New Yorkers who have a well-crafted estate plan are taking necessary steps to prepare for the future. While this is a relatively obvious need, many ignore it. Surprisingly, a significant portion of those who fail to create even a basic estate plan are people 55 and older. Having strategies for the long-term is critical and legal help is vital to accomplish this.
New Yorkers who are seeking to shield their assets as efficiently as possible yet still want to be generous with their loved ones should think beyond the simplest aspects of drafting estate planning documents. Understanding the available loopholes to perform certain acts of giving are wise strategies to avoid tax implications while providing loved ones with items the person wants them to have. For example, the beginning of the year is generally viewed as the optimal time to give estate planning gifts. To understand the law fully and be protected, it is always wise to have legal assistance.
Remarriages and blended families are not uncommon in New York. With that comes certain issues that, if left unattended, can cause family disputes with rancor and the potential legal ramifications. Those who have gotten remarried, and have children from the previous marriage, will want to take steps to shield their children and avoid missteps that can cause negative consequences.
When New Yorkers create an estate plan, those who are married will inevitably include their spouse as a key part of it. This can be as the predominant heir and perhaps the executor of the estate. However, after drafting estate planning documents, some marriages will come apart and the couple will divorce. This can impact the estate plan in myriad ways. After a divorce, there are important considerations that must be factored in given the new circumstances.
There are certain aspects of life that New Yorkers will prioritize based on their age and current life situation. For example, a person with a family who is established in his or her career will likely place a greater emphasis on having all the essentials in place. That includes health insurance, a stable home, a stable job and an estate plan. For younger people - especially millennials - these might take a backseat toward becoming established and enjoying life with a freewheeling attitude. However, the failure to take the necessary steps in drafting estate planning documents is something these individuals regret every day. For millennials, understanding what documents are important and why is key to having a viable estate plan.
While crafting a comprehensive estate plan is often framed as a safety mechanism for family members, not every New Yorker is married. This could lead to a perception that they do not need to move expeditiously in creating an estate plan. However, it is important for everyone to have an estate plan and this combines with the new Trump Administration tax laws should be factored in when creating or updating it. For single people, it is wise to understand how to prepare an estate plan with the new tax laws in mind.
New Yorkers should be fully aware of the importance of drafting estate planning documents. There are a seeming endless number of reasons why this is a good idea. Often, however, people who have an estate plan will not update it as needed. Simply having the estate plan is rarely enough. Knowing when and why it is essential to update the plan can avoid long-term problems and regret.
Estate planning and proper preparation for the future are key for New Yorkers of all ages and in every financial situation. This is especially true for people who are wealthy, prominent and getting up in years. For people who are in this situation, having legal assistance is a must to make certain that there is adequate protection for every aspect of their lives. Evidence of how crucial this is recently became evident when the comic book creator and icon Stan Lee died at age 95.
Estate planning can be a difficult process for New Yorkers when they are determining strategies to pass along their assets. What can make this even more complicated is when the assets go beyond the basic and tangible to that which is open to desire and interpretation. Specifically, that will include items like art, jewelry and goods that might not appear to be worth much when on the market, but have sentimental value to prospective heirs and can be subject to an intense dispute. Having assistance from a qualified law firm that specializes in complicated estate planning is a must in any situation, but is of great importance with these cases.
New Yorkers who do not take the necessary steps to craft a well-designed estate plan will inevitably regret it. While these documents are often considered to be essential only to those who have significant assets, everyone can use estate planning strategies to avoid family disputes and ensure that the person's property, savings and more will go where they want after they have passed. In most cases, this is not as complicated as it sounds, but there are certain aspects that should be considered beforehand.