Planning is a part of life. You plan your day, what you’ll wear in the morning, what you’ll have for lunch, and where you will go after work. You plan your next vacation, making reservations and booking flights ahead of time. You plan for your next baby. You plan your next move. You plan your career path. A good deal of your life is taken up with planning for the future. Thus, planning your estate should be on the list of plans you make as well.
The Law Offices of Diron Rutty offers comprehensive estate planning services. When you pass, you need a plan to help guide your relatives with what you want done with your possessions, from your home to your cat or dog. If you have minors, you need a plan in place for their safety and well-being. Making an estate plan is like any other plan you make; however, it is much more important than what you will be having for dinner. Below, we’ll review some benefits of estate planning. Contact our estate lawyers in the Bronx today.
BENEFITS OF PLANNING YOUR ESTATE
Continue the Longevity of Your Business
You’ve worked hard all your life to build your small business. You’ve been there in the ups and downs and seen it grow and make a difference in people’s lives. You owe it to your family to ensure your business has a life when you are still gone. Without an estate plan in place, your business could quickly fold, and all of your hard work could vanish. An estate plan allows for an orderly transition and puts in place not only the people who will run the business, but also allows for the business’ assets, such as equipment, buildings, real estate properties, etc. This will also prevent in-fighting if there is more than one other partner in the business.
Give to Charity
An estate plan makes it easy to give to charity once you pass. One benefit of charitable donations from your estate is that they are not taxed, and if you give to charity during your lifetime, much of this is tax deductible, which means your income taxes are reduced. Thus, when you plan your estate ahead of time, the amount of money you give will be greater if you start giving to charities earlier simply because of the tax deductions available.
Plan for Incapacity
Many times, people slip into comas before their death, or they have a stroke, which affects their mental capacity and their ability to make decisions before their death. Without an estate plan, this puts your family in a precarious position. For instance, if you are on life support, should they continue if the doctors say you have no hope of recovery? Do you want end-of-life care if you are in a vegetative state? Let’s face it, no one wants to have to make the decision to pull the plug. It’s much better if you make the decision for them. Thus, the estate lawyers of The Law Offices of Diron Rutty note that having a healthcare directive or power of attorney ahead of time can save your family from a lot of mental anguish and heartache at making decisions for you.
Another decision that should be made ahead of time is burial wishes. Oftentimes, families get into squabbles over where your body should be buried, should your body be cremated, or even what kind of coffin to choose for you. Some religions have strong views on the matter, and if your family has members who follow different religions and you are adamant about what you want to happen to your remains, spelling it out in an estate plan eliminates all doubt and questions. Many times, people believe that just telling others what they want to happen is enough. This is definitely not the case. Legally, it needs to be in writing because someone can call into question a verbal directive. Do yourself and your family a favor by making these types of decisions well before your death.
Minimize Taxes Paid
Estate plans can help minimize taxes and fees paid. Probate is the process of legalizing what happens to a deceased person’s property after death and ensuring the legal transfer of the property. Not everyone has to go through probate in Michigan, and even if you do, you can minimize the time spent in probate with an estate plan. For example, you can make all of your assets owned in joint tenancy, or have someone else own it with you, which will give them automatic rights to the asset upon your death. You can designate beneficiaries on retirement accounts and bank accounts, as well as life insurance policies. Assets held in trust or a revocable living trust avoid probate.
Probate can be a long, lengthy process where the court and attorneys have to be paid money from the estate for these services. That’s money that could have gone to your beneficiaries to help with expenses after your death. Plus, if you are a high net-worth individual, your estate planning attorney can help you avoid estate taxes as well through donations to charities and gifts to relatives before your death.
CHOOSE THE LAW OFFICES OF DIRON RUTTY FOR ALL YOUR ESTATE PLANNING NEEDS
Planning ahead is a prudent step to take when it comes to your estate. You can help your family by making difficult decisions for them. You can also minimize the taxes paid, plan for your incapacity, and plan for the succession of your business. It also gives you a chance to discuss with family members what heirlooms they want and give them a voice. After all, you can’t take anything with you when you’re gone, so allowing family members a chance to choose helps to eliminate future fights as well.
The estate lawyers at The Law Offices of Diron Rutty offer an office in the Bronx. We are passionate about helping you make end-of-life decisions legally. During your consultation, we will discover your desires and go over your financial assets and other assets that you want divided up. We will answer all of your questions so you’ll have all of the information you need. Then, we’ll form a formal, written estate plan. You will have peace of mind knowing your family will be taken care of when you pass and your family will have closure quickly to your affairs so that they can tackle their grief. Contact our estate planning law firm today.