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While getting older people do think of their retirement and plan accordingly, however, they avoid planning their estate which is equally important during and after their life. While having a proper retirement plan helps you to plan your choice of life after your retirement, the estate planning helps you to manage and secure your family and assets during and after your life. Estate Planning- Estate planning is equally important for everyone irrespective of your age and wealth, however, every individual needs different estate plan accordingly and it should be thought and implemented carefully after discussing with an estate planner. Though most people think of drafting a will, however, if you are worried about how the beneficiaries will handle their share
Every individual spends his or her whole life in simulating wealth for a better life for their own self and their family as well. During their lifetime, you are there to take care of your property, however, you also want to be assured that all that you own should be benefiting your loved ones after you pass away. In order to achieve this, it is essential to plan your assets. While talking about estate planning, people think that planning your estate means drafting a will, which is quite normal due to available information around it. The fact is that drafting a will and planning your estate seems to be alike as they normally go hand-in-hand, however, a will is only
Are you a single, and you are reaching retirement soon? Well, then this is the right time for you to do some estate planning. Estate planning for people who are single is very essential as after their death there won’t be any proper heir or beneficiary to their assets. Thus, it is highly necessary to make a proper estate panning if you are single or widowed. What Does Estate Planning Include? Following are some of the must-have items which should be there in any estate planning Last will and testament – This last will or testament actually consists of your last wishes regarding your distribution of your assets and who should get it. Power of attorney – You must have
The average New Yorker has resistance towards Estate Planning. Many think that their modest estate is not worth the planning and some are not comfortable planning for mortality. To put it honestly, everyone needs to plan their estate. The middle class needs the services of an Estate Planning Attorney in New York much more than the more affluent class. This is simply because they have a limited resource that they need to safeguard from the taxman and minimize the legal costs of leaving behind their assets for their children. Asset allocation on a Will is not the only task that you need to do when you are embarking on Estate planning. You need to understand the financial implications that taxation
Studies show that nearly 60% of the American population has not indulged in estate planning. This is a gap that you need to address with haste. The misconception is that you do not require having a succession planif your assets are modest. But, the truth is that every person who has an income and asset needs to strategize. The aim is to keep your loved ones safe even after you are not there physically. The average layman has little idea about the constantly changing laws and taxation intricacies. It is important that you should take expert help to plan. The law states that without an estate plan your assets will be under the guardianship of the state at death. Every