ESTATE PLANNING

Many of us to do not like to think or talk about dying, but eventually we all do. Have you thought about how your property would be distributed if you died suddenly or whether your family would be taken care of? The following are reasons why you should think about having an estate plan and Will:

• If you die without a Will, your property may not be distributed in accordance with your wishes. An estate plan and specifically a will can be tailored so that your assets are distributed as you wish.
• Unless you have provided otherwise, if you have children under the age of eighteen and you die, it may be necessary for the court to become involved in appointing a guardian to care for your children and manage their assets. The court may require posting of a bond, annual accountings of expenses and income, and its approval before the child's money can be spent on necessities or education.
• Over the past few years there have been significant changes made in the law affecting taxation, trusts, estates and gifts and Medicaid planning and the laws that affect you will continue to change periodically. An estate plan completed a few years ago may be outdated.
• Your estate plan can be tailored to balance the desire to provide for your family, avoid probate, protect your assets through the use of trusts, and reduce the amount of tax your estate or beneficiaries will be required to pay at your death.

Do you have someone who can make healthcare decisions or handle your financial affairs if you are unable to do so?

• A Health Care Proxy allows you to appoint an individual to make health care decisions for you if you are in a coma or otherwise unable to communicate your wishes.
• A power of attorney is a document in which you authorize another person to act in your place, make financial and property decisions and generally manage your financial affairs as detailed in the power of attorney document. It can be tailored to be as broad or as narrow as desired. A durable power of attorney allows the agent to act even if the person granting the power is incapacitated.

It has been said that "the future belongs to those who prepare for it." Our law firm stands ready to help you in your planning. Please call us at 585-325-7515 for an appointment and ask to speak to Nancy Pappal, Esq., email her at pappal@forsythhowe.com, or complete the attached Estate Planning Information Form and we will call you to schedule an appointment.

ESTATE ADMINISTRATION
When a loved one dies it is often a very difficult time emotionally for family and friends of the decedent as they try to cope with the loss. It can be compounded by the uncertainty and duties of properly settling the decedent's estate and handling the following:

· Locating and probating the decedent's Will, which is a procedure under which the Will is judicially declared to be proper and legally binding or filing for administration of the estate if there is no Will.

· Carrying out the terms of the Will or administering the estate, which means obtaining possession of the assets; paying the debts; filing income tax returns for the estate and perhaps the deceased, as well as filing estate tax returns if necessary, all of which many include post-death tax planning to minimize the amount of tax paid; selling undistributed assets; distributing the assets to the proper beneficiaries; completing an accounting of the estate and closing the estate.

We can assist you in all aspects of estate administration. Please call us at 585-325-7515 for an appointment and ask to speak to Nancy Pappal, Esq. or email us at pappal@forsythhowe.com