The firm assists clients with all aspects of estate planning and administration. We help people focus their goals to develop a comprehensive estate plan that meets their wishes and their families’ needs. We craft legal instruments -- wills and trusts -- tailored to implement the precise desires of each client. Contact us at mm@millermayer.com, and include "trusts & estates" in the subject line. You may download our Estate Planning Questionnaire to prepare for an initial consultation.

Wills

The will drafting process takes time and attention. Through the appropriate use of credit shelter trusts and disclaimer trusts, clients can structure their estates so as to enable parents to transfer considerable wealth to their children and grandchildren free of federal estate tax. The amount that can pass free of federal estate tax has increased dramatically in the past few years, and Congress has actively been considering further changes.  The current tax-free amount is posted in IRS Pub. 950.  By using the marital deduction, spouses can postpone any federal estate tax until the second spouse dies, no matter how large the estate. Many of our clients have spouses who are not U.S. citizens, and we can develop estate plans to incorporate Qualified Domestic Trusts (Qdot’s) that postpone the estate tax as long as possible. We also work with unmarried couples, people in second marriages, and others who have unique needs and objectives. We believe the estate tax laws will be further amended, but a total repeal is not likely to occur. Nevertheless, because the tax picture will certainly be changing over the next decade, we design estate plans that are flexible, allowing the maximum tax benefits no matter in which year a death occurs.

Trusts

Although probate is not the horror that many people fear -- at least in and around Tompkins County -- trusts can be useful tools to supplement a will. Not everyone needs a trust, and we give our clients straight advice about what trusts can and cannot do as part of their estate plans. Revocable lifetime trusts (also called "inter vivos trusts" or "living trusts") are particularly useful when the grantor (the creator of the trust) owns property in more than one state, or when the grantor may soon reach a stage in life when management of his or her own affairs might be difficult or impossible. Irrevocable trusts, including Crummey trusts and life insurance trusts, provide a vehicle through which grantors can make annual gifts that qualify for the $12,000 annual gift and estate tax exclusion. Assets in a well-drafted irrevocable trust, including the proceeds of a life insurance policy, will not count as part of the grantor’s taxable estate.

Probate and Estate Administration

We assist executors and family members with the orderly disposition of a decedent’s estate. Our work includes preparation of probate petitions, assisting the executor in marshaling and distributing assets, analyzing the tax and other considerations faced by the executor and heirs, and the preparation of estate tax returns and accountings. We recognize the stress inherent in probating a family member’s estate, and we try to make the process as prompt and painless as possible.

Elder Law

As long term care costs, medical expenses, and life spans have increased, more and more clients are having to confront the sometimes catastrophic financial problems of old age. We help our clients develop strategies for coping with those problems. We can also provide a power of attorney, living will, and health care proxy.