Reasons Why Estate Planning is so important
Why people shy away from estate planning
Many people fail to plan for end-of-life situations and death because they cringe at the thought of it. Some keep procrastinating because they feel there is so much time left to enjoy their lives, than worry about negativity. In that light, a plethora of persons spend their time planning a trip to a dream beach half-way across the globe, or a sumptuous dinner with their family every chance they get. While all these are all positive thoughts and plans, taking one’s mind away from the inevitable doesn’t make it avoidable. Shying away from the thought of your family bearing your loss doesn’t make you immortal. Eating and staying healthy doesn’t prevent accidents that may render a person disabled for life. All these things are grim, yet they happen everyday, and surviving families are thrown headlong into the mess of settling the estate of their deceased, without no clue as to what he or she had intended. Then there arises conflict or opinions and family feuds, stupendous estate taxes to pay because no tax planning was put in place, and having the court decide who inherits the property of the deceased. All these troubles might even change the mood of your survivors from mourning to anger and to prevent this, there is every need to do estate planning now. Yes, now is the time, anything can happen tomorrow.
Reasons why you should do estate planning
1. The interest of your loved ones need protection
When you fail to create an estate plan, your loved ones may not get what you normally would have intended for them when you die. You don’t have to be super-rich before you feel worthy of doing estate planning, so long you have a property which surely would be bequeathed at your death, you have to name a person who you feel most deserving of receiving that inheritance. It could be a car, jewelry, or a home. If you do not express your wish in a Will or Trust, then you’d have no control over who receives that property at your death. Such a situation is known as intestacy. In New York, the intestacy law helps you distribute your property to your closest family members, i.e your spouse and kids but even at this, that particular child of yours who you intended to receive your Bentley may end up getting just your truck. Also, you may have a special distant relative, friend or lover who you desire to have a part of your inheritance but when there is no Will or Trust stating this, then your wishes will never be known.
2. Protecting your minors
Although no one wishes to die young, death can come at anytime. If you have little kids, then there is need to give them a place in your estate by creating an estate plan that accommodates their best interests. This is where a will becomes very important as an estate planning tool. With a will, you can name a guardian who will use part of the money you left behind to handle the financial needs of your minors should you become deceased before they attain adulthood. This is an important aspect of estate planning as you have the power to choose who takes care of your kids in your absence. If you die without making such a provision, the court will have to decide for you and their choice may not be yours. If you want the best for your kids, then contact an estate planning attorney near you to create your estate plan.
3. It reduces tax burden on your heirs
As estate planning is more about protecting your property and your beneficiaries, there is every need to plan so that the tax burden on them is reduced or avoided when they inherit your property. Proper estate planning with a skilled estate attorney can minimize inheritance tax, state and federal tax. With an irrevocable trust, you can transfer property to a beneficiary with no estate tax implied, and couples can use their marital status to have federal estate tax exemption through proper estate planning. Without all these is place, your family would end up having very little of what you intended for them after paying huge estate, income and inheritance taxes.
4. Avoids family conflicts
Family members fighting over property is very common. When there is no estate plan, then your wishes are unknown and this gives room for anyone and everyone to compete for that real property, house or company. This takes them to court, and long-term rivalry might begin within your once all-loving family members. Stop the conflicts before they get a chance to start by stating who gets what in a Will or Trust.
Why should I get legal assistance from an Estate Planning Attorney near me 10019?
Giving peace of mind to clients is what the New York estate planning lawyer does best. Have a clear picture of what you want for your loved ones and your assets when you are no longer around, and have know that whatever happens to you, what you want is what would be done. When you have this guarantee, then you can sleep well at night knowing that no matter what happens, your loved ones would fare excellently. This guarantee is what the estate planning attorney 10019 gives you. Well experienced in estate planning, he will help you create a valid New York Will, trust, power of attorney, health care directive, an efficient tax plan, and even offer legal assistance during probate. For the best legal services, contact the estate planning attorney New York today.