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Trust & Estate Planning

Effective estate management enables you to manage your affairs during your lifetime and control the distribution of your wealth after death. An effective estate strategy can spell out your healthcare wishes and ensure that they're carried out – even if you are unable to communicate. It can even designate someone to manage your financial affairs should you be unable to do so.

Everything you have accumulated during your lifetime is considered your estate. That includes your home, bank accounts, insurance policies, and other valuables as well. Ensuring that your legacy is carried out according to your wishes after you pass requires a well-planned strategy.

To speak to someone about estate planning, schedule a consultation with a Wealth Management Consultant at Hudson Valley Credit Union at your local branch or contact us at 845.463.3366.

When and How to Start Estate Planning

It’s important to have an estate planning strategy in place as soon as you have acquired assets or are legally responsible for minor children. Your specific plan may begin with a simple will and develop into a full-fledged strategy that includes joint accounts, beneficiaries, guardians, asset preservation, and income tax management.

We have a referral list of qualified tax accountants and attorneys in the area to help you in developing your estate plan. These affiliates have gone through an extensive qualifying process to ensure the highest level of quality service. Ask us about our referral list to learn more.

A Carefully Structured Estate Plan

  • Provides for orderly transfer of your property.
  • Provides for effective financial management

Estate Planning Tools

There are a variety of tools to evaluate when planning your estate. Flip the cards below to learn more.

Wills

Wills

A Will is the most critical element of your estate plan. Without a will, a state court will choose an administrator for your estate upon your death. Regardless of any wishes you may have had for your property, it will be distributed according to state laws.

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Credit Shelter or By-Pass Trusts

Credit Shelter or By-Pass Trusts

Enable you to transfer assets to your heirs free of Federal estate tax, by dividing your estate into two parts upon your death. One part passes directly to your spouse while the other is placed in a trust created by your will.

Find out how
A Two-Trust Estate Plan

A Two-Trust Estate Plan

A Two-Trust Estate Plan, using a credit shelter trust along with one other trust, saves estate tax the way a credit shelter does, but also places the other assets that pass to your spouse under the marital deduction in a trust, rather than passing to your spouse outright. You may give your spouse a lifetime power to distribute trust property, or give your spouse power to distribute property only by will.

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Life Insurance

Life Insurance

Find the right coverage for your needs with our insurance partner.

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Charitable & Lifetime Gifts

Charitable & Lifetime Gifts

Charitable Gifts made during your lifetime or upon your death can also help manage estate taxes. Gifts can be made outright or in a trust. Charitable gifts named in your will may be claimed as an estate tax deduction by your estate.

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QTIP Trusts

QTIP Trusts

QTIP Trusts, or Qualified Terminable Interest Property (QTIP) trust gives your surviving spouse a life income while you are able to choose who will receive property in the trust after your spouse's death. Your spouse may have to pay estate tax on QTIP trust assets but the assets themselves must be distributed as you have directed in your trust agreement.

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Information Needed to Plan Your Estate

To aid in planning your estate, it’s helpful to have as much of the following information on hand as possible.

  • Names, addresses, and birth dates of your spouse, children, and other relatives whom you might want to include in your will. List any disabilities or other special needs they may have.
  • Names, addresses, and phone numbers of possible guardians (if you have young children) and executors or trustees.
  • Amount and sources of your income, including interest, dividends, and other household income, such as your spouse's salary or income your children bring home, if they live with you.
  • Amounts and sources of all your debts, including mortgages, installment loans, leases, and business debts.
  • Amounts and sources of any retirement benefits, including IRAs, pensions, Keogh accounts, government benefits, and profit sharing plans.
  • Amounts, sources, and account numbers of other financial assets, including bank accounts, annuities, outstanding loans, etc.
  • Life insurance policies, including face amount, cash value, owner, insured, beneficiary, and loans against the policy.
  • Approximate values of valuable property you own, including real estate, jewelry, furniture, jointly owned property (name the co-owner), collections, heirlooms, and other assets. Cross-reference your list of items with the names of the people you might want to leave each item to.
  • Documents that might affect your estate plan, including prenuptial agreements, marriage certificates, divorce decrees, recent tax returns, existing wills and trusts, property deeds, and so on.

Don’t wait. Now is the perfect time to take the first steps in securing your wealth for your future, and for generations to come. Schedule a consultation or call us today at 845.463.3366.


Wealth Management at Hudson Valley Credit Union and LPL Financial do not provide tax or legal advice or services. Please consult your tax or legal advisor regarding your specific situation.

Put It in a Letter

Put It in a Letter

A letter of instruction provides additional and more personal information regarding your estate.
Steps to Protecting a Child with Disabilities

Steps to Protecting a Child with Disabilities

Planning for children with special needs can be confusing but by working together, we can help navigate those challenges.
Test Your Estate Strategy Knowledge

Test Your Estate Strategy Knowledge

Estate management can help ensure that your assets are transferred according to your wishes while managing tax issues.

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