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Wills
Wills
CNY Law Firm serving Oneida, Rome, Syracuse, Utica, Chittenango, New Hartford, Whitesboro, Lowville and surrounding areas
Michel J. DeBottis will work with you to develop a clear understanding of the nature and extent of your assets, your family situation, your intentions for each of your beneficiaries and other factors which your Estate may impact. Please contact us to schedule an appointment to work on the preparation of your Will and other Estate Planning documents.
Wills
A Last Will & Testament (“Will”)
is a written document that expresses your wishes regarding distribution of assets which are owned solely in your name at the time of your death, and which do not have a prior designated beneficiary. In order to be valid, a Will must be properly written, signed and witnessed.
Your Will can be used to accomplish several objectives beyond transferring assets. For example, parents of children who are minors or with special needs can use Wills to establish trusts and guardianships for the care of their children. Your Will can express your intentions regarding who shall serve as the executor of your estate, guardian of your children, and trustee of any trusts established pursuant to your Will. Wills can be used to transfer specific assets, such as interests in a business, and thus avoid the liquidation of the business upon the death of a key person in the operation of the business.
Practice Areas
When estate planning
through the use of revocable or irrevocable living trusts during your lifetime is not consistent with your goals, you may wish to direct in your will that a Testamentary trust be established. Testamentary trusts, implemented during the probate proceeding, can be used for a variety of purposes, such as estate tax planning, and providing for distributions to children from blended families. In large estates where estate tax liabilities can be significant, or when one spouse is wealthier than the other, particularly in second or later marriages, inclusion of sophisticated planning tools in your Will, such as Qualified Terminable Interest Trusts (commonly called QTIP Trusts or Marital Trusts), and Credit Shelter Trusts (also known as Family Trusts) can defer and reduce estate taxes.
Like Irrevocable Living Trusts
and Revocable Living Trusts, Wills can also provide income tax advantages by eliminating or reducing taxable gain upon assets which have appreciated in value during your ownership of them, and which will be transferred through your estate. This is because assets which are transferred through an estate are deemed to receive the “stepped up basis” value, that is, the value of the assets as of the decedent’s date of death. Asset Transfers Through Other Means, such as gifts (or by survivorship in the case of jointly titled assets) do not receive this favorable income tax treatment. The subsequent sale of such jointly owned or gifted assets can cause the recipients to incur substantial income tax liabilities.
It is very important to recognize that a Will does not protect assets from the Medicaid
spend down requirements. Because your life savings and other assets must be consumed or "spent down" to the minimum levels required in order to qualify for Medicaid, well meaning intentions regarding transfer of those assets to your loved ones, as stated in your Will, will not be fulfilled. An Estate Plan which involves an Irrevocable Trust that holds title to assets for at least five years prior to applying for Medicaid will accomplish the intended transfers to your loved ones.
If you are certain that you do not need to plan for Medicaid eligibility and you wish to avoid probate, a Revocable Trust
with a pour-over Will may be recommended. A pour-over Will ensures that assets which are not transferred to your Revocable Trust during your lifetime will pass upon your death to the trust for distribution according to the Trust's provisions.