What happens when someone can no longer manage their own affairs? In this episode, Michael and Ethan Davidov are joined by Audrey Bernhardt, Esq., a trusts and estates attorney, to explore guardianship and probate in New York. Learn about Article 81 guardianships, the legal process for appointing a guardian, and real-life situations where these tools are necessary. Audrey also shares practical estate planning advice to help families prepare for the unexpected and protect their loved ones.

What exactly is inside a well-crafted trust-based estate plan? In this episode of the Davidov Wealth Podcast, Michael, Ilana, and Ethan unpack the essential documents that protect your assets, your health, and your legacy.

You’ll learn:

• The difference between revocable and irrevocable trusts
• Why a healthcare proxy and power of attorney are non-negotiable
• How a pour-over will acts as a safety net for your estate
• The role of the often-overlooked HIPAA authorization and disposition of remains

If you’ve ever wondered how all these pieces fit together into one solid plan, this episode has your answers.

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#EstatePlanning #TrustLaw #FamilyWealth #DavidovWealthPodcast

How do you turn a good estate plan into a great one? The Davidov Wealth Podcast delivers hard-hitting strategies and advanced techniques for building a secure financial legacy. Michael Davidov, Esq., CFP®, and Ethan Davidov team up with Ilana Davidov, Esq., a top-ranked estate planning attorney, to reveal the secrets of protecting your assets, avoiding common pitfalls, and maximizing your family’s future.

From shielding inheritances from creditors to tax-smart planning for high-net-worth families, this episode is packed with insights that will reshape the way you think about estate planning. Whether you're preserving wealth for generations or ensuring your loved ones are cared for, the expertise shared here is invaluable.

Episode Notes: "Ep.1 - Introduction to Estate Planning (Ft. Michael Smith)"

Welcome to the Davidov Wealth Podcast! In this episode, Michael and Ethan Davidov sit down with estate planning attorney Michael Smith to discuss the basics of estate planning and strategies for success.

Key Topics Covered:

• Michael Smith’s Background: Estate planning attorney since 2006, specializing in high-net-worth clients.
• Estate Planning Basics: Importance of revocable living trusts for avoiding probate and ensuring flexibility.
• Business Succession: Challenges in valuing and transitioning businesses to the next generation.
• Tax Strategies: Balancing estate, income, and capital gains taxes with family goals.
• Wealth Building Patterns: Real estate investments and tax-deferred accounts as keys to long-term success.
• Holistic Planning: Integrating legal, financial, and tax strategies to avoid miscommunication and improve outcomes.
• Retirement Tax Opportunities: Leveraging low-income years before RMDs for tax savings like Roth conversions.

Key Takeaways:

• Estate planning is about protecting your legacy, not just saving on taxes.
• Early and proactive planning is critical for smoother transitions.
• Holistic approaches combining financial and legal expertise yield the best results.