Estate Planning

Estate Planning has to do with the process of preserving your assets for your heirs, and it is not just for the very wealthy. Our New York state CPA firm offers estate planning services so you can minimize both federal and state estate tax liabilities. We will endeavor to protect your heirs from the unneeded emotional devastation that can be caused by estate tax levies and lack of proper planning.

This is a general overview of items that are often overlooked.  Make an appointment for yourself to devote some time to review these areas that could be potential problems in the future, and begin to make any necessary changes that are appropriate.  If you have any questions, or if we can be of any assistance in the planning or the implementation process, do not hesitate to contact us at your earliest convenience.

  • Have you recently reviewed your Last Will and Testament
  • Have you given careful consideration to whom shall serve as the executor/executrix
  • Are your assets properly titled to maximize the Unified Credit, Trusts and Portability
  • Have you considered using Trusts as part of your estate planning
  • Are the retirement plan beneficiaries properly designated to maximize estate and income tax planning
  • Have you made provisions in your Will to pass specific assets to a particular heir (jewelry, collectibles, memorabilia, etc.)
  • Does your Estate Plan address a consideration for the following:
    1. Crummey Provisions within the trusts
    2. Appointment and removal of fiduciaries and/or trustees
    3. Spendthrift Provisions within the trust
    4. Distribution Provisions to sprinkle trust income and principle
  • Have you recently executed a Healthcare Proxy
  • Have you reviewed any issued and executed Powers of Attorney
  • Have you addressed the issue of guardians for your minor children
  • Have your Wills been properly witnessed, with the witnesses executing the affidavit
  • Does the Will properly proportion taxes to the assets generating the tax
  • If your Wills were executed in another state, are they binding in your state of domicile
  • Has consideration been given to a Living Will