What Is Estate Planning?
As you grow older, you can’t help but think about the legacy you’ll leave behind. Additionally, you might worry about being a burden to loved ones and concerned about your wishes being carried out if you become incapacitated.
Estate planning is the key to turning these worries or concerns into documented arrangements. With thoughtful, strategic planning, you can maintain control along the way while ensuring the process is as easy as possible for your family.
Estate planning is the process of creating a plan for the management and distribution of your assets and property after you pass away. It also involves planning for your care and the management of your assets in the event that you become incapacitated and are unable to make decisions for yourself.
For instance, you can set up Powers of Attorney in case you become incapacitated, engage in Medicaid planning for long-term care, and choose asset beneficiaries. These are just some of the numerous choices available.
What Is in Your Estate?
Estate planning is not just for the wealthy; it is for anyone who owns anything and wants to ensure that their wishes regarding those assets are carried out and that their loved ones are protected.
Thus, your “estate” can consist of assets and possessions, such as your home, other real estate, bank accounts, vehicles, personal possessions, life insurance, small business or business interests, stocks and bonds, retirement accounts, boats, artwork, jewelry, collectibles, furnishings, antiques, and other investments.
What Is Included in an Estate Plan?
Estate plans can have many components, including the following:
- Wills
- Trusts
- Living wills and advance directives
- Powers Of Attorney
- Long-term care planning
- Medicaid Planning
- Estate tax planning
The documents created can provide for guardianships, retirement, business succession, special needs family members, and asset protection.
Our estate planning attorneys can help you create a comprehensive estate plan that is customized to your needs through the documents and methods that best serve you. We can also help you update your existing estate plan to ensure that it accommodates any changes in your life and reflects your current wishes.
Benefits of Estate Planning
Many people put off estate planning because they do not want to think about their mortality; thus, it can seem unpleasant and even daunting.
However, estate planning is an important part of life. It allows you to make vital decisions about your future and the future of your loved ones. Documenting your wishes gives you and your family peace of mind. It can reduce stress and potential misunderstandings or disputes when you are gone and cannot clarify your intentions, especially at a time when your loved ones may need it most.
The many benefits of estate planning include:
- It allows you to make important decisions about your future. Estate planning allows you to document your decisions about your future and the future of your loved ones. It allows you to decide who will make decisions for you if you become incapacitated and are unable to make decisions for yourself. It also allows you to decide who will receive your assets and property after you pass away.
- It ensures that your wishes are carried out regarding the settlement of your estate via your will or trust administration.
- It helps you avoid probate. Probate is the legal process of administering a person’s estate after they pass away. It can be a lengthy and expensive process. Estate planning can help you avoid probate by allowing you to transfer your assets and property to your loved ones outside of probate.
- It helps you minimize estate taxes. Estate taxes are taxes imposed on transferring a person’s assets and property after they pass away. They can be quite high. Estate planning can help you minimize estate taxes by allowing you to transfer your assets and property to your loved ones in a tax-efficient manner.
- It helps you protect your loved ones. It also allows you to provide for them financially and protect their inheritance.
Get Started Today
Whether you are just starting the estate planning process or need to update your existing estate plan, we can help.
Our estate planning lawyers are here to help you navigate the process. We will work closely with you to understand your unique needs and goals and help you create a comprehensive estate plan that meets them.
We will also keep you informed throughout every stage of the process and provide you with the trusted legal counsel you need and deserve. Our goal is to protect your assets and property, minimize estate taxes, and ensure that your future and that of your loved ones is secure.
Call Schneider Garrastegui & Fedele PLLC at (631) 519-9831 or contact us online to book your consultation with an estate planning lawyer on Long Island today.
