Estate Planning is the process of arranging your affairs during your lifetime when you are competent and able to do so, so that the process of passing title to your property and assets goes smoothly for the loved ones you leave behind. Proper estate planning also involves having the proper documentation in place so that the loved ones for your choosing can step in your shoes and represent you for medical and financial decision making in the event of your illness or incapacity, without the delays and expense of court proceedings. There are common pitfalls in estate planning – which most often could have been avoided by being certain particular documents are in place and up-to-date, and by avoiding taking well-meaning but counterproductive actions:
|Keep in mind, having a Will is not enough when it comes to estate planning beneficiary designations take precedence; if you leave certain family members less than others they may have the right to challenge a Will, trusts can be established to protect assets from future costs of long term care.||Retitle assets without legal advice – well meaning neighbors, loved ones and friends may give their advice, but most often are not aware of capital gains tax consequences, or risks of having another person (who is not your spouse) as join owner on your assets or property.|
|Update your plan when there’s a family event- like divorce, marriage, births, adoption, illness or death of a loved one- failure to update your documents often has unintended results which could have easily been avoided.||Do it YOURSELF! You may not find out until it’s too late that the forms you downloaded from the internet do not meet the requirements of NY State law – finding out that your documents are invalid when you most need them can have DISASTROUS results for you and your loved ones.|
|Consider the effect your estate planning has on your loved ones- your young children will need someone to take care of them; elderly parents may lose benefits if they inherit from you.||Wait to complete your estate planning – we are all at risk of unplanned accidents, or medical conditions- you need to have advance medical instructions in place, someone of YOUR choosing appointed to carry out those decisions; and someone of YOUR choosing to make financial transactions for you without delay.|
All attendees will receive a complimentary workbook and light refreshments will be served. Call 1-718-738-8500 to RSVP. We look forward to seeing you there!