Friday, March 4, 2016

estate planning and life

Estate planning is an ongoing process. Unfortunately, you cannot simply plan your estate one time and expect to not make any adjustments going forward. Many elements can take place in life that would cause an individual to re-evaluate their estate planning strategy.  Changes in laws, whether it is tax law or non-tax law, can have you seriously consider making changes to your planning. State legislatures may decide to make changes on how certain property may be distributed, or the Federal Legislatures may decide to increase the exemption amount for estate tax. It is always best to consult with a New York Estate Planning Lawyer to ensure you are up to date on all tax law changes that can affect your estate.
Health is always a concern. A family member may become ill. Perhaps it would be necessary to establish a special needs trust at that point or have your trust address the needs of your ill family member to ensure they are taken care of.  Divorce is an unfortunate occurrence that has been happening as of lately in America. Your spouse at some point may have been the beneficiary in your trust but due to the divorce, perhaps you would prefer to direct your assets to your children at the time of your death instead. Changing your residence usually does not pose an issue from an estate planning standpoint. However, certain states establish community property laws as opposed to separate property laws. You may want to examine the tax benefits and advantages if you were to convert your property from one to the other.
Executors and trustees are typically the individuals who oversee your assets. Perhaps an individual who you had appointed as your personal representative has developed dishonest or irresponsible behavior over the years and now you have reconsidered appointing them to take care of your estate at the time of your death. Perhaps you are the beneficiary of a large estate and you have been given a substantial inheritance. It may be time to put your new found assets in the trust or properly plan to avoid paying unnecessary taxes on the property. New business ventures have arisen and you now find yourself looking to ensure the business thrives even after your death. With the proper estate planning, succession planning will be key to ensure the right personnel are put in key positions per your request as specified in your will or trust.
As with anything in life, things changes, progress, and retract. It is important to keep somewhat of an open mind when estate planning comes to the forefront. The right representation can be your best tool in ensuring you are prepared for any curveballs life may throw at you. NY Estate Law can be complex, difficult to understand, and sometimes just plain confusing. Hiring the right estate planning lawyer is the best hedge you can make to ensure you are positioning yourself correctly not only for yourself, but your loved ones.
Kamilla Mishiyeva, Esq., is an estate planning attorney in New York. She offers her legal services to all five boroughs as well as well as all surrounding counties. Should you have any questions on estate planning, estate administration, probate,  and probate litigation, call now at (646) 736 6328.

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