Six Reasons You Need an Estate Plan During These Tough Times
Most people have a fear of the unknown. However, if you a have plan in place, it helps settle your mind. In the case of an estate plan, it also can ensure you take care of your family. These tough times present the perfect opportunity to review your existing estate plan or if there is no plan, to put one in place for the following six reasons:
- Select your beneficiaries, instead of state law deciding it for you.
- Protect your minor children by choosing who will take care of them and be their guardians, rather than have the court make that determination.
- Guard your beneficiaries against losing their inheritance to creditors, divorce, and financial negligence.
- Shelter your wealth from both federal and New York estate taxes. Often, people don’t realize that the state estate tax exemption amounts are much lower than the federal exemption amounts.
- Nominate responsible and capable people to handle your estate or act on your behalf if you are incapacitated. If you don’t name an executor, power of attorney, or trustees, the court will appoint someone.
- Avoid probate and maintain your privacy. Probate can be expensive and it is a public process.
A well-thought-out plan can ease the burden on yourself and your loved ones. They are already dealing with an emotional loss; a clearly laid-out plan with proper fiduciary nominations and your wishes expressly stated will enable the process to be that much smoother for them. Give us a call today to make an appointment at 516-570-4016.
