What Does an Estate Consist Of?

Estate is actually everything that you own. It can be your car or your life insurance. Your personal possessions and savings account all come under the umbrella of estate. Obviously, all the property that you own also is part of your estate.

The Significance of Estate Planning

Estate planning is a necessary thing for everyone but most people do not opt for it. Some don’t know about it and some just think that it is unnecessary. But in reality, estate planning is for all of us. This is supposed to take care of your loved ones when you are no longer around. Thus, here are some of the reasons why estate planning is a must requirement for all of us.

You Can Choose Who Inherits Your Assets

This is a very necessary step that needs to be taken while you are planning your estate. Often you might think that why do you require to name anyone who inherits your property or other possessions. But it just so happens that after your death, it is the court who decides who should receive your assets. Now you may believe that this will resolve itself as your state’s intestacy laws will take care of it. However, money tends to bring out the worst in people and in our profession, we see a lot of family feuds over inheritance. There are things you may have overlooked for example being on the deed of one of your children’s homes in order to help them qualify for a mortgage. This would create an issue as now your other children can take advantage of the situation and try to claim those shares as part of their inheritance. Thus, it is always better to have estate planning to avoid such a family mess.

You Can Reduce Estate Taxes

A good estate plan can include tax mitigation strategies. For example, the current gift tax exemption is at a record high and can be used to limit your tax exposure. By creating a will and trust you can achieve a hundred percent in step-up basis for your primary home at the death of the first spouse.

Protect the Beneficiaries

Do you have children that are under the age of 18? These children for all intensive purposes are considered minors. It is especially important to have good estate planning in such a scenario. Remember without the proper documents such as a will or trust your beneficiaries are subject to either a probate or administrative proceeding in order to receive their inheritance. Furthermore, a minor who stands to inherit will have no say over such inheritance until they become of age and a guardian will be put in charge of their finances. A good estate plan allows you to choose who that guardian will be and how your monies are to be used for the benefit of your minor children.

This is the reason why estate planning is a must, especially when families have minor children. Thru carful planning you can protect and ensure that your children are well taken care of and hopefully not taken advantage of due to their inheritance.

Protection of Your Assets

Well, we love our belongings. Even it is a small co-op or a big house, whatever we own is dear to us and we want it to be taken care of when we are not around anymore. Estate planning is the perfect tool for making sure that your assets are kept safe. A good estate plan can not only protect your hard-earned wealth from creditors but can also see to it that upon your death when the assets pass to your loved ones they pass outside of marital property and their creditors.

Protection of assets is very important as it makes sure that your heritage is kept safe and it will continue to flourish long after your demise. In this respect, estate planning is the only and best option for asset protection.

Conclusion!

We hope that this article has given you a brief idea of how estate planning is important for all of us. The best time for estate planning is actually now. The sooner you do it, the better it is. At the end of the day, you will be at peace knowing that your assets are distributed according to your wishes, safeguarded and preserved for your loved ones. The best time for planning is now, call us to schedule your free consultation.

The post What Is Estate Planning? appeared first on Estate planning Brooklyn.

Also, remember that estate planning is not only about wealthy people. Estate planning means that you are giving your belonging to another person after your death. Now, this belonging can be anything and it does not have to be a very expensive house or a car. So, keeping in mind that estate planning is for all of us, this article is to give you a brief idea of what are the elements that an estate plan includes.

What Is Estate Planning?

Estate planning is the act of distributing all your belongings to any person or any organization through legal documentation. This is mostly done by people to protect their beneficiaries and their assets as well.

Must Have Contents in Estate Planning!

Here are some of the must-have things in any estate planning:

Wills or Trusts

A will or a trust is a must in any sort of estate planning. Even if you do not have any substantial assets you must have a proper will or a trust where you have distributed your belongings as per your wishes. Sometimes having a trust puts a limit to the estate taxes.

Now, proper documentation is very necessary for a will or a trust. You need to be very careful while distributing your assets to your loved ones. Any small mistake can lead to confusion which might end up in legal contest among your relatives. And this scenario could end up being very messy.

Having A Durable Power of Attorney

Making someone else a power of attorney is very important while you are still alive. If you are found to be mentally incompetent then the court might take your assets and give it to people, who you did not want to. So, to avoid such situations, you need to have someone else who can take decisions on your behalf.

Most people let their better half take the position of power of attorney, just for the sake of convenience. But you can choose anyone in the family who you trust the most.

Beneficiaries

Your insurance plans and savings account can be passed outside of your will. So, you must choose proper beneficiaries for these accounts. Just in case you do not happen to have any beneficiaries then after your death, the court tends to take such cases. And the decision of court might not be the same as yours. So, it is always better to have beneficiaries registered as soon as possible.

Remember that the beneficiary must be more than 18 years old and they should be mentally competent.

Letter of Intent

A letter of intent is basically a letter that you can leave to your beneficiaries stating what you want them to do with your possessions and belongings. This kind of document is not valid in front of court but definitely, it holds a lot of value to the beneficiary. This letter actually helps in the distribution of your assets and also portray your intentions to everyone in the family.

Healthcare Proxy

The healthcare Proxy actually gives another person the power to make healthcare decisions for you. You must be sure that the person with the healthcare power of attorney can be completely trusted and they would make the best decisions for your health on your behalf.

SOME IMPORTANT POINTS!

• Estate planning does not cater to rich people only. It is for everyone!
• You need to have proper documentation while planning your estate or else the probate court can potentially leave all your belongings to some unintended person.
• The estate planning will allow the family member or your attorney to carry out your wishes just in case you become incapacitated while you are alive.

Conclusion!

Having an estate planning is really a necessary step so that all our loved ones can be protected after we are gone. This also ensures the well-being of our hard-earned heritage as well. We hope that this article has given you a good idea of the estate planning and what it constitutes. For more information on how estate planning can benefit you and your family please call our office and take advantage of our free consultation offer.

The post What Does an Estate Plan Include? appeared first on Estate planning Brooklyn.

Planning Your Estate

When you are going through the process of estate planning, it would mean that you get to decide how the possessions of yours are going to be distributed after your death. There is no doubt that it will also decrease the burden that your loved ones have to take when they are making decisions such as property division. Regardless if you own a small co-op or a portfolio of building don’t you want to control who gets what?

List The Assets That You Have

Having a proper estate plan is an effective and efficient method to ensure that the whole process of estate planning goes smoothly. However, everything isn’t as easy as it seems. You need to make sure that you form a list of the things that you own. This could include real estate, investments, family heirlooms, bank accounts, vehicles, and so much more. You also need to ensure that you keep on updating this list of yours periodically. You can keep on adding the things that you acquire as your property.

Making A Will

This is definitely one of the most important things that you need to include in the process of estate planning. The will of yours would be the ultimate legal document that you need for the process. This written document would dictate the entire process of distribution of the property that you have after your passing. In case your death occurs before the creation of a will that is valid, the state law has the authority to govern the entire distribution process of the estate. Also, the state law can decide who is eligible or capable of becoming guardian of your children that are minors.

Update The Beneficiary Information

Here is the one important thing without which your estate planning process will definitely not be complete for sure. You need to make it a particular event annually to check as well as update the beneficiary information for sure. This can save your family and loved ones from probate costs and the additional burdens that come with it as well.

With a smart estate planning process, anyone would be able to do it in the best way. You don’t necessarily have to be rich as we have proved in the points above. All you need to do is have some property that can be distributed amongst the people who you love and trust. The process is entirely simple.

Having An Up-To-Date Estate Plan Is Important For All

Not just the wealthy people but commoners can take part in the estate planning procedure for. In fact, we are here to tell you that having an estate plan is important and efficient also is an essential part of one’s consideration when contemplation retirement. There are so many different benefits that one can get with the creation of a proper and effective estate plan. Here we are going to mention some of these right now.

• You can easily eliminate or minimize the estate taxes
• There is a scope for providing for the orderly family business succession in the best way
• It is the perfect plan which can be used for incapacity
• Your loved ones can avoid probate and the fees which are associated with it
• There will be no form of family discord since everything will be distributed legally according to the will
• It can potentially help in the preservation of the wealth throughout several generations
• Protection of assets from divorces, lawsuits, and creditors

Conclusion

Having an estate plan is not just important for the wealthy and rich but for mediocre property owners as well. This helps in establishing proper relationships between your loved ones and settles property distributions after your death. Hence call us to schedule your consultation with one of our estate planning attorney’s to see how a proper estate plan can best benefit you.

The post Is Estate Planning Only For the Wealthy? appeared first on Estate planning Brooklyn.

Well, it might not be that common for the owners to provide something for their pets in their wills and trusts, this practice is definitely catching on. More and more people are trying to make certain provisions for the pets that they have. Estate planning is a very important and people are ensuring that after their deaths, their pets are well taken care of.

Why You Need To Include A Pet In Your Will?

Now you must be wondering why anyone would want to include their pets in the will. To be honest, the problem actually lies in visualizing what it would be like to have a pet in your will. Most people don’t even know that such an option is available for those who want it. However, there are some law firms that tend to provide such services. There are so many people who have questions regarding pet estate plans. So, here we are going to provide you with some answers and thoughts. When it comes to estate planning for pets and who will be looking after your pets after you’re gone.

In case you don’t include your pet in the estate planning process, the pet would be considered as a ‘property’ under your will. So, the state law will decide where the property goes. They will be deciding the future of your pet. Hence, there are some people that make their pets an inclusion in their wills. This is to ensure that their future is secured in case of the death of the owner.

What To Do While Estate Planning For Pets?

So, during the process of estate planning for pets, what does one do? Well, there are certain things that the owner will be able to do. There is an option where the owner can designate a person to look after and take care of the pet. This is similar to handing some property over to a designated beneficiary. There is also another option that they can choose and that would be the creation of a particular pet trust. Now you might be wondering what exactly that is. Well, the pet trust can actually be included in the will or be a separate legal document and just have a reference in the will. This is dependent on the laws of the state.

With a pet trust, there would be a person who will be the guardian owner or the trustee of the pet. This trust is also able to offer some assets which would go to the pet’s care and needs. There is another consideration that people can make. Taking out a certain portion of the life insurance and adding the trust as a particular beneficiary is also an option that most people tend to choose. This depends on the insurance company and if they allow this then the pet trust would have this particular asset to get the help from after the death of the owner.

So what happens if there is no accommodation provided for the pet and there is no one to take care of it? Well, then the pet would be offered to the local or state board of animal control which is not really a very good idea. Hence it is advised to have estate planning for pets in order to make sure that they are looked after in the future.

Conclusion

If you want to have proper estate planning for pets, then you need to have a lawyer to help you out with certain trusts and wills. To some their pets are their best friends why not make sure that your best friends is safe and well taken care of when your no longer around.

The post Estate Planning for Pets: Why You Need To Do It? appeared first on Estate planning Brooklyn.

Some Tips for Estate Planning for Parents

There are some very important points that you must consider while taking care of estate planning if you have offspring of your own. Here are some tips which are going to help you in this respect.

Tip 1: Leaving Assets Right to Children

Giving all the rights of the assets to the children whether they are minor or adults is not a wise choice. You need to be careful while making such decisions. Because after all, they are young. And with all that money it will be difficult for them to manage. They might just spend all of the money within a few years. So, you must make this decision very careful with lots of consideration.

One thing you can do in this respect is that you can leave the assets to a guardian, who will take care of that until your children reaches a certain age. This way you can safeguard your money for the long term and in the meantime, the guardian will be able to train your children about handling money and all the other assets.

Normally people would consider the guardian as their spouse. Just in case you do not have that option, you can choose a close relative who can be trusted. Because at the end of the day you do not want all of your money to go in the hands of the wrong people. They might take advantage of it. So, go slow and think wisely before making such decisions.

Tip 2: Write A Will

Writing a will is so necessary if you have children. As mentioned above if you cannot trust your children fully with the assets, then you need to have a guardian to take care of them. You can appoint this guardian through the will. You need to name the person in the will and give him or her all the rights of your children while you are around.

This step is very necessary for the parent while attempting estate planning because if the name of the guardian is not mentioned in the will then the decision will go to the court. The court will get to choose the guardian for your minor children and this choice might not match with your preferences. To avoid this situation, writing a proper will with proper directions appointing the guardian is very essential.

Tip 3: You Must Have A Life Insurance

Life insurance is more of a financial choice than a legal one. But it is one of the smartest moves you need to make as a parent. Life insurance basically guarantees your family a certain amount of money on your untimely death.

This is to keep sure that if one of the parents dies suddenly then the other parent would get a good amount of money to stabilize the family again. This is a very wise decision for people who have children. If something happens to one of the parents then the other parent will be able to take care of the children with the insurance money.

Tip 4: Designation of Beneficiaries

Beneficiaries are those people who will have the right to all your saving accounts after your death. So, if you have children, try to make your spouse or your children as the beneficiaries of accounts so that when you are no more around them, they can still have the required financial stability. If you fail to put the name of beneficiaries to your accounts then there might be a contest among family members, regarding the money and this will only lead to a mess.

Conclusion!

Responsibility is the main key of parenthood and the only way you can fulfill your responsibilities towards your children, after your death, is through estate planning. So, make sure you make the right choices while making the plan. Speak with an experienced estate planning lawyer to learn more about how estate planning can best benefit you and your family.

The post Estate Planning for Children appeared first on Estate planning Brooklyn.

What Does Estate Planning Include?

Following are some of the must-have items which should be there in any estate planning

• Last will and testament – This last will or testament actually consists of your last wishes regarding your distribution of your assets and who should get it.
• Power of attorney – You must have the power of attorney who can take decisions for you just in case you are found to be mentally incompetent while you are alive. You must be careful while choosing your power of attorney. He or she must be trustworthy and they should agree with your point of view and opinions regarding the distribution of property.
• Healthcare Proxy – A healthcare proxy is a must in estate planning. You can give this power to a very trusted person who will be able to make the right medical decisions for you when you won’t be capable of doing so.
• End-of-life plan – End-of-life planning actually requires you to distribute all your belongings to your loved ones. In case you do not have this plan in your estate planning then the decision is taken by the court. And more often is the case that the court gives it to the people who you did not want to have. Thus, it is one of the most important parts of your estate planning.

The Importance of Estate Planning

It does not matter whether you are single or married while having an estate plan. This legal document provides safety and security to your loved ones and also ensures that all your hard-earned belongings are kept safely with the people who care about you.

Thus, estate planning is not only a practical decision but also an emotional one. It offers you peace of mind before dying that all you love will be taken care of no matter what.

Tips for Singles About Estate Planning

Here are some tips that can come handy to any single earner regarding estate planning.

Take Time to Make Your Estate Planning

Even if you are single it is highly important for you to have an estate plan. Mostly married couples give most of their belongings to their spouses. But since you are single, you do not have that option. So, you need to sit down and think carefully as to who would be perfectly suitable to take care of your assets after you are gone. So, take your time and decide accordingly about the beneficiaries.

You Have to Have the Power of Attorney and Health Care Attorney

As stated above, you need to have a power of attorney and a health care attorney. They will take care of you even when you are alive and not in a position to take your decisions. The power of attorney will look after your financial matters while the healthcare proxy will take care of your medical decisions.

So, while choosing people for both of these roles you need to be careful. You must trust them fully before giving them such huge responsibilities.

Choose Your Heir

As you are single, you need to decide who to consider as your heir. Normally people give it to their children or their spouse. But if you are unmarried, without any children, you need to identify your most loved one who you can trust completely with your hard-earned assets. Try to give this to the person who is close to you and who can benefit the most from your assets.

Update the Planning

It is not necessary that once you have made the estate planning, you cannot change it. You can definitely change and update your estate planning until you die. So, if you ever feel like making some changes, you can correct it accordingly.

Conclusion!

Estate planning is important for all people in the world, whether married or unmarried and we hope that this article will act as a guide to all the single people working towards their estate planning! Estate planning can be difficult contact us today to setup your free consultation with one of our experienced estate planning lawyers to see how planning can help you.

The post Estate Planning for Singles appeared first on Estate planning Brooklyn.

What Is Estate Planning?

Estate planning is a legal procedure through which you can distribute all your belongings and assets among family members and friends who you intend to. Since it has to be done legally, care must be taken while distributing the assets to avoid a mess in the later times.

Why Is Estate Planning Necessary?

Here are some of the common and important reasons as to why any married couple should opt for estate planning.

• It helps you give control of all of your assets after your death.
• It ensures the financial stability of your family even when you are not around.
• You can have your own medical guardian just in case you are not in a position to make fair decisions.
• It makes the transition of property and assets to the beneficiaries and spouse pretty easy.
• Through estate planning, you can choose the person to administer your assets. This might not happen if the decision lies in the hands of the court.
• The burden of funeral planning can also be reduced through estate planning.

Estate Planning for Married Couples

There are so many reasons why estate planning must be considered by married couples. These are some of the important reasons and tips for married couples regarding estate planning.

Tax Deduction

It is one of the most popular reasons why married couples opt for estate planning. If you end up giving all of your estate to your spouse, you can actually lessen tax burden. This is called the marital deduction. The estate would naturally take a marital deduction for the amount of property your spouse inherits. But the thing is there is no limit to the marital deduction. If you want your spouse to take care of all your assets after you are no more than this is one of the best ways to do it.

Child Guardianship

If you and your spouse have minor children then it is necessary to mention the guardian of your children in the will. This is necessary as it will ensure the custody of the child after your death. In the case of death of both the parents then the child is given to a third guardian. Mostly the guardianship is given to the better half or to a very close family member.

Remember if you have no children or if you have children who are not minor then legal guardianship is not required in estate planning.

This same rule applies in the case of pets as well. You can appoint any guardian to your pet in case if something happens to you. You can legally give the authority to the appointed guardian through estate planning.

This shows that the field of estate planning is really very dynamic and you can use it to legally distribute all your belongings to the specific people of your choosing.

Marital Property Distribution

Marital property pertains to the property that you have acquired together as a married couple. It can be a joined account or a property or a car. Now normally if one of the partners dies, the property goes to the other obviously. But you need to discuss with your spouse who to give it to, in case you both meet with an accidental death. You can give the authority of your marital property to your children or a close relative who you trust the most. It is necessary to always pass on your assets to people who would take good care of it.

Health Care Planning

This is a must for people who are thinking of estate planning. Through health care planning you can give authority to your spouse to make medical decisions for yourself just in case you can’t do it yourself.

Conclusion!

It is highly essential for all the married couples to have proper estate planning and we hope that this article will help you in this respect. Call us and speak with an experienced estate planning lawyer to discuss your individual situation and see what type of estate plan can best help you!

The post Estate Planning Tips for A Married Couple appeared first on Estate planning Brooklyn.

What Is Estate Planning?

Estate planning is the overall transfer of your assets to your loved ones. In estate planning, you can decide about the distribution of your assets among your loved ones, so that when you are no longer around, they can still be finically secure and independent.

Why Do You Need an Estate Plan?

Here comes the obvious question of this article. We know that people are struggling with this question and in the end, they think that they don’t need an estate plan. But that is completely a wrong conception. There are so many reasons why you need to have an estate plan. Some of these reasons are mentioned in this article.

Estate Planning Allows You to Make Your Own Choices

Through estate planning, you can choose who gets what. You can easily divide your assets according to your own choice. In the absence of any estate plan, the decision goes to the court. The court chooses who will get what amount of your assets. And this decision might not be in sync with yours. Most of the times the family members start contesting among themselves regarding the asset distribution. This makes the relationship within the family very bitter. Thus, you need to have proper estate planning to avoid such issues.

It Will Protect Your Children

With people having children, estate planning can be of great help. Just imagine that you do not have any estate plan and you die suddenly due to an accident. What happens to the future of your children? How are they going to survive? To avoid such situations you need to have a strong estate plan which will make sure that even after your death your children will be financially independent and they won’t be facing any troubles whatsoever.

You Can Reduce Your Taxes

A lot of your money can get eaten up due to taxes on your property. This can be easily avoided by having a good estate plan. You can consult your lawyers and financial counsellors regarding minimizing the tax and eventually if you come up with a well- structured will and estate plan, your heirs can be protected from paying this huge amount of taxes. Most couples go for this option to mitigate taxes.

You Can Continue Your Legacy

Estate planning is all about protecting the things and the people you value the most. By making a proper estate plan you will not only take care of your loved ones but at the same time, you can ensure the safety of all of your belongings. The assets that you have built through your hard-earned money need to be protected no matter what.

It Will Help in Business

For people who are running a company, or a small factor or a big organization. Estate planning is a must. This company needs to continue even after you are not around. Thus, you need to have an estate plan stating the power of attorney of your company so that after you are gone your company is well taken care of. In an absence of any will or estate plan, your company might be seized by the government or it might go in the wrong hands. Thus, you need to have proper planning for your business as well.

It Helps in Charity

It is not necessary that all of your hard-earned money has to go to your loved ones only. You can even donate an amount to charity if you want to. This can be done easily using an estate plan. You can include your favourite charity on your will in your trust and the share of assets you want to donate them.

Conclusion

Whether you are rich or poor, estate planning must be a top priority. And the best time to do it is now! Call us to setup your free consultation with an estate planning attorney to learn how estate planning can benefit you and your loved ones.

The post Do I Need an Estate Plan? appeared first on Estate planning Brooklyn.