Need for Estate Planning

Need for Estate Planning

I do not intend to be Chicken Little with this post. However in 2011 unless Congress acts to extend the estate tax credit all estates over $1,000,000 in value will be taxed at 55% of the entire value. This means that many people who previously would have had few estate tax issues presently need to examine planning options to protect their assets for their heirs.

That means that If planning has not already begun, the clock is ticking. What do you need to do in order to be ready?

The first thing you need to do is determine what your net worth is. Compile your account statements as well as your real estate holdings. The combination of these two basic totals will give you an initial basis of your basic net worth. If you are a business owner a valuation of your interest n the business will be necessary to include in the calculation. Once your net worth is established it is imperative to sit with an estate planning attorney to determine how to preserve your assets

When you sit with your estate planning attorney make sure you bring with you your net worth documentation so that the planner may review the assets to determine what else may be included in the calculations. That will make sure all information is available to make the best plan for you and your family ensuring the assets you worked hard to obtain will be able to be there for your children.

The estate planning attorney will explain the various options for you. They will start talking about different trust vehicles that may fit your needs. Listen carefully and understand certain trusts will divest you as the earner of this income of control of the assets. Others will allow you to maintain control but may lose certain benefits to you. Each individual’s circumstance is extremely specific so meet with your planner to best determine your need and the right planning to protect your assets as well as ensure your family is able to enjoy what you have worked hard to attain rather than the US government.

Todd Engel
[email protected]
http://www.engelatty.com
Twitter: http://www.twitter.com/toddengel

Moving My Practice

Dear Friends,

I am pleased to announce that effective December 22, 2009, I will be relocating my practice to 214 N. State Street, Syracuse, NY 13203. My new telephone number will be 315-295-1450. My new fax number will be 315-478-1687. My email will remain [email protected] My Saratoga office remains at 1104 Middleline Road, Ballston Spa, NY 12020.

I will continue to represent individuals and small businesses in the following practice areas:

• Estate Planning and Adminstration
• Trust Drafting and Implementation
• Business Development and formation
• Personal Injury Litigation
• Commercial Litigation
• Equine Matters, including partnership formation, syndication, licensing issues, or any other associated matter.

I look forward to this new opportunity and am excited to continue to provide the quality personal based representation you have come to expect from Engel Law Offices. Please contact me with any questions regarding this move.

Wishing you and your family the best during this holiday season.

Todd

The audacity of people

I realize that the story I am about to share may not compare to the swindling that Bernie Madoff executed, but from my perspective it is actually worse. In today’s Syracuse Post Standard, there was an article detailing the scheme conducted by Jerome Feldman involving those must vulnerable: families in need of a transplant.

Allegedly, Feldman concocted a scheme where he would solicit opportunites to obtain a transplant in the Philippines if money was sent to his bank account in DeWitt, NY. The individual awaiting the transplant was instructed to wire $70,000 into Feldman’s bank account. Medical staff would then be available in the Philippines to conduct the transplant, or so Feldman said. The problem was, once the patient flew to the Philippines, no organ was there and the money was gone.

Feldman preyed upon those individuals who are looking for any hope possible for their loved one. I know, I was there; not one of Feldman’s victims, but a family member of a person on a transplant list. My mother was on dialysis for 15 years, before her death in 2006. She started with home dialysis and progressively needed the centers. She did it three times a week, and it prolonged her life. For about 10 years of the dialysis she was on the transplant lists until she became so compromised with additional illnesses that she had to be removed. Every time the phone rang, we hoped it was the transplant center letting us know that a kidney was there. We came close, but never found that perfect match. So, I know firsthand the desire to gain more time through obtaining a new organ.

Feldman’s acts were not acts of kindness. They were not acts of benevolence from one man to another. He was motivated by one thing: greed. Taking advantage of those people who are looking for any hope necessary is in my opinion the lowest form of the low. For the families who are suffering at the hands of Jerome Feldman, I am deeply sorry. For those of us who were families of people either waiting for or receiving transplants, it proves that we must go through the system for the private market organ transplant is fraught with thieves and miscreants who only want to take advantage of the situation.

Jerome Feldman Story

Todd Engel

[email protected]