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Neeraj L. Shah, Esq., MBA, CPA
(585) 388-8388

​Q. What is a Trust?
A.
 A trust is a device allowing separation of legal and equitable title. Simply said, it allows one person (or institution) to hold property for someone else’s benefit.

Q. Why should I consider using a Trust?
A.
 There are NON-TAX reasons to use a trust, and then there are TAX reasons to use a trust. Some of the non-tax reasons include: 1) management of assets, 2) continuity of management of assets, 3) protection of the beneficiary(ies), 4) avoiding probate, 5) avoiding guardianship, and 6) control kept by the grantor. Some of the tax reasons to use a trust include: 1) estate tax avoidance by the grantor, 2) estate tax avoidance for the beneficiary(ies), and 3) shifting income to those with lower tax brackets.

DISCLAIMER: Attorney Advertising. This website is advertising material. The choice of a lawyer is an important decision and should not be based solely upon advertisements. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. You are invited to contact the office by phone, letters or electronic mail. Contacting the office does not create an attorney-client relationship. Please do not send any confidential information to the office until an attorney-client relationship has been established in writing. Top 5 neighborhoods that we serve for tax preparation in Rochester, NY are: Penfield, Webster, Pittsford, Fairport and the city of Rochester. Also serve for tax preparation in: Irondequoit, Henrietta, Macedon, Walworth, and Mendon.

- Living Will

Q. What are some of the advantages of having a Revocable (Living) Trust?
A.
 Like a Will, a Living Trust provides for the management and distribution of your assets after you die. However, a Living Trust has certain advantages that should not be ignored. For example, it allows for the immediate transfer of your assets after death without court interference. Additionally, there is no need to undergo a costly and time-consuming public probate process. Quite simply, a Living Trust provides your loved ones the ability to administer your estate privately, with flexibility and low cost.

Q. Why do I need a Pout Over Will if I already have a Living Trust?
A.
 A Pour Over Will is used to “pour” any assets that were left out of the trust into it, so they are ultimately distributed according to the terms of the trust. Additionally, the Pour Over Will gives you the opportunity to name a guardian for your minor children.

Q. What are some examples of an Irrevocable Trust?
A.
 There are many types of Irrevocable Trusts, serving different purposes. Some of these trusts are commonly referred to as the following: 1) Irrevocable (Life) Insurance Trust, 2) those trusts intended to qualify for the gift tax exclusion, and 3) those trusts not intended to qualify for the gift tax exclusion.

Q. … ‘Irrevocable (Life) Insurance Trust?’
A.
 People are generally mistaken when they believe that life insurance proceeds are not subject to Federal Estate Taxes. Sure, the proceeds that are received by your loved ones are free of any income taxes, they are countable as part of your taxable estate. This reduces the amount that your loved ones receive because Uncle Sam takes a bite out of the proceeds!

The whole point of the Irrevocable (Life) Insurance Trust is for the trust to own the underlying life insurance policy, therefore keeping the proceeds out of your taxable estate. The proceeds can be used to provide your estate with liquidity to pay estate taxes, pay off debts, pay final expenses and provide income to a surviving spouse or children.

Q. … ‘Living Will?’
A.
 The Living Will is intended to anticipate the situation where you become in an incurable or an irreversible mental or physical condition, with not reasonable expectation of recovery.

Q. … ‘Health Care Proxy?’
A.
 The Health Care Proxy can be general and apply to all medical decisions, or it can be limited in power and have specific instructions. The agent’s authority to make such decisions is activated only upon a determination by your attending physician that you have sustained loss of your capacity to make such health care decisions.

Q. What is another document that I should consider to carry out my medical care?
A.
 Other documents that should be considered is the Durable Power of Attorney. This will give an agent the ability to provide funding for the medical care and treatment.

do I need one?

- Irrevocable Trust

FAQs - wills and trusts; a practice area of Shah Law Firm, PLLC

Neeraj Shah, Esq., MBA, CPA - call 585.388.8388, www.penfieldtax.com

Shah CPA Firm, PLLC - "a CPA firm that offers tax preparation and more"

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- Health Care Proxy

Q. What is a Living Will and Health Care Proxy?
A.
 A Living Will is a document that states your wishes regarding your future health care. It is the document that is used to express your feelings of using life-sustaining treatment that prolongs the process of dying. A Health Care Proxy is a document which allows you to appoint another person to make medical decisions in the event you lose your decision-making capacity.

what are they?

- Living Trust

- Will

KEYWORDS: Neeraj Shah, Neeraj L. Shah, Neeraj, CPA, C.P.A., MBA, M.B.A., J.D., Esq., attorney, tax, law, estate planning, financial, legal, Rochester, Penfield, Fairport, Webster, Pittsford, tax preparation, tax prep, rochester tax preparation, penfield tax preparation, fairport tax preparation, webster tax preparation, pittsford tax preparation, perinton tax preparation, macedon tax preparation, walworth tax preparation, mendon tax preparation, canandaigua tax preparation, east rochester tax preparation, greece tax preparation, henrietta tax preparation, irondequoit tax preparation, rochester tax prep, penfield tax, rochester tax, 14526, 14625, 14580, 14534, 14450

Q. Why do I need a Will?
A.
 The primary reason to have a Will is to leave your property to your loved ones in the manner and proportions you choose.

Q. What happens if I die without a Will?
A.
 If you die without a will, then your assets will be distributed by the court according to the Distribution Rules of Intestacy. These Rules give formulas that determine your disposition – whether you were survived by a spouse, spouse and descendants, spouse without descendants, descendants without spouse, parent or no parent, and the list goes on and on. The allocations can very well differ from your wishes. A properly drafted will allows you to dispose of your assets in accordance to your wishes, not the state!

Q. Can I make a Will using one of those pre-printed forms or download one from the internet?
A.
 Yes, those options are available, but you should know that you might create a Will that is not the best for your personal goals. You may miss an important element of a comprehensive estate plan, or you may miss opportunities to maximize the efficiency of your disposition. Most troubling, you may not end up with a valid Will according to the court’s definition. There are a number of formalities and execution procedures that must take place, or else your “Will” may be deemed invalid and the Rules of Intestacy would go into effect (see above).

Q. What are some of the benefits of going to someone with knowledge to make my Will?
A.
 Making the best plan and the best Will takes knowledge and expert advice. The best estate plan recognizes that the Will is only one part of a grand estate plan. The Will should support all of the other moving parts of the estate plan, not serve as an independent and your sole mode of an estate plan.

Q. What can Shah Law Firm, PLLC do for me?
A.
 Without a proper estate planning strategy, it is very possible that much of the significant assets that you have worked hard to accumulate can end up with Uncle Sam! The owner of Shah Law Firm, PLLC, Neeraj L. Shah, has not only earned the C.P.A. designation, but also is admitted as an Attorney. To deliver the best product, it is essential to fully understand all of the moving parts. Neeraj offers clients a depth of knowledge, skill and business acumen that very few practitioners can match.

why I should consider?

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