Estate Planning
Protect Your Assets, Preserve Your Wishes and Plan With Confidence
Estate planning gives you the opportunity to decide how your financial, personal and healthcare matters should be handled during your lifetime and after your death. A carefully structured plan can protect the people you love, provide trusted individuals with decision-making authority, support business-succession goals and reduce uncertainty during difficult moments.
Abrams Fensterman’s Estate Planning attorneys work closely with individuals and families to develop personalized plans based on their assets, relationships, responsibilities and long-term objectives. Rather than relying on a standard set of documents, we help clients understand their options and select the combination of wills, trusts and advance directives appropriate for their circumstances.
What Can an Estate Plan Include?
An effective estate plan may include:
Estate planning is not limited to directing what happens after death. It also establishes who may act for you if illness, injury or incapacity prevents you from managing your own affairs.
Last Wills and Testaments
A Last Will and Testament states how property governed by the will should be distributed after death. It may also nominate an executor to administer the estate, name guardians for minor children and establish testamentary trusts for selected beneficiaries.
Without a valid will, assets governed by New York intestacy law are distributed according to a statutory formula rather than personal preference. A properly prepared will helps document your intentions and provides clearer direction for your family and fiduciaries.
Powers of Attorney
A Power of Attorney authorizes one or more trusted agents to handle specified financial and property matters. Depending on the authority granted, an agent may be able to manage banking, pay bills, address real estate matters or conduct other transactions on the principal’s behalf.
The document should be tailored carefully. The individuals selected, the powers granted and the relationship between multiple agents can materially affect how the arrangement functions. Thoughtful planning can also reduce the likelihood that a court-supervised guardianship will later become necessary.
Health Care Proxies and Advance Directives
A Health Care Proxy allows a person to appoint a trusted healthcare agent to make medical decisions when the person is unable to make or communicate those decisions independently. A living will or other written instructions may provide additional guidance concerning treatment preferences.
The Role of Trusts in Estate Planning
Trusts can serve many purposes. Depending on the type of trust and its terms, a trust may provide continuing asset management, protect beneficiaries, support tax or long-term-care planning, preserve privacy and avoid probate for properly transferred assets.
Our attorneys advise clients about revocable trusts, irrevocable trusts, supplemental needs trusts and other structures. Because different trusts produce different legal and financial consequences, the appropriate option depends on the client’s goals and circumstances.
When Should an Estate Plan Be Reviewed?
Estate plans should be reviewed periodically and after significant changes, including:
- Marriage, divorce or remarriage
- Birth or adoption of a child or grandchild
- Death or incapacity of a beneficiary, agent or fiduciary
- A substantial change in assets or business interests
- Retirement or relocation
- A new medical diagnosis or anticipated long-term-care need
- Changes in tax, trust or estate law
- A beneficiary developing a disability or receiving needs-based benefits
An outdated plan can create consequences that no longer reflect the client’s family, finances or intentions.
Coordinated Planning Across Related Legal Needs
Estate planning may overlap with elder law, Medicaid planning, real estate, taxation, business ownership, family law and special needs planning. As a full-service New York law firm, Abrams Fensterman can coordinate advice across these areas when a client’s plan requires broader legal support.
Frequently Asked Questions
Do I need an estate plan if I do not consider myself wealthy?
Yes. Estate planning is not limited to high-net-worth individuals. A plan can identify who will receive property, appoint trusted financial and healthcare decision-makers, nominate guardians for minor children and reduce uncertainty regardless of estate size.
What is the difference between a will and a trust?
A will only takes effect after death and must go through probate court. A properly funded revocable trust can avoid probate entirely, maintain privacy, and allow for faster, smoother distribution to your beneficiaries.
Who should I appoint under a Power of Attorney?
An agent should be trustworthy, financially responsible and capable of carrying out the responsibilities granted by the document. The right choice depends on family relationships, complexity of assets and the type of authority required.
When does a Health Care Proxy become important?
A Health Care Proxy becomes especially important when an individual cannot make or communicate informed healthcare decisions. It identifies the person authorized to make those decisions and helps avoid uncertainty about who should act.
How often should I update my estate plan?
We recommend reviewing your plan every 3–5 years or after major life events such as marriage, divorce, birth of a child, significant asset changes, or new tax laws.
Can estate planning help reduce taxes?
Yes. Strategic use of irrevocable trusts, annual gifting, and charitable planning can significantly reduce or eliminate federal and state estate taxes.
What is probate, and why should I avoid it?
Probate is the court-supervised process of validating a will and distributing assets. It can be time-consuming (often 12–24 months), expensive, and public. A well-designed trust usually bypasses this process.
Speak With an Estate Planning Attorney
Whether you are creating your first estate plan or updating documents prepared years ago, Abrams Fensterman can help you develop a strategy that protects your interests and provides clear direction for the future.
Contact Abrams Fensterman’s Elder Law, Estate Planning & Administration Department:
