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.
In cases in which a person has assets that are highly valued, they will have to pay state estate taxes, and in many cases, federal estate taxes as well. Probate fees may also another expense tacked on to the estate. To make the wisest choices regarding when, where and to whom one’s assets should go, it is advisable to consult with an attorney who practices estate planning law. The attorney can help with determining which estate planning strategies and devices should be used to lower inheritance taxes and probate costs.
The protection of one’s assets is another reason for estate planning, and there are many situations in which one’s financial assets can be at risk. For example, people who want to prevent most or all of their financial resources from being spent on any nursing home care they may require in the future should take proactive measures by creating an estate plan. Safeguards can also be put in place to have extra insurance coverage available if one is in a motor vehicle accident and their auto insurance limits have been exhausted.
Management and control of assets may be the most prevalent reason for estate planning. An estate plan can eliminate any guesswork when it comes to the handling of a deceased person’s estate.
An attorney who offers estate planning law may advise clients about what legal devices can be used to preserve their financial assets for future generations. Assistance may be provided with drafting estate planning documents, such as various types of wills, irrevocable trusts, revocable trusts and powers of attorney.