Choosing an executor for your estate is an essential matter and one you may find daunting. Most people put family members at the top of the list, and this is logical considering that those closest to you know the most about your intentions and the assets that need to be inventoried. The job of the executor is time-consuming, however, and depending on the size of your estate, the work involved may take two years or longer before distribution to heirs and assignees can take place.
New York residents who are getting married for the second or third time might want to consider creating or updating their estate plan. Without a will, the state will decide what becomes of their assets. People who have children from a previous relationship or an ex-spouse may need to update their estate planning documentation accordingly.
Angel investors in New York can take a number of steps to ensure that they pass their wealth on to their children, grandchildren and future generations. They can begin setting up trusts to share assets with their children and remove those assets from their taxable estate before there has been significant growth in the assets' worth. Trusts are also a good way to begin teaching children how to invest and how to manage money. Assets in a trust can be designated for specific purposes such as education or for buying a house.
Living wills are part of a well balanced estate plan. Those who are considering including these documents within their estate plan often have many questions. Some of the more common are listed below.
Creating an estate plan may mean deciding whether to use a will or a trust or both. A will may be best for sentimental items and items that have lower value. However, New York residents might want to consider placing their most valuable assets, including a home, into a living trust.
Estate planning can be so much more than just drafting a will. Your estate plan is a way for you to manage your assets so that you and your loved ones are taken care of up until your passing. One part of estate planning that can sometimes get overlooked by do-it-yourselfers is Medicaid planning.
When prepared properly, an educational trust may help New York grandparents cover the educational expenses of their grandchildren and future generations. However, there are many questions that they may need to ask themselves before creating such a trust. For instance, it may be necessary to consider if a trust is even worthwhile. Those who are contributing more than $28,000 a year may wish to simply write a check to a grandchild's college or university because of gift tax implications.