More often than not, people spend very less time on estate planning. They’d rather spend more time shopping and doing other activities. Estate planning is not something that can be completed with minimum planning and effort. After all, it is about choosing the heir of your estate or assets. Remember you worked hard for them all of these years. So take a little time and plan everything carefully. Today an estate planning attorney near me 11568 will explain the importance of estate planning.
Some people think that estate planning is a thing of rich people. It is about keeping your legacy alive once you pass away to the next life. Not having an estate plan can directly affect the financial situation of your loved ones. However, regardless of you being rich or poor, you can benefit from estate planning in ways more than one. Aside from securing your properties, assets, healthcare plans, we will give you some more reasons to start estate planning now.
Estate Planning Attorney Near Me 11568 Protects Your Beneficiaries
Nowadays, everyone has certain assets that they want to pass on to their heirs. If you do not name your heirs as beneficiaries in the estate planning, then the assets won’t be automatically transferred to them. They will have to fight a legal battle and spend a lot of money after your death to get a hold of your assets. According to an estate planning attorney near me 11568 name your beneficiaries in estate planning, will, life insurances, retirement plans and other documents. Because even some of these organizations won’t initiate the transfer unless beneficiary designations are mentioned in the document.
Estate Planning Attorney Near Me 11568 Protects Your Kids
As a parent, we have to provide for our kids until they are of the age where they can do it themselves. Please consider all the expanses it takes in parenting a child to adulthood. Now if you pass away untimely then how will you provide for your kids? Estate planning is of major help in this situation. Unless you name your child as a beneficiary, your assets won’t be automatically transferred to them. You can name your child as a beneficiary in the estate plan, so all of your assets go to your kids after your death.
Furthermore, if you have small kids, then you may want to think about naming a legal guardian. You can specify a guardian in the estate plan as well as put some specific instructions for them. They can take the responsibility of your kids after your death. It gives you peace of mind that at least someone else is there to take care of your kids in your absence. Also, consider establishing a trust that will hold all the assets until your child is of a certain age. Once your child is of that age, the trust will rightfully transfer your assets to them.
Savings on Taxes
Many people do not know this, but estate planning can provide your loved ones with some immunity from the IRS(Internal revenue service). Above all, you want to protect the interests of your family, right? The asset transfer that takes via estate planning contains the minimum tax burden. It can drastically reduce state inheritance taxes, state and federal estate taxes. It can also open up ways to decrease income tax. An estate planning attorney near me 11568 says not having an estate plan will require you to pay a huge chunk of your money as taxes.
Eliminates Future Family Disputes
You must have heard in the news about several families fighting over the estate of their loved one. Verbal and legal fights between families over estates is more common than you may think. Some siblings share an opinion one deserves a much larger share of the estate than the other. It gives rise to emotions such as hate, greed, jealousy, that can tear your family apart internally. Most of these cases end up in court. Having an estate plan in place can help you end these disputes once and for all. Since you are going to be naming specifically, which share of the estate will go to which beneficiary.
There are a ton of benefits in getting started with estate planning. An estate planning attorney near me 11568 can help you fortify your estate plan and make sure it goes the way you want to. Aside from formulating an estate plan, you will also need to revise it from time to time to make sure everything is in accordance with your interests.