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estate law and asset protection Archives

Estate plans: Should special needs loved ones be disinherited?

Many people in New York and elsewhere with special needs require care throughout their lives. Because care and other necessities can prove costly, many of these individuals tend to obtain government benefits in hopes of making ends meet and maintaining the ability to live their lives as best as possible. Of course, when individuals are considering their estate plans, they may want to leave money behind for their special needs loved ones, but should they?

Letters of intent, updates are useful parts of estate planning

Assets play a major part in many New York residents' lives. Because property can often become valuable for either monetary or sentimental reasons, it is common for people to have the desire to protect their assets and pass them on to loved ones in the event of their deaths. Estate planning can help make sure that the proper steps are taken to ensure that a deceased individual's wishes are carried out.

Estate planning documents often need review and updates

If New York residents want their estate plans to be free from mistakes, they will want to review those plans periodically. Without a proper review from time to time, errors could slip through the cracks, and after a loved one's death, surviving family members may have to deal with the fallout of those mistakes. Fortunately, reviewing and updating planning documents can take place whenever a person feels it necessary.

Estate planning should create benefits not burdens

The reasons people choose to create an estate plan can differ from person to person. In many cases, individuals want to leave behind certain assets for their family members or other loved ones and work to have their affairs in order. However, it may be prudent to know that even after estate planning, issues with the execution of the plan could occur.

Choosing trusts and trustees are important planning decisions

Because there are many options for estate planning, New York residents may want to ensure that they give these various tools their due consideration. For instance, some parties may find that trusts could greatly help their plans in numerous ways. Of course, after deciding on a trust, individuals also need to make additional decisions, such as who should be named as trustee.

Trusts may help preserve assets in New York

Many New York residents may feel that leaving assets to their loved ones will give them a sense of presence and purpose in their family members' lives even after death. While wills can be used to distribute property, directly bequeathing assets may not be the best route. Because individuals can face difficult financial situations, trusts could help protect assets.

Estate planning more effective with the right information

Creating an estate plan can have its difficulties. After all, New York residents are expected to take every aspect of their lives into consideration and determine how they want their affairs handled after death. That is no simple task. Of course, even after going through the estate planning process, issues with a plan could make it less effective than desired.

Estate planning can help individuals control their estates

Some New York residents may not feel that planning for any sort of event is a strong point of theirs. As a result, they may shy away from attempting to create an estate plan because they do not know where to start or what to include. However, avoiding estate planning altogether can have detrimental effects, and with the right assistance, creating a plan may be easier than expected.

Updating beneficiaries could make estate planning more effective

Knowing the importance of having an estate plan has helped many New York residents get their affairs in order. Estate planning can allow individuals to assess their lives at a particular moment, consider aspects of their futures and determine what details may help them structure their end-of-life wishes. Of course, since planning does initially take place at one moment in life and changes often occur, reviewing and updating plans could help avoid mistakes.

Estate planning could help ensure special needs are met

Parents of children with disabilities know that many joys and struggles can present themselves in their own and their children's lives. Though New York parents may do their best to care for their kids and ensure they live the fullest lives possible, they may forget to plan ahead for a time when the parents are no longer around. However, estate planning could help.

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