No matter how much wealth New York resident may have, it is important that he or she develops an estate plan. An estate plan that is tailored to a person's unique situation can provide him or her with more privacy, control and security of their legacy.
You knew your parents to be intelligent and financially savvy all their lives. You went to them when you had a question about a home loan or another difficult monetary issue. As such, you felt confused and frightened when you found out they were recently taken advantage of by a telephone scammer – a common ruse that both of your parents should have been able to see through. This is unfortunately not an uncommon issue for many New York residents. Senior citizens are frequent targets of scammers and other dishonest people.
A New York resident who has assets to share with family members, charities or associates should plan the broad strokes of their estate plan before delving into the details of the paperwork. The estate holder should establish their goals for wealth, such as funding educations or creating inter-generational wealth. At the same time, they could benefit from communicating their values and goals to heirs.
According to a survey from Wells Fargo, 20 percent of Americans who are 65 or older become victims of financial abuse. However, only 10 percent of people in that age group think that it can happen to them. Older New York residents may be more vulnerable to such abuse if they lack estate plan documents that can help manage their finances if they are incapacitated.
The best time to create estate plans is yesterday. Anyone can benefit from them regardless of age or financial status. However, life happens, and estate planning may not come up until the senior years for some folks, including your own parents.
A common mistake that people make when creating a trust is not picking the right person to oversee it. New York residents may prefer to have a bank or some other entity oversee it instead. These entities could have a greater ability to act as a fiduciary and have a better understanding of the other legal and administrative requirements related to being a trustee.
New York residents who have significant assets to transfer to future generations may be lost as how to best do so. In some cases, it can be a good idea to give the money to charity. In others, it could be worthwhile to give assets to family members. Giving to charity can reduce the amount of tax an estate may pay after the donor dies.