DIGIORGIO LAW FIRM, PLLC ESTATE PLANNING NEWSLETTER
Volume 5, Issue 3 November 18, 2022
The DiGiorgio Law Firm, PLLC specializes in providing estate planning and elder law services to our clients, their families and their family-owned businesses.
The legal services offered by DiGiorgio Law Firm, PLLC include, *Wills and Trusts, *Estate and Tax Planning, *IRS Estate & Gift Tax Audits & Appeals, *Long Term Care Planning *Medicaid Eligibility Planning, Medicaid Recertification & Appeals, *Probate Administration, *Elder Law, *Special Needs Planning, *Guardianship Applications, *Asset Protection Planning, *Business Entity Formation, *Business Succession Planning, *Buy-Sell Agreements, and *Real Estate Closings.
In this issue of the DiGiorgio Law Firm, PLLC Estate Planning Newsletter we highlight some benefits of Advance Directives including Health Care Proxies, Disposition of Remains Appointments, Powers of Attorney and Revocable Trusts.
- Health Care Proxies: Some of the benefits of this document include:
- Appointing an agent to make health care decisions for you when you can’t;
- Granting your agent access to Medical Records;
- You can build “Living Will” provisions into your NY Health Care Proxy; and
- You can grant your agent the authority to sign a DNR (do not resuscitate) on your behalf.
- NY Durable Power of Attorney: Significant changes were made by NYS to this document in 2021. Some benefits of appointing an attorney in fact under this document include the following:
- Your agent may assist you with bill paying, banking, and other day to day transactions;
- Real estate transactions;
- Avoid the significant expenses, court intervention and limitations on personal freedom that may arise when a guardianship is required;
- Have someone in place to make gifts, engage in tax planning and long term care planning when you can no longer do so.
- Disposition of Remains Appointment: This document may be used to do the following:
- Make reference to any prepaid funeral arrangements you have made
- Express any preferences you may have as to how you wish your remains to be handled and your last wishes; and
- Appoint an agent to make funeral arrangements for you.
- Revocable Trusts: These trusts allow the creator to achieve the following objectives without giving up control of the assets:
- Reduce the time and cost required to administer your estate;
- Avoid probate in multiple jurisdictions if you own out of state property;
- Reduce the risk of Will contests;
- Hedge against incapacity;
- Avoid the public scrutiny of your estate that may occur when your Will is probated.
UPCOMING CLIENT WORKSHOPS
Estate & Financial Planning Workshop @ Schuyler Commons in conjunction with Michael Marchio of Northwestern Mutual and Tammy Staiger of Excellus Blue Cross Blue Shield. Location: Schuyler Commons; Date: December 13, 2022; Time: 11:00am. Flyer Available.
Long-Term Care Planning Workshops *Options for paying for Long Term Care *Health Care Proxies, Wills & Powers of Attorney *Medicaid Eligibility Requirements for Home Care & Nursing Home Care & *Medicaid Asset Protection Trusts. 12/1/2022 5:30-6:30 & 12/15/22 5:30-6:30
Probate Avoidance & Estate Planning Workshops *Surrogate’s Court (Probate) Procedures & Timelines for decedents dying with & without a Will *Basic Estate Planning Documents, such as Wills, Health Care Proxies & Powers of Attorney *Probate avoidance techniques including Revocable Trusts. 12/8/22 5:30-6:30 & 12/20/22 5:30-6:30.
**Please RSVP if you are interested in attending our free educational workshops. Unless otherwise specified, all workshops will take place at our office located at 258 Genesee Street, Utica, NY and run from 5:30pm to 6:30pm. You may make your reservation by phone (315) 732-3155 or by email email@example.com.
To learn more about steps you can take to protect assets for yourself and your loved ones call us to schedule a consultation today.
Have you updated your estate plan lately? You can’t take it with you, but you can decide where it goes. Keep up with the changing times and let us provide you with a free 30-minute consultation to review your current estate plan to see if it has kept up with changes in the law and your lifestyle.