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The goal of estate planning is to direct the transfer and management of your property in a way that makes the most sense for you and your family. While this may sound simple enough, it is only through careful planning that you can achieve this result. Without careful planning, your property may pass on your death to unintended beneficiaries or may be reduced unnecessarily by transfer taxes.
While planning for your death is a significant part of the planning process, estate planning addresses more than just the transfer of your assets upon your death. Your estate plan may also provide for the transfer of assets during your lifetime through gifts. In addition, prudent planning may involve planning for the current management of your assets in the event you become incapacitated or desire independent management of your assets as a matter of convenience.
There are a number of considerations that drive the estate planning process. Family considerations are important. For example, you must consider not only whom you want to receive your assets but when and how. Should your children receive their inheritance outright, or should it be managed for their benefit in trust? When should the trust terminate? Should your spouse be a beneficiary? Who should serve as trustee? Does a program of lifetime gifts make sense?
Perhaps just as important as the family considerations are the tax considerations. There are federal and state transfer taxes that apply to lifetime gifts and transfers at death. It is very important to understand the important tools available to minimize total transfer taxes.
The following is a summary of the basics of estate planning to introduce you to the techniques of estate and tax planning and help guide you through the planning process.
On March 30, Day Pitney International Trusts and Estate Planning Partners Dina Kapur Sanna and Sarah B. Jacobson will be speaking at the 18th Annual International Estate Planning Institute sponsored by the New York State Bar Association and STEP NY being held at the Ease 605 in New York City.
On March 29, Day Pitney is co-sponsoring the South Palm Beach County Bar Association's (SPBCBA) Corporate and Business Law Committee's Lunch and Learn CLE event titled, "Impact of the New Secure Act: Retirement Planning in Today's Market," with Nason Yeager.
Day Pitney Trusts and Estates Partners Marjorie W. Hornaday and Michael S. Schwartz's arrival to the firm's New York office was featured in the New York Law Journal's "Attorneys 'On the Move'" column.
Day Pitney Trusts and Estates Partner Michael S. Schwartz's arrival to the firm's New York office was featured in the New York Law Journal's "Attorneys 'On the Move'" column.
The news of Marjorie Hornaday joining Day Pitney as a Trusts and Estates Partner in our New York office was featured in Reuters' The Daily Docket Newsletter Industry Moves.
Day Pitney's West Palm Beach office move was featured in the South Florida Business Journal article, "Leasing Roundup: Day Pitney Moves to 360 Rosemary."
Day Pitney Trusts and Estates Partner Marjorie Hornaday's arrival was featured in the Law360 Pulse article, "Day Pitney Adds Partner In NY From Stroock & Stroock."
Day Pitney Partner Brian E. Thompson's promotion to partner and the arrival of Daniel Diaz Leyva and Amanda G. Gomez to the firm were featured in Florida Bar News' On the Move column.