If you live in New York and have worked hard to leave a legacy behind to your loved ones, you may have concerns about just how much tax the government will assess on your estate. Every dollar the government takes from your estate is one that cannot go directly to your loved ones, so learning how to minimize estate taxes is an important component of the estate planning process. At the law offices of Joseph A. Ledwidge, P.C., we understand the ins and outs of estate planning, and we have helped many clients who wished to preserve as much of their wealth as possible for their loved ones.
If you are a New York resident who has yet to make a last will and testament, you may wish to consider making one. Wills are not just for the wealthy. Regardless of your financial status, your will is the means by which you set forth your wishes as to who receives your property when you die.
If you, like many people across New York, are working on your estate plan, one of the many important decisions you may have to make involves who to name as your executor. The executor role involves a high level of trust and responsibility, so it is not a decision you should make without first devoting careful consideration to it. At the law offices of Joseph A. Ledwidge, P.C., we recognize the critical nature of naming the right person as executor, and we have helped many clients navigate this and related estate planning matters.
Will the money in your retirement account actually go to your children as you intend? Unfortunately, not all New York residents can be sure. While you may list your children as your heirs in your will, you may have actually named someone else as the beneficiary on your retirement account or pension. As an article on the CNBC website points out, some people do not always update their designated beneficiaries, causing many would-be heirs to wage court battles to retrieve assets from a dead relative only to receive nothing for their pains.
Part of wise estate planning includes considering the uncomfortable but necessary scenario of who should raise your children if you and your spouse suddenly and unexpectedly pass away. Choosing the proper New York guardians can be agonizing, but it is necessary to ensure your children enjoy a fruitful and proper upbringing. You can make the process simpler by narrowing down the decision making process into a few key areas.
The news that a loved one has just passed can be heartbreaking news, even if the passing was expected. While it is important to take some time to grieve, as a survivor and close family member, you also have a duty to make sure the estate is preserved so everything that the deceased had owned can be handled according to the New York decedent’s will. Agingcare.com points out that the first immediate step you should take is to secure all the tangible property that the deceased owned.
If you count yourself among the many people across New York who have recently become first-time parents, congratulations. Your may feel consumed with learning the ropes of your new lifestyle, and you may, too, suffer from sleep deprivation as you navigate the waters of parenthood. As a new parent, you face unique considerations with regard to estate planning, and many people choose to create or revisit their estate plans after giving birth to a child. At the law offices of Joseph A. Ledwidge, P.C., we understand the estate planning needs of new parents, and we have helped many clients facing similar circumstances make plans for the future.
New York residents should face the fact that they may not always have the ability to decide what will happen to their personal finances. One way for you to ensure that you will retain control over your assets, including how they are managed, is to assign someone to act as your agent, to grant them power of attorney. Your agent will manage your finances in the event you cannot do so.
While it is not the most pleasant subject for adults in New York to think about, preparing for your death is important to securing the future of your children. You do not want to wait until it is too late to plan for how your children will inherit your assets. That is why now is a good time to consider how to make the best trust for your children while avoiding possible pitfalls.
New York probate court could serve several crucial functions for you, such as settling disputes between inheritors or discerning the intention of will authors. However, you may find it in your best interest to avoid probate altogether: This is often the preference of individuals with high net worth who expect to leave a large estate behind. Avoiding probate in these cases might hasten the disbursement of property from your estate to your beneficiaries. It may also help you circumvent court fees, professional service costs and even reduce tax.