Estate Planning is something that we often ignore because we don’t find it necessary. There is even, a survey which says that only 4 out of 10 Americans currently have an estate plan which refers to the fact that a lot of people are ignoring the importance of Estate Planning. Believe it, everyone including people who own a car, have furniture, own 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.
Estate Planning Brooklyn
It doesn’t matter if you have modest or large property Estate Planning is required. Let’s say if you have a small apartment in Brooklyn with a car, few investments, and savings then you might want to secure it, right? Estate Planning isn’t just for the elders or wealthy everyone should consider securing their estate. 22% of Americans are ignoring Estate Planning stating, “They don’t have enough assets to leave to anyone”. Also, 50% are ignoring it by saying, “They haven’t gotten around to it”.
Types of Estate Planning
A lot of us think that estate planning is all 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. Now, we do understand that it does sound a bit complicated but that is exactly why you should consult an Estate Planning Lawyer.
Benefits of Estate Planning
We believe Estate Planning is important 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 just simplifies the job and takes care of your loved ones even after you are gone.
- Important if you have kids – Let’s face it, life isn’t totally secure and anything can happen to anyone, anytime. Just imagine, what would happen to your kids if something happens to you and your spouse? They will end up in Child Protective Services till the count decides who will be their guardian but if you have an estate plan then you can designate their guardian when you aren’t around.
- Minimize tension & expenses – Without an estate plan, the courts are forced to handle everything according to the law in order to distribute your estate. 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 paid.
- Enjoy your retirement – Estate plan can actually 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 in reducing the taxes by taking advantage of the current gift tax exemption as well as potentially creating a step up basis on the death of the first spouse 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 a piece of mind.
A lot of people think that estate planning is very expensive, but it doesn’t have to be. Yes! You don’t need to go with the full complex plan. You can just simple 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 the estate plan doesn’t mean that you need to own a lot of assets, it simply provides the ability for you to decide who gets what and who will take care of your finances and medical decisions if you can’t while you’re alive.
Estate Planning Lawyer in Brooklyn
Experts have shared the opinion about estate planning, and they have said that planning is important 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 but they often ignore it putting it off to later feeling they are to young or not enough assets or even simply 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 important, it is never to early, majority of people start planning when issues arise and for some it might even be to late.Our Estate Planning Lawyer’s in Brooklyn offer a free consultation in order to better educate potential clients on the necessities and benefits of planning.