Richard Bryan Attorney, P.C.
33 Irving Place
New York NY
Estate Planning (Wills, Trusts, Advanced Directives); Probate and Administration of Decedent's Estates in New York City; Individual Income Tax Planning, Life Insurance, Annuity, Investments and Real Estate Tax Planning and Advice; Small Business Advisory Services, including Subchapter S Corporations and Limited Liability Companies.
ALERT: A new Power of Attorney law took effect June 13, 2021.
The old forms may not be valid.
More information to follow.
What is Estate Planning?
Estate Planning refers to a wide variety of tools, techniques and strategies designed to maximize a decedent’s net worth by the time of death, and transfer those assets to children, grandchildren, friends, charities or other not-for-profit organizations, in an orderly and tax efficient manner. Minimizing probate costs and income and estate taxes at death is one of the most important components of Estate Planning. Many people think of “Estate Planning” as referring to a Last Will and Testament, and a Trust; a Power of Attorney and Health Care Proxy. And those are the fundamental tools of Estate Planning, but the subject is actually much broader.
What is a Trust?
A Trust is a legal entity formed under the laws of the State of New York to hold assets (money or property). A trust can be used in an unlimited number of ways, and there are many hundreds of types of trusts. Trusts may be revocable or irrevocable; created during lifetime (“inter vivos”) or at death (“testamentary”), and may or may not have tax advantages. And important reason for using a trust in estate planning is to provide for management of a person’s assets in the event of incapacity, and to either avoid probate entirely, or at least reduce the costs and burdens of proving a last will and testament.