Expert Advice When You Need It Most
Posted almost 3 years ago. Applies to New York, 0 helpful votes, 0 comments
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Start Early and Avoid the Rush at the EndTiming is important with Estate Planning. The earlier you start formulating a plan, the better the results that can be attained. Many things can be done early (such as transferring property into a Trust, etc.) that can’t be done later. Its also a lot better to plan in advance when your mind is clear and there is less stress instead of when facing the prospect of imminent medical problems or worse. Also, by starting early, more options may be available to you that may disappear with the passage of time. 2
Don’t Let The State Dictate How Your Estate is DistributedIf you die without an estate plan and a Will, the state in which you primarily reside at the time of your death will determine who gets what and how. When the state does this, its called being “intestacy” and the state directs who acts as Administrator and what proportions are given to everyone related to you. If you don’t leave any heirs, then your Estate could conceivably go to the State. However, when you leave a Will, you decide who gets what and under what circumstances. 3
Choose Which Estate Planning Attorney to Prepare Your WillPlanning your Estate is often a complex enterprise. In order to make sure you get it done correctly and to make sure your Will is unassailable, make certain you hire an experienced Estate Planning attorney who is capable of preparing your estate plan and can help you execute your Will so it cannot be overturned by anyone. 4
Make a Full Inventory of Your AssetsPrepare a full inventory of all your assets and include where each is located, together with pass words, serial numbers, etc. Also make sure that your Executor/Executrix knows where the list of assets is located so they can find it after you’re gone. That way, you will save the Executor a great deal of time and energy trying to locate everything. It also eliminates the possibility that they will never find something and it will eventually go to the state. 5
There are Always Tax ConsiderationsIn 2008, each person can leave up to $2 million without having to pay federal estate tax. However, this amount will change each year until, by 2011, the figure will be $1 Million. This figure changes from time to time because of different laws set by Congress. And don’t forget, each state can have its own laws regarding taxation of Estates. Many states follow the same rule as the federal rules, but not all do. Make sure to check with your particular state in which you expect to reside at the time of your passing. 6
Take Care of Your ChildrenMost states make provision for the nomination and appointment of a Guardian for your children should you pass away before they are emancipated. Usually this is done within the context of your Will, but each state may have different requirements for this provision so check with your state. 7
Special Needs Children Need Special HelpIf you have a special needs child who will need additional Health Care or is somehow incapacitated, it would be best to provide a Trust for their Health Care after you are gone. Make sure to ask your Estate Planner about the tax ramifications of such a provision. 8
Consider Planning for Insurance Policies, Bank Accounts and IRA’sOften Bank Accounts and Insurance policies have beneficiaries or joint beneficiaries that pass outside of the Will and this can skew the overall outcome of your Estate distribution. Make sure to include those amounts that will pass outside your will in your calculations and distribution plans. Additional ResourcesRelated Questions1 Attorney answers: 
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