5 Ideas for Profitable Property Planning – New York Property Planning Lawyer Weblog – Mar 28, 2021

The Covid-19 pandemic has put an increased focus on legacy planning as it has highlighted the need to make sure your estate plan is in order. Aside from the fact that more and more people are realizing the value of proper estate planning, other perks such as the all-time high estate tax exemptions make this an attractive time to do estate planning, whether that means drawing up your plans or completing estate planning documents . This article describes some helpful strategies that you should follow to get the most out of estate planning.

# 1 – Determine your wealth

The best step to start your estate planning is assessing your net worth. Fortunately, it’s often easy to quickly calculate your net worth by adding up the estimate of the value of all your assets and then subtracting the sum of your liabilities. The value of calculating your net worth is that after finding that value, you need to assess whether your estate is responsible for federal estate tax. You should also determine whether your estate may be subject to inheritance tax.

# 2 – Decide on an inheritance plan

Even if your estate isn’t subject to federal or estate taxes, there are other financial reasons you need to consider as to why you might need an estate plan. For one, inheritance is often a costly and expensive process. Additionally, if you are a business owner, have substantial retirement assets, or are expecting a large inheritance, make sure you put in place an adequate inheritance plan.

# 3 – Create your own will

ON Last will and testament is the best way to create an inheritance plan. While many people with simple assets or few items find the will alone sufficient, other people may decide that it is important to go beyond their estate plan and create advanced estate planning tools like trusts.

# 4 – Create a plan that addresses potential incapacitation

Disability planning is a critical part of estate planning. However, many people pay less attention to planning disability than developing a strategy for what will happen after their death. Without a disability plan, your assets can come under judicial guardianship, which means that your loved ones will ultimately lose control of you and your property.

# 5 – Make a plan for what will happen after you die

After you’ve created a disability plan, make sure to keep an eye on dealing with matters when you die. Your plans should include deciding who will inherit what and when your loved ones will receive those assets. If you are married, you should also understand what rights your spouse will have over your property.

Don’t hesitate to contact an experienced estate planning attorney

If you need help planning your incapacity for work or end-of-life problems, speaking with a knowledgeable estate planning attorney can be helpful. Contact Law firm Ettinger today to schedule a free case assessment. We understand the challenges inheritance planning often faces and can help you achieve your goals.