Estate planning attorneys at Mark S. Eghrari & Associates, PLLC provide help with the creation of a comprehensive estate plan. Getting legal help is important because the estate planning process is more complicated than many people realize it is. Making an estate plan is not just a matter of creating a last will and testament. You need to consider the specific needs of your heirs or beneficiaries and make plans to ensure that you are providing an appropriate inheritance structured in the way that will best benefit your family members.
Mark S. Eghrari & Associates, PLLC will work closely with you to determine the steps that you should take to make an estate plan that provides your loved ones with the inheritance they deserve and which gives you the chance to leave your desired legacy. Give us a call to find out about the ways in which our legal team can help with the estate planning process. You can also read on to find out some of the key ways to make an estate plan that takes your family’s needs into account.
Consider How to Distribute Assets Fairly Based On Your Family’s Current Situation
While it may seem at first glance like the fairest approach to dividing assets is to divide money equally among heirs or beneficiaries, this is not always the case. For example, if you have two children, you could leave half of your money to each of them. However, if you already paid for the entirety of the oldest child’s education and the youngest child hasn’t gone to school yet, leaving them equal shares of your assets could result in the younger child receiving a far smaller inheritance once school has been paid for. Consider the situation of each of your potential heirs or beneficiaries to determine what a fair inheritance would be.
Determine if Any Of Your Loved Ones Will Be Under 18 At The Time They Inherit
A child under 18 cannot control an inheritance directly. You may wish to name a guardian under the Uniform Transfers to Minors Act or to create a trust to take more control over who manages assets for the child and how the money is used. If you do not make plans for how an inheritance of young heirs or beneficiaries will be managed, the court may have to appoint a guardian. The guardian would manage money until the child becomes an adult, at which time the child could be handed a large sum of money with no limitations or conditions. If you don’t want this outcome, work with an experienced attorney to make a plan.
Evaluate Whether Your Heirs Will Be Able to Manage Money Responsibly
If your heirs or beneficiaries are not responsible with money, there is a risk that an entire inheritance you provide to them could be squandered. If you want to avoid this, work with an experienced attorney to ensure that you are using tools that allow assets to be protected. Through the creation of a spendthrift trust, for example, you could keep the inherited assets safe and ensure money and property you leave to irresponsible heirs or beneficiaries is not lost to creditors, bankruptcy or divorce.
Consider Whether an Inheritance Could Put Means-Tested Benefits at Risk
If you heirs or beneficiaries are receiving means-tested benefits like Medicaid or Supplemental Security Income, an inheritance could lead to a loss of government benefits. This could be a big problem if you want to leave money to help support a disabled loved one. You could make use of a special needs trust to ensure that a relative with disabilities can be provided for and can have his or her quality of life enhanced while not losing access to benefits due to receiving an inheritance.
Getting Help from Estate Planning Attorneys
There may also be many other considerations that are very important to your specific family situation. Mark S. Eghrari & Associates, PLLC can help you to evaluate the needs of your loved ones and to identify the legal tools that you can use to provide an appropriate inheritance to your heirs or beneficiaries. To find out more about how our estate planning attorneys can help you to provide for your family and leave your desired legacy, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online at any time for personalized help with your estate plan.
Latest posts by Mark S. Eghrari, Estate Planning Attorney (see all)
- How Medicaid Planning Helps Ensure You Can Get Essential Care as a Senior - February 20, 2018
- How Medicare’s Two-Midnight Rule Makes Getting Nursing Home Care Difficult - February 15, 2018
- Top Estate Planning Mistakes - February 13, 2018