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Why Estate Planning is Essential for Every Family in NYC

Estate planning, whether one has a large or small, rich or poor family, whether a young couple just starting or a single parent or senior whose children have grown and have become independent, have an estate plan that can become one of the most valuable assets in assuring your loved one’s peace of mind and financial security. It ensures that your wishes are respected, reduces the burden on your family, and minimizes the impact of taxes and legal costs. In NYC, estate planning is especially important because of the complex legal and financial environment that exists in the state.

New York State has a number of laws and regulations on how estates should be distributed, the probate process, and even Medicaid eligibility. The list goes on, and it can seriously affect the outcome of your estate plan if it is not properly done. Without an estate plan, if you die, your assets are in jeopardy of the intestacy laws; the state decides how your estate will be distributed. This may not align with your wishes, and it could cause family conflict. Assets may be delayed in probate court, leading to additional legal fees, and your heirs may have to wait months, or even years, before receiving their inheritance.

Moreover, estate planning involves the arrangement of guardianship for your children or dependents. Failure to do this may lead to the intervention of the courts in making decisions for them, which may not necessarily be in their best interest. Proper estate planning in this respect ensures that any member of your family with special needs or disabilities has his or her needs adequately met without being disqualified from obtaining government benefits.

The Role an Estate Planning Attorney Can Play in Your Future

An estate planning attorney in NYC will play a major role in ensuring that your assets, healthcare directives, and financial wishes are legally protected and carried out according to your desires. Estate planning attorneys help their clients prepare wills, establish trusts, create powers of attorney, and structure their assets in such a way that those assets will bypass probate when possible. They help navigate complex state and federal tax regulations to optimize wealth preservation strategies. The estate planning attorney also offers necessary advice on how to create business succession plans so that companies will continue and be protected for future generations.

An informed estate planning attorney converses with NYC estate law in matters such as estate tax exemptions, inheritance laws, and Medicaid eligibility requirements. The National Council on Aging indicates that using an experienced attorney allows one to make sure all the legal documents are correctly prepared and your estate is set up efficiently to meet your goals. He or she may also mediate potential conflicts that could arise among family members and ensure assets are distributed in accordance with legally executed documents.

How to Avoid Probate Through Effective Estate Planning

One can avoid the probate by undertaking some effective estate planning such as establishment of living trusts, beneficiary designations, and ownership of property jointly. While the probate process in New York could take a long time and be costly, there are ways to ensure that your assets bypass court with the right planning strategies.  

A revocable living trust allows the assets in such a trust to bypass probate and directly flow to beneficiaries. Property held in financial accounts, including life insurance policies, retirement accounts, and payable-on-death bank accounts with named beneficiaries, bypasses probate. Property held as joint tenants with rights of survivorship passes to the other owner at death by operation of law.

Estate Planning Strategies for NYC Residents

Estate planning in NYC includes the structuring of one’s assets to attain maximum protection against onerous tax liabilities, costly long-term care, and the seamless passage of one’s wealth to one’s loved ones. Most aspects indeed make NYC estate planning unique, including the laws of estate taxes, high costs of living, and protection from long-term care expenses. In-depth strategies assist individuals and families in protecting their financial futures while making sure assets pass on with minimal complications for the beneficiaries. Following are some effective estate planning strategies:

Asset protection against creditors and Medicaid recovery using irrevocable trusts.

• The use of an irrevocable trust seriously creates a layer of protection because the assets are legally removed from one’s ownership, thus reducing the taxable estate and protecting it from potential lawsuits.

To those in NYC, the Medicaid Asset Protection Trusts can be especially appealing.

• These trusts allow an individual to qualify for Medicaid while the assets remain preserved for the heirs and help a family deal with long-term care expenses without losing one’s fortune.

This, especially, needs strategic gifting in cases where clients are of very high net worth, where minimizing tax exposure has to be made.

• Estate taxes for NYC estates apply to those exceeding $6.94 million as of 2023, and gifting strategies may reduce such tax liability substantially.

Under the federal gift tax exemption, annual gifting up to $17,000 per recipient allows an individual to distribute wealth over time without being subject to a tax.

• Gifts can also be made via ILITs, which allow liquidity of estate taxes and maintain the proceeds outside the taxable estate.

Special needs trusts for beneficiaries with disabilities may be established, which allow the beneficiary to be eligible for governmental benefits while there is financial provision for them.

• Leaving an outright inheritance to a disabled loved one may have the unintended consequence of making him or her ineligible for essential government assistance, including Medicaid and SSI.

A well-drafted special needs trust allows the beneficiary to receive funds for their needs without disrupting their eligibility for public assistance.

• NYC estate planning attorneys can create SNTs that are customized to provide housing, education, and medical care without jeopardizing the benefits.

Provide for charitable giving through trust or foundation in the most tax-efficient manner to create a lasting legacy.

• Many New Yorkers use CRTs and donor-advised funds to make philanthropic contributions while lessening estate and income taxes.
• Charitable remainder trusts do allow donors to receive income during their lifetime from the trust, the remainder of which is transferred to charities they have named. This approach has both tax deductions and a continued stream of income, thus it’s strategic for high-networth individuals.

Digital asset protection ensures that heirs have access to important online accounts, cryptocurrencies, and intellectual property.

• As these assets grow in value, the requirement in estate plans for not only social media accounts but even online banking and digital investments increasingly requires one to denote trusted people to manage the accounts and make sure access to passwords and authentication tools is secure.

Implementing business succession planning to ensure the smooth transfer of business ownership.

• NYC business owners must consider the future of their companies when crafting an estate plan. Establishing a succession plan through buy-sell agreements, family limited partnerships (FLPs), or trusts can protect a business’s continuity and minimize estate tax consequences.
• Business owners should also consider key person insurance to provide financial stability during transitions.

The effective passing of wealth to generations is possible through Family Limited Partnerships and Grantor Retained Annuity Trusts.

• Such estate planning techniques allow the transference of those assets at their lower valuation for tax purposes, while the control of the asset remains with the transferor throughout one’s lifetime.
• These leverage valuation discounts that reduce gift and estate tax liabilities and, hence, are considered an effective strategy for high net worth families in NYC.

Add life insurance planning that provides financial security and covers estate taxes.

• Life insurance plays an important role in estate planning in order to provide liquidity to pay estate taxes, debts, and expenses.
• By placing policies in an ILIT, they are removed from the taxable estate so that beneficiaries receive the full benefit without additional tax burdens.
• Many NYC residents burdened by high estate taxes will use an ILIT to protect their wealth while maximizing their policy’s value.

These estate planning methods will help New York City residents protect their assets, minimize the impact of taxes, and arrange for their families in the best possible way. Each of them can be made to fit particular financial circumstances and long-term goals, which allows estate planning to be a good tool for securing the future.

Ongoing reviews and updates to estate plans keep them current with changing laws, financial goals, and family dynamics. This would provide one with the peace of mind that comes from knowing their assets are protected and will be managed correctly.

Key Steps in Creating an Effective Estate Plan

An effective estate plan is important to make sure your wishes are carried out, and your loved ones are taken care of when you are no longer able to manage your affairs. A comprehensive estate plan can prevent family disputes, minimize tax burdens, and ensure that assets are distributed according to your desires. Crafting an effective estate plan involves a multi-step process, each step carefully designed to address different aspects of your estate and ensure that it functions smoothly in the event of your incapacity or death.

1. Inventory All Assets

The first and perhaps most significant step in making an estate plan is to thoroughly inventory your assets. This will be the bedrock upon which all other future decisions about distributing your estate rest. Assets obviously can take on many forms, from tangible property like real estate or valuable personal items to intangible assets such as financial investments, retirement accounts, and business holdings.

• Real Estate: This would include all residences, vacation homes, rental properties, and land. You will also specify if the property is wholly owned or if there is still an outstanding mortgage on the property.
• Investments and Financial Accounts: The listing of stocks, bonds, mutual funds, brokerage accounts, savings accounts, checking accounts, and any certificates of deposit should be included here.
• Retirement accounts: Specify the type of retirement plans offered, such as 401(k), pension plans, and IRAs. These accounts may have named beneficiaries that supersede your will, so it’s essential to ensure these designations are up to date.
• Business Holdings: If you own a business, it’s crucial to document its value and structure. A business succession plan may be necessary to ensure the company’s continuity and determine who will manage it after your death.
• Personal Property: Don’t forget to account for valuable personal property such as jewelry, artwork, antiques, collectibles, and vehicles. Each of these items should be listed with their estimated value for reference.

Once your inventory is complete, it’s also important to determine whether any assets are jointly owned, as this can affect how they are transferred upon your death.

2. Designate Beneficiaries

Next, you need to designate beneficiaries for your assets. Beneficiary designations are legally binding instructions on how your assets should be distributed, and they supersede the instructions in your will in certain circumstances.

• Financial Accounts and Insurance Policies: Review all of your financial accounts, including bank accounts, retirement plans, and life insurance policies, and ensure that beneficiaries are properly named. You should also make sure that these designations are up to date, especially after major life events such as marriage, divorce, or the birth of a child. For example, a life insurance policy from years ago may list an ex-spouse as the beneficiary if not updated, leading to potential conflicts.
• Trusts: If you establish a trust as part of your estate plan, you will need to designate beneficiaries for the trust as well. This may include individuals, charities, or organizations you wish to benefit from the trust. Be specific about how you want the trust’s assets to be distributed, including any conditions or timeframes.
• Health Care Directives: Ensure that you also appoint people to make medical decisions on your behalf. Healthcare proxies and living will provide critical instructions in case of incapacitation, helping your loved ones follow your wishes even if you cannot communicate with them.

3. Prepare the Basic Documents

Much of estate planning involves preparing those documents that will carry out your wishes after your death. The documents are usually complex, and it is advisable to consult with an estate planning attorney who will ensure that all is well done.

• Will: Probably the most basic and significant part of an estate plan is the will. This document provides how your assets are to be distributed upon your death, who shall care for your minor children, if any, and who will be in charge as the executor to manage your estate.
• Trusts: These are workable while one is still alive and can be private, while a will only administrate your property in case of a death. A revocable living trust allows you to retain control of the assets transferred in a trust for your lifetime. At your death, those made assets are distributed directly to the beneficiaries without the process of probate.
• Durable Power of Attorney: This is a document that names someone to handle your financial affairs in the event you become incapacitated. Without a power of attorney in place, an application to the courts for the appointment of a guardian may be necessary, which will be expensive and time-consuming.
• Health Care Directives: A health care proxy and living will are essential for stating your medical desires if you are unable to decide for yourself. These documents provide directions regarding the level of medical treatment you desire, along with naming a person who is authorized to act on your behalf if you become incapable of acting for yourself.

4. Plan for Incapacity

Estate planning normally encompasses incapacity planning, yet most of the time, this issue is overlooked. Whenever any person becomes incapable of handling their affairs, there must be a mechanism or some sort of document available so that one’s personal and financial needs may be looked after without any possible delay.

• Durable Power of Attorney: As briefly mentioned above, this allows a person you trust to handle your financial matters when you can’t. If you don’t name a power of attorney, then the court could step in and appoint a guardian; this might take time and could be expensive.
• Healthcare Proxy and Living Will: these are documents that ensure your healthcare desires are granted. A healthcare proxy allows you to designate a person to make medical decisions for you, while a living will allows you to specify the kind of medical treatment you would or would not want if diagnosed with a terminal illness or unable to make decisions about yourself.

5. Review and Update Your Estate Plan Regularly

An estate plan is not static; it needs periodic updating according to the changes in your life and circumstances. Life events, such as marriage, divorce,the  birth of a child, or any new assets acquired, are all major triggers to review an estate plan.

• Marriage or Divorce: The occurrence of either marriage or divorce will have an impact on your estate plan, especially with beneficiary designations and property distributions.
• Birth of Children or Grandchildren: You may consider revising your estate plan with respect to beneficiaries if you are expecting children or grandchildren, and if guardians are appointed for your minor children.
• Significant Financial Changes: If you experience major financial events, such as selling property, receiving an inheritance, or starting a business, it’s essential to revisit your estate plan to ensure that it accounts for these changes.

Common Mistakes to Avoid in Estate Planning

Failure to update documents, improper beneficiary designations, and lack of tax planning are among the most common estate planning mistakes. Estate planning is an evolving process, and failing to keep documents current can result in unintended consequences. Life changes such as marriage, divorce, the birth of children, or acquiring new assets should prompt immediate updates to estate plans. Without regular reviews, outdated plans may distribute assets in a way that no longer aligns with the individual’s intentions, potentially causing family disputes or legal challenges.

Failure to Fund Trusts Properly

One of the most overlooked mistakes in estate planning is failing to properly fund a trust. A trust is only effective if assets are correctly transferred into it. Many people create either a revocable or irrevocable trust but never retitle the assets in the name of the trust and, thus, the assets are probated upon their death. This will defeat the purpose of the creation of the trust in the very first instance. Common assets that should be funded into trusts include real estate, investment accounts, and life insurance policies.

Neglecting Beneficiary Designations

Another common mistake is failing to update beneficiary designations on retirement accounts, life insurance, and bank accounts. If an ex-spouse or deceased individual remains listed as a beneficiary, it can lead to unintended asset transfers, legal battles, and even court interventions. Periodically reviewing beneficiary designations ensures that assets go to the intended heirs and not to individuals who are no longer in the estate owner’s life.

Failure to Plan for Digital Assets

Overlooking digital assets is increasingly becoming a problem in modern estate planning. Large amounts of people have substantial value in cryptocurrency, online banking, intellectual property, and personal digital archives, and they are dying without including them in their estate plans. In the absence of clear instructions regarding access, heirs struggle to access this digital wealth, or sometimes even lose it forever. Good estate planning now includes an inventory of digital assets and the legal documentation necessary to provide access to key online accounts to the person the owner selects.

Assuming the Will Alone Is Enough 

Many clients will assume that a simple will is all one needs to do in the area of estate planning. It is a misunderstanding, however, that may result in disastrous consequences. Wills must be probated, an often time-consuming and costly court procedure that may require months or years to conclude the distribution of property. Wills do not avoid estate taxes and do not offer asset protection from creditors. Together, the wills, trusts, and beneficiary designations form one strong method to facilitate the easy transfer of various assets without much legal and financial hassle.

Brushing off estate taxes and asset protection

Poor tax planning, in that sense, can shrink wealth for heirs by a huge margin in NYC, where state estate taxes apply for estates surpassing $6.94 million. This might include, therefore, that a high-networth individual adopts a raft of tax-saving measures, including but not limited to gifting, charitable bequests, and irrevocable trusts. It also involves an asset protection plan whereby insurance for civil liability or structuring a business entity will help in securing against possible or unforeseen lawsuit threats or financial setbacks.

Failing to Plan for Incapacity

Estate planning is not just about the distribution of assets upon one’s death; rather, it also includes preparing for incapacity. In the absence of documents like durable powers of attorney and healthcare proxies, loved ones often have a hard time handling medical and financial affairs when an individual becomes sick or disabled. Providing clear legal direction ensures that trusted individuals have the authority to make decisions in the event of incapacity, thereby avoiding court-ordered guardianships or conservatorships.

Not Communicating the Estate Plan with the Heirs

The even best estate plan will fall apart if the heirs are unaware of what is in it or even where to look for crucial documents. Lack of communication may result in confusion, family disputes, and possible litigation. Estate planning attorneys often recommend family meetings to discuss the general structure of an estate plan, ensuring that key individuals understand their roles and responsibilities.

Avoiding these common estate planning mistakes ensures that an individual’s wishes are properly executed, assets are protected, and loved ones are cared for efficiently. Secondly, regular revision and updating of estate plans with a seasoned attorney help avoid costly mistakes and provide financial security for the next generation in the long term.

How an Estate Planning Attorney Can Simplify the Process

An estate planning attorney simplifies the process by providing legal guidance, customizing estate plans, and ensuring compliance with state laws. They will handle complex paperwork, facilitate tax-saving strategies, and provide tailored advice to protect your wealth and loved ones. 

Their expertise ensures the documents are valid, legally enforceable, and structured to meet your unique needs. An estate planning attorney will also help in creating trusts that assist in minimizing estate taxes, thus allowing for smooth transfers of assets to beneficiaries without probate. They also provide strategies for Medicaid planning that may be very important for persons needing long-term healthcare benefits but not wanting to spend down all their assets.

With these, an estate planning attorney might also help the business owner structure his or her estate in a manner that assures the business proceeds without hiccups. These may include not only drafting buy-sell agreements and restructuring the ownership but also using tax-efficient transfer methods to minimize disputes among heirs. They equally work with many families to plan guardianships or conservatorships for minors or dependents who have special needs, making certain that their specific needs are duly cared for continuously.

Another important role of an estate planning attorney is helping clients address digital assets. As more financial and personal activities move online, securing access to digital accounts, cryptocurrency holdings, intellectual property, and social media accounts is becoming increasingly important. An attorney can help structure a digital estate plan that grants trusted individuals the necessary authority to manage these assets in accordance with the client’s wishes.

Through the work of an experienced estate planning attorney, individuals can proactively preserve their wealth, minimize taxes, and ensure that their legacy is carried out as intended. Their expertise streamlines complicated legal processes, giving peace of mind that all areas of an estate are appropriately addressed and legally protected.

Protect Your Family’s Future with Comprehensive Estate Planning

Comprehensive estate planning protects your family’s financial well-being, minimizes legal hassles, and preserves your legacy. A sound estate plan contains some very important legal documents like the will and trusts, through which the person is able to state who should get what and how after their demise. The absence of such documents may result in disputes among the family members over the issues of inheritance, including costly and emotionally draining litigation procedures. Moreover, the making of trusts probably results in minimizing estate taxes and the protection of assets from the creditors, therefore, the beneficiaries receive the maximum intended inheritance.

The other major aspects that involve estate planning include the execution of healthcare proxies and living wills. These two documents ensure that in case there is an incidence of incapacitation, there exist instructions regarding the medical decisions that should be made on behalf of the individual; thus, it ensures that the wishes of an individual about health care are considered. This serves to reduce pressure on loved ones and also inhibits potential disputes among family members over choices in treatment. Another very important part of a complete estate plan is the power of attorney regarding finance. 

This document grants a trusted person the legal right to handle all of the owner’s finances when they are no longer capable of doing so. Without such permission, family members may be prohibited from accessing bank accounts, paying bills, and making other vital financial decisions, leading to severe financial distress. 

Estate planning strategies also involve ways of minimizing the amount of estate taxes a family would have to pay, with the intent of retaining wealth for future generations. Gifting strategies, charities, and irrevocable life insurance trusts sharply reduce estate tax burdens and greatly improve the effectiveness of transferring wealth. By leveraging these financial tools, individuals can provide for their families while supporting charitable organizations that align with their values.

Another very important consideration in estate planning is the protection of digital assets. As more aspects of personal and financial life are being conducted online, it is essential that provisions regarding how to handle digital accounts, cryptocurrencies, and intellectual property are included. A digital estate plan ensures that heirs can access valuable online resources while protecting sensitive information from unauthorized access.

Investing in estate planning today protects your family’s financial future for years to come. With proactive steps to structure an estate effectively, one can make sure that loved ones will be well taken care of, financial stability remains intact, and legal complications are at a minimum. Whether it is ensuring a family business will thrive, a child’s education, or even retirement funds, a well-implemented estate plan offers peace of mind and financial security to one’s future generations.

Real-Life Examples of How Estate Planning Has Helped Families

Estate planning protects a family from financial uncertainty and legal disputes over property, saving the family painful tax burdens that are not avoidable. This estate plan secures not just the distribution of one’s possessions as desired but also serves to protect families’ legacies, reduce intra-family conflicts, and preserve a family’s resources. Below we will explore in depth some specific examples from estates where planning facilitated avoiding complications so as to offer a bright assurance of the assurance of their secured financial futures.

1. Brooklyn Family Avoided Medicaid Spend-Down Requirements and Preserved Assets for Their Children.

One of the biggest fears for many families, especially those with aging parents, is how to afford long-term care. Most often, Medicaid eligibility means heavy requirements such as the spend-down of assets, the turning of families into bankruptcies, and the compelling them to dissipate their savings and property in order to qualify for assistance. In this case, out of Brooklyn, a family of four was facing a dire scenario when the father’s failing health necessitated the need for nursing home care. Without proper estate planning, the family would have been compelled to sell their home and liquidate their savings to meet Medicaid’s asset limits.

By hiring an experienced estate planning attorney, however, the family set up a revocable living trust in a way that protected their home and other assets and enabled Medicaid benefits to qualify. As part of this strategy of “Medicaid planning,” some people transfer all or part of their property to a trust; once owned by the trust, for purposes of these tests, assets are no longer considered to be owned by them. His father would not have to take any resources away from the family in order to receive his needed care, and the children knew that the family property would indeed pass as intended. The estate planning intervention will make sure the family’s assets are protected and further assure long-term financial security for the next generation.

2. A Healthcare Proxy Ensured an Elderly Parent’s Medical Preferences Were Respected Despite Family Discord.

Medical decisions can get very contentious when someone becomes incapable of making them for themselves or is seriously sick. A highly contested family dispute arose in an older NYC family regarding the medical care of an aging parent. As the mother’s condition began to deteriorate, it put her family into some very difficult debates. Children disagreed on which course to pursue aggressive treatments or comfort care only for their mother. At this point, with no direction as to her wishes in this matter, this might have led to some lengthy family disputes, emotional distress, and delays in important decisions.

Fortunately, the aged parent had previously written a health proxy while planning her estate, which named her daughter to act as the agent for medical decisions should the parent be unable to make such decisions on her own. More importantly, her daughter’s mother had written a living will that outlined all of her medical desires, things she would and would not want done under certain conditions. This legal documentation allowed her daughter to confidently make decisions based on her mother’s expressed wishes. 

Although the other family members objected, the healthcare proxy allowed the medical preferences of the mother to be carried out and avoided what could have been an emotionally and psychologically trying experience without a directive.

3. Business Owners in Queens Successfully Passed Business to Heirs While Minimizing Estate Taxes.

The transfer of their business to the next generation can be a daunting and emotionally trying experience for many small business owners. A Queens business owner had built a thriving, family-run manufacturing company but was challenged to transfer the business to his heirs with the least possible estate taxes. If the family had not planned properly, it could have been saddled with high estate tax liabilities, which would have potentially forced them to sell the business or liquidate assets to pay taxes.

Specifically, through the planning attorney, an estate plan related to the owner’s business provided that certain trusts were established with irrevocable shares in the business entity. These actions served to substantially reduce the valuation of his gross estate. Accordingly, his business was smoothly passed down to his children with minimum or little tax. No disruption to his business could occur. This careful planning ensured that the legacy of the family business would continue for future generations, preserving jobs and providing continued income for the family.

4. A Family in Queens Used a Living Trust to Pass Down Multiple Rental Properties Without Going Through Probate.

Many families who own real estate assets, especially those with multiple properties, face the challenge of probate. In the process, probate is not only time-consuming but also expensive for those who have to go through it, especially for those with property that needs to be continuously managed. In the case of Queens, there was a family which had various rental properties intended for their descendants. The family never wanted to go through the painful probate process, which would mean delayed distribution of these properties at huge legal fees.

The establishment of a living trust allowed the family to distribute the rental properties directly to their beneficiaries without going through probate. It allows the properties to be managed through a trustee and seamlessly transferred to heirs, thus assuring the family of continued rental income. This avoids the length of time delays a probate might take from that income stream, protecting the family’s income. The heirs could, meanwhile, enjoy the income derived from the properties without the worry of incurring lawyer fees and long, time-consuming court battles.

5. A Retired NYC Firefighter Established a Charitable Remainder Trust to Reduce Estate Taxes While Supporting Local Charities.

The retired NYC firefighter had served his life in the community, and upon retirement, he desired to make sure part of his wealth benefited the local charities that had always been close to his heart. In the meantime, he was desirous of reducing some of the estate taxes his family would incur on his eventual death. With the help of an estate planning professional, the firefighter created a charitable remainder trust that provides gifts to charity with income payments to individuals, usually the donor or family members, for a period of time. The remaining assets in the trust at the end of the trust term would be distributed to the charities named as the trust beneficiaries.

The CRT granted this firefighter some sizable tax benefits in estate taxes while at the same time allowing him to give back to causes he cared about. He received a consistent income in retirement, and the charities would receive his munificence. Simultaneously, his family would receive a portion of his estate with reduced estate tax liability. This strategic move in estate planning would ensure his family and the causes he cared about were taken care of while leaving a lasting legacy and lessening the financial burden on heirs.

Consult with an Experienced NYC Estate Planning Attorney Today!

Secure your future with Miller & Miller. Give us a call today at 718-875-2191 to schedule a consultation.

Recently, we worked with a couple who had accumulated significant assets over their lifetime, including a home and a small business. They were concerned about the impact of estate taxes and wanted to ensure their children were provided for if something happened to them. We updated their healthcare directives and power of attorney. We helped them create a Revocable Trust which helped them avoid probate, reduce estate tax, and ensured that their daughter in law, who they weren’t fond of, would not inherit their money that they wanted to leave to their son. Thanks to their comprehensive estate plan, their assets are secure, and their children are well provided for.