Estate Planning Attorney NYC

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. Working with an estate planning attorney in NYC ensures your wishes are respected, reduces the burden on your family, and minimizes the impact of taxes and legal costs.

New York State has several laws and regulations on distributing estates, 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 done correctly. 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. Studies show that more than half of Americans do not have a will, and estate planning is exceptionally uncommon among those aged 35-54, with less than a third having a plan. This lack of preparation can result in prolonged probate proceedings and unintended asset distribution. Without a clear estate plan, assets may be delayed in probate court, leading to additional legal expenses, potential family disputes, and long wait times, sometimes months or even years—before heirs receive their inheritance. In New York, the probate process typically takes 7 to 9 months, but contested estates can extend the timeline significantly.

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

A trusted estate planning attorney in NYC is crucial in protecting your assets, ensuring healthcare directives are followed, and structuring your estate to meet your long-term financial goals. Estate planning attorneys help their clients prepare wills, establish trusts, create powers of attorney, and structure their assets so that those assets will bypass probate when possible. Research indicates that while over half of Americans recognize the importance of estate planning, only a third have created an estate plan, highlighting the need for professional legal guidance. Estate planning attorneys assist clients in navigating complex state and federal tax regulations to optimize wealth preservation strategies. Additionally, they provide critical advice on business succession planning to ensure long-term stability for future generations.

An informed estate planning attorney converses with NYC estate law regarding 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 mediate conflicts among family members and ensure assets are distributed under legally executed documents.

How to Avoid Probate Through Effective Estate Planning

Effective estate planning, such as establishing living trusts, beneficiary designations, and joint property ownership, can avoid probate. An estate planning attorney in NYC can help you navigate the probate process, ensuring that your assets bypass court delays and are transferred efficiently to your beneficiaries.  

A revocable living trust allows the assets in such a trust to bypass probate and directly flow to beneficiaries. Studies suggest that utilizing trusts can help reduce estate settlement expenses by approximately 5% while streamlining asset transfer 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 New York City focuses on organizing assets to minimize tax burdens, protect against expensive long-term care, and facilitate a smooth wealth transfer to heirs. Navigating high estate taxes and securing financial stability requires strategic planning. By implementing practical approaches, individuals and families can preserve their assets and ensure a seamless transition with minimal legal or economic obstacles.

Key Estate Planning Strategies

Asset Protection Against Creditors and Medicaid Recovery

• Irrevocable trusts provide a strong layer of asset protection by legally removing assets from an individual’s ownership, reducing the taxable estate, and shielding assets from lawsuits.
• Working with an estate planning attorney in NYC, individuals can create Medicaid Asset Protection Trusts (MAPTs), ensuring eligibility for Medicaid while safeguarding assets for future generations. A private room in a NYC nursing home costs $180,000 annually, so proper planning is crucial to prevent financial depletion.
• Strategic gifting is crucial for high-net-worth individuals to minimize tax exposure while protecting family wealth.

Minimizing Estate Taxes Through Gifting Strategies

• NYC estate taxes apply to estates exceeding $6.94 million (as of 2023). Moreover, due to New York’s “estate tax cliff,“ if an estate exceeds this exemption threshold by just 5%, the entire estate becomes taxable, potentially resulting in a tax rate of up to 16%.
• The federal gift tax exemption allows individuals to gift up to $17,000 per recipient annually without incurring tax penalties.
• Irrevocable Life Insurance Trusts (ILITs) help maintain estate liquidity while keeping insurance proceeds outside the taxable estate, reducing estate tax burdens.

Special Needs Trusts (SNTs) for Beneficiaries with Disabilities

• Leaving an outright inheritance to a disabled beneficiary may disqualify them from essential government assistance like Medicaid and Supplemental Security Income (SSI).
• A Special Needs Trust (SNT) allows beneficiaries to receive financial support without jeopardizing their eligibility for public benefits.
• NYC estate planning attorneys can customize SNTs to provide housing, education, and medical care while ensuring continued access to government assistance.

Charitable Giving Through Trusts and Foundations

• Many New Yorkers utilize Charitable Remainder Trusts (CRTs) and donor-advised funds to make philanthropic contributions while reducing estate and income taxes.
• CRTs allow donors to receive income from the trust during their lifetime, with the remaining assets transferred to designated charities. This strategy provides tax deductions and a steady income stream, making it attractive for high-net-worth individuals.

Digital Asset Protection

• An estate planning attorney in NYC can ensure that your estate plan includes digital assets such as cryptocurrencies, intellectual property, and online accounts, protecting your digital legacy. However, more than 70% of people do not include digital assets in their estate plans, which can result in lost financial value and access difficulties for heirs.
• Designating a trusted individual to manage these assets and ensuring secure access to passwords and authentication tools is crucial for a comprehensive estate plan.

Business Succession Planning

• An estate planning attorney in NYC can assist business owners in structuring buy-sell agreements, establishing family limited partnerships (FLPs), and ensuring a seamless transition for future generations. Studies show that only 30% of family businesses survive into the second generation, and just 12% make it to the third, highlighting the importance of proper succession planning.
• Key person insurance can provide financial stability during ownership transitions and protect the business from disruptions.

Family Limited Partnerships (FLPs) and Grantor Retained Annuity Trusts (GRATs)

• These estate planning techniques enable assets to be transferred at lower tax valuations while allowing the owner to retain control during their lifetime.
• FLPs and GRATs leverage valuation discounts, reducing gift and estate tax liabilities. This is an effective strategy for high-net-worth families in NYC.

Life Insurance Planning for Estate Tax Coverage

• Life insurance is critical in estate planning by providing liquidity to cover estate taxes, debts, and expenses.
• Placing policies in an Irrevocable Life Insurance Trust (ILIT) removes them from the taxable estate, ensuring beneficiaries receive the full benefits without additional tax burdens.
• NYC residents facing high estate taxes often utilize ILITs to maximize their wealth protection while optimizing their insurance policies.

Implementing these estate planning strategies can help New York City residents protect their assets, minimize tax burdens, and secure their families’ financial futures. Each plan should be tailored to an individual’s economic situation and long-term goals.

Regular reviews and updates to estate plans are essential to align with changing laws, financial objectives, and family dynamics. Keeping estate plans current provides peace of mind, ensuring assets are managed and transferred according to one’s wishes.

Key Steps in Creating an Effective Estate Plan

An effective estate plan is essential to ensure your wishes are fulfilled and your loved ones are cared for when you can no longer 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 carefully designed to address different aspects of your estate and ensure that it functions smoothly in the event of your incapacity or death.

Inventory All Assets

The first and most significant step in making an estate plan is thoroughly inventorying your assets. This will be the bedrock upon which all other future decisions about distributing your estate rest. Assets 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 whether the property is wholly owned or if there is still an outstanding mortgage on it.
• Investments and Financial Accounts: Stocks, bonds, mutual funds, brokerage accounts, savings accounts, checking accounts, and certificates of deposit should be listed here.
• Retirement accounts: Specify the type of retirement plans offered, such as 401(k) plans, pension plans, and IRAs. These accounts may have named beneficiaries that supersede your will, so ensuring these designations are up to date is essential.
• 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: Remember to account for valuable personal property such as jewelry, artwork, antiques, collectibles, and vehicles. Each item should be listed with its estimated value for reference.
• Once your inventory is complete, it’s also essential to determine whether any assets are jointly owned, as this can affect how they are transferred upon your death.

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 your financial accounts, including bank accounts, retirement plans, and life insurance policies, and ensure that beneficiaries are appropriately named. You should also make sure that these designations are up to date, especially after significant 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 must also designate beneficiaries. This may include individuals, charities, or organizations you wish to benefit from the trust. Be specific about how you want the trust’s assets distributed, including any conditions or timeframes.
• Health Care Directives: Ensure you 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.

Prepare the Basic Documents

A significant aspect of estate planning involves drafting legally binding documents to ensure your wishes are fulfilled after passing. Given their complexity, consulting with an estate planning attorney is highly recommended to ensure accuracy, compliance with legal requirements, and proper execution.

• Will: The will is the most basic and significant part of an estate plan. This document provides how your assets will be distributed upon your death, who shall care for your minor children, 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 cannot decide for yourself. These documents provide directions regarding the level of medical treatment you desire and naming a person authorized to act on your behalf if you become incapable of acting for yourself.

Plan for Incapacity

Estate planning typically encompasses incapacity planning, yet this issue is often overlooked. Whenever anyone becomes incapable of handling their affairs, a mechanism or document must be available to look after one’s personal and financial needs without delay.

• Durable Power of Attorney: As mentioned above, a person you trust can handle financial matters when you can’t. If you don’t name a power of attorney, the court could step in and appoint a guardian; this might take time and be expensive.
• Healthcare Proxy and Living Will: these documents ensure your healthcare desires are granted. A healthcare proxy allows you to designate a person to make medical decisions. In contrast, 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.

Review and Update Your Estate Plan Regularly

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

• Marriage or Divorce: The occurrence of either marriage or divorce will impact your estate plan, especially with beneficiary designations and property distributions.
• Birth of Children or Grandchildren: If you are expecting children or grandchildren and if guardians are appointed for your minor children, you may consider revising your estate plan with respect to beneficiaries.
• Significant Financial Changes: If you experience major financial events, such as selling property, receiving an inheritance, or starting a business, you must 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. Research shows that over 25% of estate plans contain outdated beneficiary designations, often leading to assets unintentionally going to ex-spouses or deceased individuals. Estate planning is an evolving process; 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 fund a trust adequately. 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 trust’s name, and thus, the assets are probated upon their death. This will defeat the purpose of the trust’s creation in the first place. 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 retirement, life insurance, and bank account beneficiary designations. If an ex-spouse or deceased individual remains listed as a beneficiary, it can lead to unintended asset transfers, legal battles, and court interventions. Periodically reviewing beneficiary designations ensures that assets go to the intended heirs and not to individuals 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. Many 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. Without 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 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 or 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

In that sense, poor tax planning can shrink wealth for heirs by a massive 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 secure against possible or unforeseen lawsuit threats or financial setbacks.

Failing to Plan for Incapacity

Estate planning is not just about distributing assets upon one’s death; it also includes preparing for incapacity. Without 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

Even the best estate plan will fall apart if the heirs are unaware of what is in it or 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. Many individuals avoid discussing estate planning with their families, creating uncertainty and potential conflicts among heirs.

Consulting with an estate planning attorney in NYC can help individuals avoid costly mistakes, ensuring their wishes are honored, assets are protected, and family members are provided for. Additionally, regularly reviewing and updating estate plans with a knowledgeable legal professional helps prevent costly errors and secures financial stability for future generations.

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 knowledge ensures the documents are valid, legally enforceable, and structured to meet your unique needs. An estate planning attorney will also help create trusts that minimize 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 to ensure the business proceeds without hiccups. These may include drafting buy-sell agreements, restructuring the ownership, and using tax-efficient transfer methods to minimize disputes among heirs. They work with many families to plan guardianships or conservatorships for minors or dependents with special needs, ensuring their specific needs are duly cared for continuously.

Another essential 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 authority to manage these assets following the client’s wishes.

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 very important legal documents like wills and trusts, through which the person can 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, making trusts results in minimizing estate taxes and protecting assets from creditors; therefore, the beneficiaries receive the maximum intended inheritance.

The other significant 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 an individual’s wishes about health care are considered. This reduces pressure on loved ones and 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 the owner’s finances when they can no longer do so. Without such permission, family members may be prohibited from accessing bank accounts, paying bills, and making other vital financial decisions, leading to severe economic distress. 

Estate planning strategies also involve minimizing the amount of estate taxes a family would pay, intending to retain wealth for future generations. Gifting strategies, charities, and irrevocable life insurance trusts sharply reduce estate tax burdens and significantly 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 conducted online, provisions regarding handling digital accounts, cryptocurrencies, and intellectual property must be 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 ensure that loved ones will be well taken care of, financial stability remains intact, and legal complications are minimal. Whether providing a family business that 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 property disputes, 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 protects families’ legacies, reduces intra-family conflicts, and preserves a family’s resources. Below, we will explore examples from estates where planning facilitated avoiding complications to offer a bright 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 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.

However, by hiring an experienced estate planning attorney, the family set up a revocable living trust 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 to receive his needed care, and the children knew that the family property would indeed pass as intended. The estate planning intervention will protect the family’s assets and 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 become highly disputed when an individual cannot make them independently due to serious illness. In one NYC family, a significant conflict arose over the medical care of an aging parent. As the mother’s health declined, her children found themselves in challenging discussions, divided between pursuing aggressive treatments or opting for comfort care. Without clear instructions regarding her preferences, the lack of guidance risked prolonging family disagreements, causing emotional strain, and delaying critical healthcare decisions.

Fortunately, the aging parent had previously prepared a healthcare proxy as part of her estate plan, appointing her daughter to make medical decisions on her behalf if she became unable to do so. Additionally, she had documented her medical preferences in a living will, specifying the treatments she wanted and those she wished to avoid under certain circumstances. This legal documentation enabled her daughter to make informed decisions confidently, ensuring her mother’s wishes were honored.

Despite objections from other family members, the healthcare proxy ensured that the mother’s medical preferences were followed, preventing what could have been an emotionally and psychologically challenging situation without a clear directive.

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

Many small business owners find transferring their business to the next generation daunting and emotional. A Queens business owner had built a thriving, family-run manufacturing company but was challenged to transfer it 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, potentially forcing 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 certain trusts were established with irrevocable shares in the business entity. These actions substantially reduced 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. The process is time-consuming and 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 with 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 substantial legal fees.

Establishing a living trust allowed the family to distribute the rental properties directly to their beneficiaries without going through probate. It will enable 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 while. 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 cared for 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 an experienced estate planning attorney in NYC. Contact Miller & Miller at 718-875-2191 to schedule your consultation and protect your legacy.

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.