Estate Planning: Why It’s Important and How an Estate Planning Lawyer in Brooklyn Can Help
Estate planning is often overlooked and considered unnecessary by many individuals. In fact, a survey has shown that only 4 out of 10 Americans currently have an estate plan, highlighting the lack of awareness about the importance of estate planning. However, regardless of age or wealth, everyone should consider estate planning. If you have not yet thought about it, an Estate Planning Lawyer in Brooklyn can provide valuable assistance.
The Importance of Estate Planning in Brooklyn
Whether you have a modest or large estate, estate planning is crucial. Even if you only own a small apartment in Brooklyn, a car, a few investments, and some savings, it is important to secure them. According to statistics, 22% of Americans are ignoring estate planning because they believe they do not have enough assets to leave to anyone, while 50% have not gotten around to it yet.
Types of Estate Planning
Many people believe that estate planning only involves creating a will or trust for their family or charity. However, estate planning encompasses much more, including wills/trusts, durable power of attorney, beneficiary designations, letter of intent, healthcare proxy, power of attorney, and guardianship designations. While this may seem complicated, an Estate Planning Lawyer can guide you through the process.
The Benefits of Estate Planning
The benefits of estate planning speak for themselves and highlight the importance of having an estate plan in place.
- Security for your family – Without an estate plan, your family may receive less money or estate due to taxes, and it may take longer for them to receive it through the probate process. An estate plan simplifies this process and ensures that your loved ones are taken care of even after you are gone.
- Important if you have children – Life is unpredictable, and anything can happen at any time. If something were to happen to you and your spouse, your children may end up in Child Protective Services until a court decides on their guardian. With an estate plan, you can designate a guardian for your children in case of such an event.
- Minimize tension and expenses – Without an estate plan, the courts are responsible for distributing your estate according to the law, which can be a lengthy and expensive process. Having an estate plan can save your loved ones from this burden.
- Enjoy your retirement – An estate plan can also benefit you while you are alive. With the proper plan, you may be able to divest yourself of assets and qualify for government benefits like Medicare, preserving your wealth for future generations.
- Reduce taxes – Estate planning can also help reduce taxes by taking advantage of the current gift tax exemption and potentially creating a step-up basis for your real property upon the death of the first spouse.
- Peace of mind – Knowing that your affairs are in order and your family will be taken care of after you are gone can provide peace of mind during your retirement and beyond.
Many people believe that estate planning is expensive, but it does not have to be. You do not need a complex plan; a simple consultation with an Estate Planning Lawyer in Brooklyn can help you determine the best plan for your budget and needs. The lawyer will guide you through the process and explain how estate planning can benefit you and your family. Estate planning is not just for those with a lot of assets; it simply allows you to decide who will receive your assets and who will make financial and medical decisions on your behalf if you are unable to do so.
Consult an Estate Planning Lawyer in Brooklyn
Experts agree that estate planning is important for all adults, not just those with considerable assets. Surprisingly, around 50% of Americans have discussed estate planning but have not taken any action, often putting it off until later in life or avoiding the topic altogether. Some believe that estate planning takes too much time or is too expensive and does not make sense.
However, estate planning is crucial, and it is never too early to start. Many people only begin planning when issues arise, and for some, it may be too late. Our Estate Planning Lawyers in Brooklyn offer free consultations to educate potential clients on the importance and benefits of estate planning. Do not wait until it is too late; consult an Estate Planning Lawyer today to secure your future and the future of your loved ones.
