What Is Estate Planning?
Estate planning is the preparation for managing or distributing a person’s assets after their death or incapacitation. The planning may involve settling all estate taxes and making a will to distribute the assets to beneficiaries. An estate plan helps preserve the maximum amount of assets for the beneficiaries.
Why is Estate Planning Necessary?
Most people think that estate planning is only for those with significant assets. However, everyone can benefit from developing an estate plan.
When you die without a will, the state will determine what happens to your estate and how your assets will be distributed. Typically the court may appoint your spouse as a representative to manage the asset. However, if you don’t have a spouse and no one else is willing and capable of distributing the assets, the court may appoint a public trustee.
The probate process may take time and may involve a lot of paperwork. Besides, the legal bills may also make the process very costly. Estate planning allows you to reduce the expense and time of distributing your estate.
Lastly, estate planning allows you to ensure that your assets are transferred to the rightful heirs. The plan may also include strategies to minimize taxes and protect the estate from creditors and other disputes.
Thinking about death is never pleasant, which is why you might want to put off planning for it. Postponing this can result in your estate plan failing and not doing what it was intended to do. If you want your estate to remain a valuable asset for your heirs, Somekh & Associates can assist you.
Estate lawyers handle a variety of issues, including estate and trust planning and administration, probate and elder law. We can help you:
• Create a will and trust, so you plan what happens to your property after your death
• Avoid probate by establishing beneficiary designations and living trusts
• Reduce taxes (both estate and federal)
• Strategize for any incapacities
• Set up and manage trusts for family members
Our estate attorneys have the expertise to handle the multiple areas of trust and estate planning and the knowledge of New York state laws.
Wills And Estate Planning Attorneys
Will and estate planning attorneys do more than help you prepare your will and estate planning. They are also draft living trusts, create a plan to avoid estate taxes and make sure that your savings and assets being protected against creditors.
Nearly everyone has an estate, as it is contains everything you own. Your estate includes your home, car, checking and saving accounts, life insurance, furniture, investments, furniture, etc. Estate planning is planning in advance who would like to receive what when you die. You want to plan and determine who gets what and when, with the least amount of taxes and court costs.
Thinking about your mortality is never pleasant, but it essential that you start planning your estate now. That way you won’t be caught unprepared for when the time comes. A skilled estate planning attorney will give you essential guidance that you have properly prepared your documents, bringing with it peace of mind that your family’s protection.
If you haven’t created an estate plan at the time of your death, the state of New York will execute the plan for you, and it will not adhere to your wishes. Your assets may be divided evenly amongst your spouse and children, meaning that your spouse could not have sufficient assets to maintain their quality of life.
Creating a will provides instructions on what to do with your estate, but it would still need to go through probate. Probates are usually expensive due to legal fees and court costs and can take anywhere between a few months to a few years. Therefore, Somekh & Associates, as experienced estate planners can advise clients on how to avoid probate, via living trusts, joint assets ownership, and life insurance.
TRUST AND ESTATE PLANNING
As previously mentioned, there are different types of trusts that you can establish. These can take effect before or after your death, and they are useful in accomplishing estate planning goals.
There are a lot of reasons to choose to have a trust as part of your estate planning. Trusts can be helpful in avoiding probate; they can provide financial support to family members and gains privacy advantages if an inventory of assets is required.
Other common uses of trusts in estate planning involve different life situations, including children from a previous marriage, a disabled child or family member, or if you want to gift your estate to a charity.