You will work very hard throughout your life in New York to accumulate assets and properties with the hope of them one day benefiting your future generations. The thought of having to lose any of the overall value of your estate to taxes, then, may be quite disheartening. Yet an estate tax management strategy should be included as part of the estate planning process. With the proper preparation, you may be able to avoid paying estate taxes altogether.
People procrastinate for many reasons, whether they are going through a hard time at work or they have recently been through a tough divorce. Unfortunately, procrastination can make things significantly worse, and this is especially true with respect to estate planning. Some people may push off setting up an estate plan because they feel as if they do not have the time to create a will or trust, or maybe they are simply hesitant to think about such a difficult topic. However, this can lead to serious consequences, such as an estate being mismanaged in the future.
When you are planning your estate, you may be consumed with topics including asset protection, selecting beneficiaries and other common aspects of coordinating a plan for your future. While these preparations can give you peace of mind, they can also aid in helping you to continue to support your spouse even after your death. At Codispoti & Associates, P.C., we have helped many people in New York to articulate their wishes in a concise and organized estate plan.
Planning ahead to protect your estate in New York requires a lot of foresight and consideration. One decision to make is who will be the executor of your will and/or estate. While you may have the perfect person in mind, there may not be one who you think can handle everything. In these situations, naming a co-executor may be a smart move.
From tough decisions that have to be made while creating an estate plan to hurdles that surface once a loved one passes away, there are many legal considerations for people who are dealing with estate planning and probate matters. Unfortunately, some of these matters can lead to bitter disagreements that often involve family members, such as a sibling. There are a number of reasons why families in New York may run into these problems and in this write-up, we will look at how they can affect sibling relationships.
Estate planning and probate can be tough for many reasons, emotions can run high and all people involved may be confused about certain facets of the process. Setting up and modifying an estate plan can be tricky, but it can also be difficult for people to deal with an estate following the loss of their loved one. Not only is this true for executors, but beneficiaries may also face challenges. For example, an executor may fail to live up to his or her fiduciary duties, at which point beneficiaries and those concerned should look into their options and handle the issue promptly.
A number of different life changes may necessitate revising your estate plan, but the end of marriage is a particularly common reason for going over a will or creating a new trust. There are a number of ways in which divorce can lead to changes with respect to a person's estate plan, such as removing someone who they named as the executor, but we will focus on beneficiaries in this post.
We have covered quite a few different topics related to estate planning on this blog, but this post will focus on estate planning issues that affect those with a high net worth. For people with significant assets, estate planning can be especially stressful and may even be challenging at times. Moreover, those who are struggling with a recent divorce can be particularly unsure of which course of action makes the most sense. As if a high-asset divorce is not tricky enough, the estate planning questions that may arise as a result of a couple bringing their marriage to an end may further complicate things.
We have discussed different issues with regard to estate planning, but a number of other decisions may have to be made by those who are creating or reviewing a will or trust. For example, some people may choose to adopt an adult as an estate planning tool, but it is important to bear in mind that there are certain considerations which should not be overlooked when it comes to adult adoption.
There are all sorts of trusts that people are able to set up in order to make sure their loved ones are able to receive their property once they pass away. For some people, unique situations require an even closer look at different types of trusts, such as those who have a loved one with a permanent mental or physical disability. For some people in this position, a supplemental needs trust, also known as a special needs trust, may be very beneficial. However, it is vital to look at the ins and outs of this type of trust beforehand.