In general Estate planning is a process of managing your assets. It is created during your lifetime and can serve to minimize taxes, avoid lawsuits and properly distribute your assets. Many people wonder if they should plan their estate. Having an estate plan is always in the best interest for you, your loved ones and the legacy you leave behind.
- Protect Children or Beneficiaries
One of the top reasons to create an estate plan is to protect the people you are leaving behind: you children, your spouse, other family members, or friends. Specifically if you are leaving children behind, having an estate plan in place is important because they depend on you financially. Having an estate plan would allow you to establish who would be your children legal guardian if you become incapacitated or pass away.
- Avoid Probate
Probate is the process of providing a Surrogate’s court with evidence to uphold the validity of the deceased person’s Will. Having your assets go through probate is a long, pricey procedure and is an overall hassle. It could tie up your estate and costs thousands of dollars in legal fees and other expenses. Another reason to avoid probate is that it is handled in court system and all of the information submitted by you becomes public records. Avoiding probate would keep your personal matters private.
- Reduce Taxes
Estate taxes can be very high and are imposed on an heir’s portion of an estate. This excludes the inheritance of a spouse due to the unlimited marital deduction. Since the estate tax is so high, it is only levied on estates exceeding 5.45 million dollars. Basic estate planning can help to eliminate these unnecessary estate taxes.
Estate planning is there for your convenience and to make life easier for you and your loved ones. If you have any further questions concerning estate planning in New York, don’t delay, contact the Law Office of Inna Fershteyn at 718 – 333 – 2394. We are conveniently located on Voorhies Ave right next to the B and Q train station. For more information visit our website at www.BrooklynTrustandWill.com.