Helping You Shape and Protect Your Legacy
The Number One Estate Planning Mistake is Not Having a Plan!
Say the phrase, “estate plan” and most people will immediately think of the very wealthy, corporate CEOs, or large landowners. But putting together a well-thought-out estate plan is, actually, something most people and families should do. After all, you’ve worked hard to purchase a home, save for retirement, and maybe set aside some money for your children’s’ or grandchildren’s’ education. In fact, middle-class individuals and families who neglect estate planning are robbing themselves of a valuable opportunity to play an active part in shaping their legacies, protecting their loved ones, and supporting worthy causes or local cultural institutions.
No one wants to think about their own death or disability, or the death or disability of a loved one. For this reason, estate planning involves asking and contemplating some very personal, often uncomfortable, questions, and making difficult decisions involving your future and the future of your family members. Without an estate plan, the courts and the government make decisions about your property, inheritors, and beneficiaries. An estate plan allows you to exert a significant degree of control over what happens to your property, including money in the bank or in a retirement account, when you are no longer around.
Essential Estate-Planning Documents You Should Consider:
- Last Will and Testament – A Will is a legal document used to express your last wishes. It dictates how your “estate” (i.e., money, property, valuables, etc.) will be allocated and distributed after death.
- Revocable Living Trust – Together with wills, revocable living trusts are a popular estate planning tool used to determine who gets your estate after your death.
- Living Will – This legal document expresses your wishes for medical care, especially end-of-life care; it becomes effective under certain circumstances when you are no longer able to make your own decisions.
- Durable Power of Attorney – This document gives you the ability to designate an individual with the ability to make financial and other non-health-care decisions on your behalf in the case you become incapacitated and cannot handle matters yourself.
- Healthcare Proxy – This legal document allows you to appoint an agent to make decisions about your medical care and needs if you become unable to do so (a Living Will cannot designate an agent).
Attorney Samuel Drukman has been advising and representing New Yorkers from all walks for life for over fifteen years. Having made his reputation as a litigator, Sam is keenly aware of different kinds of legal problems that can arise – and test a family’s patience, nerves, and finances – if not anticipated and prepared for well in advance. Combining a litigation background with extensive training in estate planning and will/trust drafting, Sam can help you prepare a customized estate plan unique to your financial and family situation, and consistent with your desires regarding the protection and disposition of your money or property. Sam can also help you anticipate and address additional concerns and contingencies, such as, for example:
- Choosing appropriate financial and medical decision-makers if you become incapacitated
- Choosing guardians for your child(ren) or grandchild(ren)
- Making sure that your small business passes smoothly to the person or persons you want
- Making sure that family members’ conflicting desires are addressed, or at least anticipated, to avoid will challenges as much as possible
- Providing for loved ones suffering from addiction or emotional struggles without overburdening them with difficult financial decisions, and in a way that encourages them to get better
- Guiding charitable donations to causes or organizations you support
- Anticipating and preparing for long-term care needs
- And many other types of situations
If properly preparing your estate plan can benefit from the advice of a sophisticated accountant or tax professional, Sam works with knowledgeable CPAs to make sure that each client gets the best possible advice and guidance.
Call Sam To Make A Plan Today
Contact the law offices of Samuel L. Drukman, Esq., to review your assets and financial situation, and begin the planning necessary to control and guide your hard-earned legacy!