We often ignore estate planning because we don’t find it necessary. Even a survey says that only 4 out of 10 Americans currently have an estate plan, which refers to the fact that many people are ignoring the importance of Estate Planning. Believe it, everyone, including people who own a car, have furniture, owns a home, have saving accounts, possess life insurance, and have a few investments, should think about Estate Planning. If you have already thought about it, then, in that case, an Estate Planning Lawyer in Brooklyn can come in handy.
It doesn’t matter if you have modest or significant property; Estate Planning is required. If you have a small apartment in Brooklyn with a car, few investments, and savings, you might want to secure it, right? Estate Planning isn’t just for the elders, or the wealthy everyone should consider booking their estate. 22% of Americans ignore Estate Planning stating, “They don’t have enough assets to leave to anyone.” Also, 50% are missing it by saying, “They haven’t gotten around to it.”
Types of Estate Planning
Many of us think that estate planning is about signing off a will or trust for your family or charity. However, estate planning has a lot to give in, such as will/trust, durable power of attorney, beneficiary designations, letter of intent, healthcare proxy, power of attorney, and guardianship designations. We understand that it sounds a bit complicated, but that is precisely why you should consult an Estate Planning Lawyer.
Benefits of Estate Planning
We believe Estate Planning is essential, and the benefits of Estate Planning speak for themselves.
- Security for your family – Without an estate plan for your family, they potentially will get less money or estate due to taxes, and it will take them a bit longer to get it if they must undergo Probate. An estate plan simplifies the job and takes care of your loved ones even after you are gone.
- Vital if you have kids – Let’s face it, life isn’t secure, and anything can happen anytime. Imagine what would happen to your kids if something happened to you and your spouse? They will end up in Child Protective Services until the count decides who will be their guardian, but if you have an estate plan, you can designate their guardian when you aren’t around.
- Minimize tension & expenses – The courts are forced to handle everything according to the law to distribute your estate without an estate plan. You must know that this whole process is known as “probate,” and it does require a lot of time, and even for the modest estate, it can be expensive. So, having an estate plan can save your loved ones from this payment.
- Enjoy your retirement – an Estate plan can help you a lot even when you are alive. With the proper estate plan, you might even be able to divest yourself of your assets and qualify for government benefits like Medicare, preserving your wealth for future generations.
- Help in Reducing Tax – Estate planning can also help you reduce the taxes by taking advantage of the current gift tax exemption and potentially creating a step-up basis on the first spouse’s death for your real property.
- Peace of mind – during your retirement or after retirement, knowing that your affairs are in order and your family will be taken care of when you’re no longer around can help provide peace of mind.
Many people think estate planning is costly, but it doesn’t have to be. Yes! You don’t need to go with the entire complex plane. Instead, you can consult an Estate Planning Lawyer in Brooklyn to see what best fits your budget and covers your needs. We will not just guide you through the process, but we will also explain and make sense of how Estate Planning can be helpful to you and your family. Having an estate plan doesn’t mean that you need to own many assets. Instead, it allows you to decide who gets what and who will care for your finances and medical decisions if you can’t while alive.
Estate Planning Lawyer
Experts have shared their opinion about estate planning, and they have said that planning is essential for all adults and not just those with considerable assets. You would be shocked to know that around 50% of Americans have talked about estate planning. Still, they often ignore it, putting it off later, feeling they are too young or do not have enough assets, or even worried and uncomfortable talking about death. Some believe that planning consumes a lot of time or is too expensive and doesn’t make sense.
Well, planning is essential. But, it is never too early. Most people start planning when issues arise, and it might even be too late for some.