Article 1: Make a Will and More...

Written by: Robert J. Silverman, Attorney at Law, Silverman & Jaffe, P.C.

It is a well-known maxim that everyone should have a Will. A more accurate statement is that every adult should have a Will, a Durable Power of Attorney and an Advance Health Care Directive. Moreover, if you own at least one piece of real estate (e.g. a home) and/or have children (or dependent loved ones), establishing a Revocable Living Trust is also extremely beneficial.

These documents and the associated planning are often referred to as an “estate plan”. A relatively modest investment in a customized estate plan can save you and your loved ones considerable time, money and inconvenience. A more elaborate, highly customized plan may be necessary, or at least very helpful, in certain situations, such as those who want to create substantial control for their loved ones – especially those with special needs); have blended families; are non- U.S. citizens (due to applicable tax rules); and have a very high net worth.

An integral piece of the planning involves how you hold title to any real estate you own. When purchasing property, many people take this decision casually or they are not clear about the implications of their choice. Legal and tax factors are considerable and not simple. Given the lack of clarity on this important topic, I created a brochure, summarizing the pros and cons of alternative methods of holding title to real estate.

Here is a link to this brochure: