One of the most common questions that estate planning attorneys address in the initial stages of the process deals with identifying an executor or executors. These are the individuals who are named in your plan as having the responsibility of and authority for clearing up any of your outstanding financial obligations after your death and distributing assets according to your wishes. Failing to name an executor means one will be appointed by the court.
Perhaps the most important tip in response to the question posed in the title of this post is: Create one. It is unfortunate, but too many people make the mistake of thinking they don't need an estate plan.
It can be confusing to think about wills, trusts, health care directives and powers of attorney, but it is important to consider estate planning sooner rather than later. Do it for your family instead of leaving the state a portion of your estate when you die. Here are five common misunderstandings about estate planning to help you see the value in having a plan for your assets.
Many people in Brooklyn do not give much consideration to who they choose to act as their estate executors. They choose family members and friends because they do not believe they will ever need them to fulfill those roles, and they are not aware of what is involved. Executor designations are not decisions that should be made lightly. It is important for you to choose someone you know and believe will act in good faith on your behalf. Here are some things you should consider when choosing an executor for your estate.
It is no surprise that the cost of caring for ourselves and our loved ones as we age is expensive. We expect there to be certain costs tied to nursing care, medical care and other needs as we age. We plan, we save and we do our best to make the right choices for our family's future financial stability.
While an estate plan is important for parents, people without children might find an estate plan even more essential. If you do not have any kids then the result of your savings, house and wellbeing is up in the air without a written plan.
Planning for retirement is an important step towards financial security. Finding the right plan for your family can be an intimidating feat, especially for families with a special needs child. In addition to planning for the future financial needs of two adults who are no longer receiving an income from an employer, these families also need to take into account the needs of another individual.
Those who are starting to consider long-term care needs may want to take steps to qualify for Medicaid.
The vast majority of U.S. businesses are closely held. While there are many legal and financial advantages to various types of closely held business entities, interest in a closely held business can increase the complexity of estate planning. If you are in the process of estate planning and you own a closely held business, here is some information you should consider.
Succession planning should be a top priority for any entrepreneur who wishes to transfer a business to a family member at some point in the future. One way to do this is to ensure that the company has been sufficiently developed so that it can be operated by another person. This means researching economic trends and other issues that may influence how the company can be run in the future.