Estate Planning Fundamentals
in the New York Area


Wills & Trusts

Whether you have a modest estate or a taxable estate, advance planning cannot be ignored or delayed. We give our time generously to our clients so that we may fully understand their planning objectives. Once we hear the concerns, we utilize our tried solutions assist our clients preserve their estates for their loved ones. We firmly believe that no two estates are alike - we all have our unique facts and circumstances that must be considered. At Amoruso & Amoruso, LLP, we will tailor the estate plan we recommend to YOUR needs.

Amoruso & Amoruso, LLP is a full service estate planning firm, using wills and trusts to create the most effective end of life plan for our clients. These documents provide asset protection during life, sophisticated estate tax planning, asset distribution upon death and may allow the estate to avoid probate. We advise clients regarding the benefits, advantages and disadvantages of different trusts and assist clients with funding issues. Whether you have a modest estate or a taxable estate, advanced planning cannot be ignored. We can help you insure that your minor or disabled children are protected in the event of your untimely death, assess the advantages of transferring assets during your lifetime or through a Will or a Trust, discuss the benefits of asset protection planning, evaluate your options for business succession planning, and demonstrate effective techniques to maximize the assets transferred to your heirs by reducing your estate and gift tax liability. We can even provide you with the means to appoint a caretaker for your loyal pet.

For example, when drafting last will and testaments, we take all issues into consideration including choices of personal representatives; payment methods; testamentary plans; trusts for spouses, children, and pets; and pour over provisions.

We use revocable trusts to allow our clients to avoid the probate process, provide a means for proper asset distribution and ensure the proper management of assets in the event of incapacity.

We create irrevocable trusts to protect client assets from creditors (including Medicaid as a creditor), provide a means for asset preservation, create a vehicle to receive asset transfers, maximize tax benefits and facilitate planning for Medicaid.

We establish supplemental needs trusts within a last will and testament to provide financial support for a spouse or beneficiary who is or may be receiving Medicaid benefits to enhance the spouse's or beneficiary's quality of life while preserving their ongoing Medicaid benefits.

Revocable Trusts

We use revocable trusts to allow our clients to avoid the probate process, and provide a means for proper asset distribution and proper management of assets in the event of incapacity. Revocable trusts name a trustee who will continue to properly manage one's assets in the event of permanent loss of capacity, temporary unavailability or upon death. A revocable trust may be used to retain assets for many later generations and leave a legacy from the grantor while properly planning for all available tax benefits. The administration of a trust typically results in considerably lower attorney fees than otherwise applicable probate fees. Within the revocable trust, there are many available planning options. For example, the trust can provide for protective trusts in the event one beneficiary is an inappropriate spender or too immature to handle the assets, if a beneficiary is disabled in any way, or if a beneficiary is going through a divorce. It may also plan for charitable gifts and specific gifts of property. Furthermore, under New York law, the trustee must provide accountings to all beneficiaries thus ensuring all loved ones are properly and adequately informed and that the assets are being disbursed and handled as the creator of the trust intended.

Advance Directives

Amoruso & Amoruso, LLP assists clients in planning for incapacity by preparing durable powers of attorney. The durable power of attorney is a detailed document providing legal authority for the client's designee to act on the client's behalf in legal and financial matters when the client is unable physically and/or mentally to act on his/her own. The language we use in power of attorney documents relates distinctly to clients who are elderly or have disabilities. Our firm prepares health care proxies for our clients. The health care proxy document allows clients to choose loved ones who will make vital health care decisions when they are unable to make those decisions for themselves. We take care to ensure all state and federal statutes and regulations are complied with, including HIPAA. Our firm prepares health care proxies for our clients. The health care proxy document allows clients to choose loved ones who will make vital health care decisions when they are unable to make those decisions for themselves. We take care to ensure all state and federal statutes and regulations are complied with, including HIPAA. Instead of generic living wills that utilize medical triggers (i.e., terminal illness or persistent vegetative state) to specify the client's wishes regarding life sustaining treatment, Amoruso & Amoruso, LLP relies on quality of life triggers communicated by the client to confer discretion on the chosen health care agent to make the client's end of life decisions.