The strategies listed below can be used to bypass the probate process and have your assets or proceeds go directly to the person you named as beneficiary or joint owner of that account.
- Living Trusts
- Life Insurance
- Investment Accounts Designated as Transfer on Death
- Joint Bank Accounts
- Payable on Death and Transfer on Death Bank Accounts
- Transfer on Death Deeds
- Annual Gifts – With the annual gift tax exclusion, in 2021 you can give up to $15,000 to each recipient without tax consequences for a married couple, the total is $30,000 per recipient
- Sign a Power of Attorney with a Statutory Gift Rider to authorize your Agent to make gifts during your lifetime
- LLC membership interests jointly owned
- Real Estate held as Joint Tenants with the Right of Survivorship or Tenants-by-the-Entirety
- Automobiles – One automobile, of up to $25,000 in value, may be transferred with a NY DMV form by a family member