When you are making your estate plan, you want to be fair to all of your heirs or beneficiaries. However, as Long Island estate planning lawyer Mark Eghrari explains in a Forbes article, this does not always mean that you want to distribute your assets equally.
For example, if you have two children and you have $1 million to distribute among them for an inheritance, it may seem fairest to give each child $500,000. However, if you already paid $250,000 for your oldest child to go to college but your youngest child hasn’t yet started school, giving each of your children $500,000 would make your youngest child much worse off. Your youngest would need to use money from the trust fund you left behind to pay for college while your oldest child would get to keep the full $500,000.
You can learn more about how to ensure you are fairly distributing your assets to your heirs or beneficiaries by visiting Forbes to read the rest of the article on distributing assets. If you are ready to make an estate plan that provides for your loved ones, you can also give us a call at (631) 265-0599 or contact us online at any time to get personalized help.