Living Financially
A person who gives financial authority to another person in a Power of Attorney.
Who is the Principal?
This document tells your doctors and your loved ones your medical wishes if you can't speak for yourself included your desire to NOT have nutrition and hydration.
What is a Living Will?
Nothing but a signed piece of paper.
What is your will before you die?
The two most common ways for more than one person to own real estate.
What is Joint Tenancy (Tenants by the Entirety for Married Couples) and Tenants in Common?
The person who creates a Trust.
What is Grantor, Settlor, Trustor, or Trustmaker?
The current amount an individual can give to another before triggering a federal gift tax filing requirement.
What is $19,000.00?
The person who is given authority for someone else's financial affairs in a Power of Attorney.
Who is the Attorney-in-Fact?
This document appoints a person to make health care decisions for you when you cannot.
What is a Health Care Proxy?
The court process used to validate your Will and officially appoint your Executor.
What is Probate?
How the estate is distributed if a decedent had no Will and left a spouse and two adult children.
What is $50,000 plus one-half to spouse and the rest to the children (by representation).
One of the most important steps after creating your Trust.
What is funding the Trust?
The 2025 IRS lifetime unified gift and estate exemption per individual.
What is $13.99 million dollars?
A document that gives you the authority to act financially on behalf of another?
What are Powers of Attorney?
This lets your healthcare providers share information with persons other than yourself.
What is HIPAA authorization?
The title of the person appointed through the probate process to carry out the instructions in your Will.
What is an Personal Representative or Executor?
This non-probate transfer method allows you to retain control during your life AND avoid probate after your death.
What is a funded Revocable Living Trust?
Used by a married couple for tax savings purposes. Preserves the first spouse to die's lifetime exemption.
What is A/B Tax Planning Trust or Credit Shelter Trust?
The New York estate tax exemption per individual.
What is $7,160,000?
Powers of Attorney are characterized as this if they are to be valid after the Principal becomes incapacitated.
What is Durable?
One of the best asset management tools if you become mentally incapacitated.
What is a Revocable Living Trust?
A Will done in your own handwriting. Recognized in very limited circumstances in NY.
What is a holographic will?
This is a way of holding real property that titles property in another's name, while you legally retain an interest until your death.
What is a Life Tenancy or Retained Life Estate?
The only tool that can be used by you while you are alive and be bound by your directions after you are dead.
What is a Revocable Living Trust?
The amount the NYS Dept. Taxation and Finance includes in determining the tax on your estate if you are above the lifetime exemption threshold.
What is all? (not just the amount above $7,160,000). This is also know as the "NY Tax Cliff"
Court appointed person in charge of your financial decisions. A costly endeavor.
What is a Guardian of the property?
Court appointed person in charge of your health decisions. A costly endeavor.
What is a guardian of the person?
Lack of Testamentary Capacity and Undue Influence.
What are two of the most common ways a will is challenged?
Method of holding real property that passes an interest outside of probate on your death. Not a trust.
What is joint tenancy, or now transfer on death deed.
Used to give your children and grandchildren asset protection from bankruptcy, creditors, and divorces.
What is a Trust?
The name for the period of time in which gifts are taken into consideration when applying for Medicaid eligibility in New York.
What is five year the Look-Back period?