation, and is a licensed certified public accountant. He has over 30 years of experience in planning estates ranging from more modest size estates to those in excess of one hundred million dollars.
Wills, Powers of Attorney, Living Wills and Revocable Living Trusts
A Will is an essential document that provides instruction for your survivors at the time of your death. It establishes who will be in charge of the distribution of your assets and how those assets will be divided. It is meant to be a reflection of your values and wishes and to provide clarity for your survivors. Though some choose to simply provide a Will, which is effective at the time of their death, others choose a Revocable Living Trust that is put into effect during their lifetime. This document generally retitles a person’s assets while allowing them to retain control of them, and provides the opportunity for a gradual distribution.
A Durable Power of Attorney is a document in which and individual appoints another individual to act for another person in case the individual is to become disabled or incapacitated , and cannot make financial decisions for him or herself.
An Advance Care Directive also commonly known as a Living Will and is a document in which an individual appoints another individual to make medical decisions for that individual if he or she should become disabled or incapacitated. This is the document that expresses a person’s desire if he or she is terminally ill not to remain hooked up to machines and kept “alive” for an undetermined amount of time. As very few individuals ever want to put their loved ones through this sorrowful, emotionally draining and expensive process. A Living Will or Advance Care Directive is an essential estate planning document that prevents that from occurring.
The estate planning attorneys at Gerstein Grayson & Cohen will ask you the right questions so that we fully understand your wishes, and will then make recommendations regarding the most appropriate documents and estate plan for your needs.
Guardianships
When a person during their lifetime becomes incompetent, and unable to make their own decisions in a rational, lucid manner, upon application to the court by a third party, be it a family member, friend, or medical institution, the court will appoint someone to make decisions for the incapacitated person. This person is known as a guardian. The estate planning attorneys at Gerstein Grayson & Cohen have a great deal of experience in having clients being appointed by the court, to act as a guardian for a member of their family who cannot legally act or make a decision for him or herself, due to a mental or physical disability, or due to being a minor. We make the process as easy and efficiently as possible.
For prompt attention to your Estate Planning needs, please complete our contact form.
