The covid-19 pandemic had hit the world hard, affecting the lifestyle of the people. It not only affected the world’s economy but different other things also. Estate planning is one of the areas that also got affected during this pandemic. People who were not so serious about estate planning are now thinking of doing one. Because due to the present situation, the future is uncertain, and any unwanted thing can happen. So, in covid-19, the demand for estate planning experienced upward growth. In this upward trend, an estate planning attorney near me 11804 are the ones getting benefits.
Covid-19 has opened the eyes of many people, and they understand the need for estate planning. Hence, this is a good thing as people are becoming more conscious about their family’s future. Many state governments witnessing this situation have come up with plans and policies that will give more boost to estate planning. The state governments introduced a new way of virtual estate planning. This type of planning gets executed with the help of an estate planning lawyer near me 11804.
Let’s list out some of the factors that need to get considered while framing an estate plan during this pandemic:-
Transferring Assets Through Estate Planning Attorney Near Me 11804
In this present situation, the estate planners can do one thing; they can transfer some of the assets to the heirs. This will reduce the value of the estate that will get transferred upon the estate planner’s death. A low-value estate does not attract much taxes. Also, state laws provide tax exemptions to low-value assets. Thus, reducing the risk of estate value reduction during the transferring process.
The estate planner must not transfer the cash flow, producing assets. These assets are the reason for cash inflows. These assets are like retirement plans for the estate planner. Thus, transferring it to the heirs before they die can be a loss for them. Therefore before entering into this process, a person must consult an estate planning attorney near me 11804 to know what is best for him/her.
Update the Existing the Estate Plans With the Help of an Estate Planning Attorney Near Me 11804
If a person has already made his/her estate plan in the past. Then during this pandemic time, he/she must review it. So to ensure that the assets will go to the right person upon his/her death. Reviewing the estate plan is mandatory because there may be some changes in the family structure of the estate planner. Change in family structure such as divorce, born of a new child, new wife, etc. These changes make the review of the estate plan mandatory. Buying new assets or selling the existing ones also raises the need to review the estate plan. So that all the assets will get included in the estate plan. Keeping track of everything and updating the estate plan is difficult. This is why the estate planner must hire an estate planning attorney near me, 11804.
Estate Planning Attorney Near Me 11804: Taxes
During this covid-19 pandemic, the government has come up with many tax exemptions. These tax exemptions, if used correctly, can prevent the reduction of estate value. Taxes are one of the main reasons for a decline in the value of the estate. So, if you can avoid them through government policies, it can prove to be very beneficial for the heirs. Understanding the policies related to taxes is very difficult; thus, hiring an estate planning attorney near me 11804 can be beneficial. With his/her years of experience, the estate planner can take advantage of every tax policy of the government.
Interest rates during this pandemic are very low. Thus, making the conditions favorable for framing an estate plan. The assets that are held in trust can give more profit if the interest rates are low. Therefore the estate planner must try to transfer most of his/her assets into trusts to ensure maximum benefits for his/her heirs. The estate planning attorney near me 11804 can guide the estate planner in this process. With the attorney’s experience, the estate planner can expect the best results. These results are beneficial for the heir of the estate.
Estate planning is one of the areas which got an upward trend during this covid-19 pandemic. Estate planning attorney near me 11804 also got benefitted because of this upward trend. People becoming conscious about their family’s future is what we all experienced in this pandemic situation.