what is estate planning?

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

WHAT IS ESTATE PLANNING?



DEATH AND TAXES



They say that death and taxes are the only certainties.



In spite of this, most people do not have a comprehensive estate plan

in place.



TRANSFERRING ASSETS



When you plan your estate, you facilitate future transfers of

your monetary assets.



There are different ways that you can accomplish this objective.



THE LAST WILL


1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817You can utilize a last will to transfer your assets.



This is the most commonly used estate planning device, but it is not

always the best choice.



TRUSTS



There are various different trusts that can be used to transfer assets.



Some trusts are useful for people who are not wealthy.



Other trusts are in fact used by high net worth individuals.



INCAPACITY PLANNING



When you are planning your estate, you should also prepare for the end

of your life.



Some things that you own do not count, including your home and one

vehicle.



Household goods, personal effects, and wedding and engagement rings

are not countable either.



MEDICAID PLANNING



People often give assets to their loved ones so that they can qualify

for Medicaid.



Incapacity is common among elders.



ADVANCE DIRECTIVES & POWER OF ATTORNEY



Your incapacity plan should include a living will and a health care proxy.



These are advance directives for health care.



You should also execute a power of attorney.



Your agent will be empowered to handle your financial affairs in the

event of your incapacitation.



LEARN MORE ABOUT ESTATE PLANNING IN ROCHESTER NEW YORK



Click to visit mrobinsonlaw.com.Or call us at (585) 374-5210 to

schedule a consultation.

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