By Bernard A. Krooks, Certified Elder Law Attorney

Often, estate planning clients come in with specific goals for their estate plan. They may want to disinherit someone, minimize taxes, or leave their estate to charity, among other things. Perhaps they may want a specific type of estate plan after reading about it online or speaking with one of their friends or colleagues. Their goal may even be just to get an estate plan, any estate plan, done before an upcoming surgery or travel plans. 

There is nothing wrong with having goals for your estate plan. In fact, you should have some goals! But, oftentimes, a client’s goals will focus almost entirely on one piece of the estate planning puzzle. When starting the estate planning process, there are many considerations that you and your estate planning attorney should consider. 

Tax considerations. The federal estate tax exemption is currently $13.61 million per person, for deaths in 2024. That means an individual can leave $13.61 million to heirs and pay no federal estate tax. This amount is doubled for a married couple. In 2026, the basic federal estate tax exclusion amount is scheduled to be reduced significantly unless Congress makes further changes. New York has a separate estate tax, and the exemption amount is $6,940,000. 

Dispositive provisions. One of the primary purposes of an estate plan is to transfer assets on your death. When making decisions about estate planning, you should consider the most efficient way to transfer those assets while remaining consistent with your goals. For example, if you want not only to leave money to your children, but also control how they spend it, you may wish to consider a trust. There are many different types of trusts which might be worth considering, depending on your wishes. Your estate planning attorney can explain the various types of trusts to you and why they might be appropriate in your situation. 

Probate avoidance. Many clients have heard horror stories about the probate process. It can be invasive, time-consuming, and costly. However, probate is not always bad, or at least not as bad as people have heard. Nevertheless, some clients want to avoid probate, and your estate planning attorney can review the pros and cons of probate and probate avoidance. 

Qualification for benefits. If you or one of your beneficiaries qualify for means-tested government assistance now or in the future, this may require special planning and provisions. For example, an estate planning attorney may recommend you leave assets to a special needs trust for a beneficiary who risks losing their benefits due to an inheritance. 

Planning for incapacity. Estate planning is not only planning for your assets after your death, but it also includes planning in case you become incapacitated during your lifetime. While you are able, you should make decisions about who you want to manage your assets if you cannot do it yourself and who should make medical decisions for you if you are unable to do so yourself. 

Simplicity. Estate plans vary in their complexity. In our experience, most clients prefer simplicity, if at all possible. Please understand that, depending on what you are trying to accomplish or your life circumstances, your estate plan may need to be more complex than you would like. For example, if you have a blended family with children from a prior marriage, you may need an estate plan that is a bit more sophisticated. 

It’s a two-way street. Estate planning is a collaborative process. We need your help. If we do not have accurate information about your family situation, assets, and goals, we cannot do a good job for you. That is why we are going through an extensive process with you to ensure we have all the information we need to do right by you. We need to understand the family relationships, personalities, spending habits, etc. of all interested parties. This way, we can make appropriate recommendations to you about how to best accomplish your estate planning objectives and goals. We also need information about assets, such as the types of assets, amounts of assets (at least an estimate), and how assets are titled. We need to know whether the assets are retirement assets or non-retirement assets. We will want to know who your other advisors are, including your accountant, insurance person, investment professional, etc. so that we may work with them, as needed, for your benefit. Estate planning is most effective when a team approach is utilized, and you are part (a big part!) of the team.

Bernard A. Krooks, Esq., is a founding partner of Littman Krooks LLP. He was named 2021 “Lawyer of the Year” by Best Lawyers in America® for excellence in Elder Law and has been honored as one of the “Best Lawyers” in America since 2008. He was elected to the Estate Planning Hall of Fame by the National Association of Estate Planners & Councils (NAEPC). Krooks is a past Chair of the Elder Law Committee of the American College of Trust and Estate Counsel (ACTEC). Mr. Krooks may be reached at (914-684-2100) or by visiting the firm’s website at www.littmankrooks.com.