What is Estate Planning?
Estate planning protects your assets during your life and upon your demise. There are many life contingencies which can negatively impact your financial and personal well-being. The Trusts and Estates legal field has been developed over centuries has come up with certain concepts and legal structures to ensure protection of clients’ assets, shielding them from certain liabilities and providing for continuity of management of the assets in the span of multiple generations, as well, as taking care of health and well-being of the person in their fragile state. These structures are very customized and flexible and can help families achieve a multitude of goals, including tax planning, elder law planning, retirement planning, creditor protection planning, and inheritance planning.
As we accumulate wealth, we start asking ourselves how do we protect it? How do we transfer it to the next generation and ensure that it stays in the family and is not dissipated in marriage breakdowns or bad business decisions of our children? How do we achieve the best tax structure and protect it from our creditors? How do we keep all management and control within the family and avoid court’s involvement?
Estate planning allows families to create a structure of the asset holding, management and control that would help address all these concerns. It allows a line of succession for people who will be in charge of the assets, limits the beneficial enjoyment of the assets to family members and thereby excluding all in-laws who might benefit from the family assets without these proper safeguards. Of course estate planning also provides for opportunities to set up the best tax structures.
It is important to note that estate planning is not achieved with one or two documents. There are a number of documents, each meant to supplement the others, to have a wholesome plan during life of the creators of the estate plan and for the next few generations after they are gone.
The main documents included in the estate planning are, Trust, Will, Power of Attorney, Health Care Proxy, Living Will and Digital Assets Authorization.
Call us at 718 513 3500 or send us an email at email@example.com if you want to discuss your Estate Planning.