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What Is An Estate Plan, What Are Its Elements, And Why Are They Important

George Gray talks about estate plans

George H. Gray 0 120 Article rating: No rating
Hello and Welcome. My name is George Gray. I’m a partner in the law firm of Gray and Feldman with offices in Penfield NY. My areas of practice include wills, trusts, and estates and providing special needs planning for families of an individual with a disability.  During the course of my representation, I am often asked “what is an estate plan, what are its elements, and why are they important”

Why Millennials Need a Will

You are not too young to have a Last Will & Testament

George H. Gray 0 402 Article rating: No rating

Why_Millennials_need_a_WillMany millennials believe that because they have a young family and have not accumulated a significant Estate they do not need a Will.  If you imagine the unthinkable and one parent dies, what becomes of his or herstuff

Why Do I Need To Appoint a Trustee As Part of My Estate Plan?

Trusts are a more often used Estate Planning strategy than conventional wisdom would predict

George H. Gray 0 448 Article rating: No rating
Why_I_need_a_TrusteeTrusts are more commonly used in the Estate Plan of a middle-class New Yorker than conventional wisdom would predict.  For instance, a trust for the benefit of minor children is always a good idea when planning for their lives after the death of both parents.  Parents and grandparents of a child with special needs will find the many advantages of a supplemental needs trust worth exploring. Elderly couples may find an irrevocable income only trust a useful tool in their Medicaid Planning.

What is a Guardian?

The dictionary defines a “Guardian” as a person who is entrusted by law with the care of the person or property, or both, of a minor.

George H. Gray 0 383 Article rating: No rating
The dictionary defines a “Guardian” as a person who is entrusted by law with the care of the person or property, or both, of a minor. The Guardian is the person who will raise your child in the event both you and your spouse have passed away. During the process of selecting an individual to be nominated as Guardian of your minor child under your Will, you should give consideration to the relationship of the Guardian to your child, the Guardian’s physical location, the values you share with the Guardian and the Guardian’s own home situation. 

What is a Trustee?

You may establish a trust during your lifetime or in your Will. In either instance, you must name a Trustee.

George H. Gray 0 404 Article rating: No rating
You may establish a trust during your lifetime or in your Will. In either instance, you must name a Trustee. This is the person (it may be an entity or organization) who manages the property in the trust, distributes the principal and/or income to the beneficiaries and accounts to them for the Trustee’s actions. Since the job of a Trustee involves things financial, your choice of Trustee should reflect strong organizational and management skills. 
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