The Top Source for Estate Planning Service in Buffalo, NY

Do you know the three basic documents that make up an estate plan?  These documents include a Power of Attorney, Health Care Proxy/Living Will and a Last Will and Testament.  

A Power of Attorney is a legal document in which you (known as the principal) appoint a person (known as the agent) to help with a variety of legal and financial tasks, including paying bills and managing assets.  If you don't have a Power of Attorney and then you have a stroke or become incapacitated, no one has legal authority to pay your bills etc.  A Power of Attorney can also contain modified gifting authority.  This gifting authority can allow your agent to transfer assets and make gifts of your property in excess of the statutory $5,000 a year limit.  This modified gifting authority is extremely important if one of your objectives is to be able to protect your assets from long-term care costs.  This is one of the most important legal documents to have and you should not wait to put it in place.  If you were to lose capacity and did not have a power of attorney, the Court would have to appoint a Guardian to manage your property and this can be a very costly and invasive process.  

A Health Care Proxy is a legal document in which you name someone to make medical decisions on your behalf, when you can no longer make those decisions on your own.  A Living Will states what your wishes are with respect to artificial nutrition and hydration in end of life situations.

A Last Will and Testament disposes of any property in your individual name at the time of your death that doesn't have a joint owner or beneficiary.  A Last Will and Testament can leave property outright to beneficiaries or direct that the monies and property be held in Trust for your beneficiaries.  Establishing a "Testamentary Trust" can give individuals a certain level of control beyond the grave to ensure that their estate is utilized the way they intended.   A Last Will and Testament can establish:  Trusts for minor children or grandchildren, Supplemental Needs Trusts for disabled beneficiaries, and/or a family credit shelter trust which can reduce or eliminate federal and/or NY estate taxes.  A Last Will and Testament can also appoint a guardian for minor children and names an Executor that you want to handle the administration of your estate at the time of your demise.  

Whether you know exactly what you want or you need assistance with the estate planning process from start to finish, Smith Vavonese LLP can help. We will ensure your will is customized to meet your needs, and that your beneficiaries can avoid probate and minimize or eliminate estate taxes. 

Once your estate plan is set up, we are here to help update it, as necessary.  As your family situation and assets change, so may your estate plan. The team at Smith Vavonese LLP will make sure your estate plan reflects your current situation.