An estate plan is a plan that you should work with an experienced attorney to create. A simple estate plan will address what happens to your wealth after you pass away. You can also take additional steps to create a more comprehensive plan that is aimed at protecting your assets, caring for your family in the best way possible, and maintaining your autonomy at the end of your life.
Mark S. Eghrari & Associates PLLC can provide you with information on the estate planning process and can assist you in making a plan that is personalized to you and that meets all of your important goals. Everyone’s desires are different when it comes to creating a legacy, so it is important you have a plan that is designed based on your lifestyle situation, the status of your assets, and your goals for yourself and your family. Give us a call today to talk with a Long Island estate planning lawyer to find out how our firm can help you to make a customized plan.
What is an Estate Plan?
An estate plan is a plan for what happens after you pass away. Your plan should involve putting appropriate legal tools to work to ensure your family is protected and to ensure your assets transfer to appropriate heirs or beneficiaries.
The specifics of your estate planning process will be determined by your family situation, the amount of assets you have, your goals for the future, and many other factors. For example, if you are concerned about avoiding estate tax, you will take different steps to make an estate plan than if your primary concern is making certain a minor child is cared for if something happens to you before the child reaches adulthood.
Your plan may include the use of many different tools and documents. One of the most common estate planning tools is the last will and testament, which is a simple but important document that you can use to outline who inherits. However, a comprehensive plan often goes behind just will creation.
You can also use trusts, gifs made during your lifetime, and even create a family limited partnership or LLC to facilitate the transfer of your money and property. The extent of planning you must undertake and the types of tools you need to use will depend upon the value of your assets and many other factors specific to you.
You can also go beyond just planning for your legacy and can make plans for end of life issues and take steps to protect your assets both during your life and after your death. For example, you can make an incapacity plan to ensure nursing home care can be paid for and that your family does not have to make difficult decisions if something happens to you. You can use advanced directives to avoid getting unwanted healthcare at the end of your life, and can use tools like powers of attorney to ensure that the right person manages your wealth if you cannot.
The key is to ensure you are using the most effective legal tools to accomplish your planning goals and to make sure you use those tools correctly. An experienced attorney can help.
When Do You Need to Make an Estate Plan?
You should make an estate plan long before you get older and start to seriously think about your legacy. In fact, many people wait too long to make an estate plan and miss out on certain opportunities to protect assets.
Making a plan early is important not just so you can get advice from an experienced attorney about the best ways to grow and protect your wealth, but also because you never know if something unexpected will happen to you. You don’t want to let default laws dictate what happens to your assets, or leave your family in a difficult situation because of your lack a plan.
Mark S. Eghrari & Associates PLLC can help you to make an estate plan that is appropriate to your age, lifestyle, asset status and family. We’ll help you to keep that plan updated as your life changes so you are always prepared.
Getting Help from A Long Island Estate Planning Lawyer
The estate planning process is one of the most important things that you can do to ensure a more secure future for yourself and for the people you love. To find out more about what is involved in this process, download our estate planning checklist.
You can also give us a call at (631) 265-0599 or contact us online to get personalized advice and assistance throughout the estate planning process.
- These Trusts Satisfy Advanced Estate Planning Objectives - June 15, 2021
- Three Tips to Provide Inheritance Planning Insight - June 11, 2021
- Veterans Pension Can Defray Long-Term Care Costs - June 7, 2021