Can I do any estate planning now, or do I need to wait
for the Federal estate tax law changes to become finalized?

The federal estate tax is set to expire on December 31, 2009, and then return in 2011. It is likely that there will be legislation passed by Congress this year to keep this tax in effect. However, state death taxes are not changing, and you should consider doing planning to take them into effect. Any estate planning should be customized for your individual situation.

Do I need a will?

Not having a will means you are ceding control of the distribution of your assets when you die to the government. This is not an issue if you don’t have any assets. But if you do, you should have a will to make sure your assets go where you want them to go. If your family consists of small children, you will want to have a will just to designate a custodian for them if you and your spouse or partner is not around to provide care.

Should I have other documents as well as a will?

Yes, most estate planning attorneys will prepare at least three other documents at the time they prepare your will. They are as follows: a living will, a durable power of attorney and a HIPAA healthcare proxy. The living will sets out whether heroic means should be used to maintain your life and your health worsens and are no longer able to make healthcare decisions on your own. The durable power of attorney lets someone you name operate your bank accounts, make gifts, etc. if you are incapacitated. The HIPAA healthcare proxy formally designates a person to make healthcare decision for you if you are incapacitated. All these documents are very important.

Legal Disclosure:  The laws governing Powers of Attorney in New York State were revised in 2009.  Consult with your attorney before executing any power of  attorney if you are a resident of New York state.