Other Estate Planning Tools Megan HarrisPero Esq HarrisPero Legal Counsel PLLC Saratoga Springs New York wwwHPeroLegalCounselcom The Waiting Room wwwHPeroLegalCounselcom What Is the Estate Plan For ID: 1041699
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1. Protecting Farm AssetsTrusts and Other Estate Planning ToolsMegan Harris-Pero, Esq.Harris-Pero Legal Counsel, PLLCSaratoga Springs, New Yorkwww.HPeroLegalCounsel.com
2. The Waiting Roomwww.HPeroLegalCounsel.com
3. What Is the Estate Plan For?Make Your Own DecisionsPrevent Family DisputesRetirement – Elder Long Term Care, TaxesBusiness Interests SuccessionProvide for Spouse and/or Minor ChildrenProtect Family PropertyPrivacyProtect a Special Needs Loved One
4. Succession PlanningTax AdvisorFinancial AdvisorAttorneyMediator
5. Basic Parts of An Estate Plan:Documents with Life ConsequencesPower of Attorney Health Care ProxyLiving Will www.HPeroLegalCounsel.com
6. Power of AttorneyNew York General Obligations Law § 5-1501Important!Consider Farm NeedsModifications, Initials, Broad Powers Execution (notary, witnesses for SGR)Durable – incapacity does not terminateAvoid Guardianship; Last Minute Long Term Care Planning (with modifications)
7. Basic Parts of an Estate Plan:Documents with After-Death ConsequencesLast Will & Testament orIntervivos or Living Trust (with Pour Over Will or Companion Will)www.HPeroLegalCounsel.com
8. Without a Will Intestate SuccessionYour plan is the State’s PlanShould you pass away without a Will, your spouse will receive the first $50K and one half of your remaining (residuary) estate. The balance will be split among your children.EPTL § 4-1.1-4.1.6Consider the impact on farmers:Tying up assets in courtSplitting the farm among non-farming heirs
9. Basic Parts of an Estate Plan:Planning for Your FamilyMinor Guardianship Designation Burial Designation Non-Probate Asset ConsiderationsOut of State Property (Revocable Living Trust)Beyond Basics:Business Succession Planning Ethical WillsLong-Term Care (Medicaid, Insurance, or Pay?)www.HPeroLegalCounsel.com
10. Basic Estate Planning for EveryoneReview how Property and Accounts are titled – advisors can’t plan for whole picture if we don’t have all the factsCheck and update Wills or Living TrustsDurable Power of AttorneyHealth Care Proxy and Living Willwww.HPeroLegalCounsel.com