People who have accumulated a large number of assets throughout their lives or who have high-value assets may be concerned about who will claim all of their property when they die. Will execution in New York is critical, particularly for individuals who are wealthy but also for anyone who has assets that he or she wishes to transfer to particular beneficiaries. One recent article explains the value of estate planning and provides tips on how to approach it.
Estate planning, particularly for the wealthy, helps people to control how their assets are dispersed. It also allows them to reduce the impact of federal and state taxes on their estate when they die. Effective estate planning can include using traditional life insurance and credit-shelter trusts.
There exist more complicated ways to transfer property for wealthy individuals who prefer to take advantage of these. Still, no matter what route is taken, the highest priority should be placed on making sure certain family members or other individuals or organizations receive the money and other left-behind property that one wishes to give away; this is a more important goal than tax mitigation. However, the most effective estate plan achieves a person’s wealth-transfer goals while still allowing the individual to simultaneously reduce his or her tax liability efficiently.
The thought of dying and leaving behind loved ones and prized possessions can be hard. However, with proper will execution , a person can be prepared for inevitable death and ensure that all of his or her assets end up in the right hands. A comprehension of today’s laws related to will execution can make sure that individuals in New York are aware of all of their estate planning options so that they make decisions that maximize both tax benefits and their personal wishes.
Source: Forbes, What Is Estate Planning? , Russ Alan Prince, Nov. 4, 2013