Regardless of your economic state, it is important to secure a thorough estate plan not only for yourself but for your family as well. A will is a fundamental start to add a sense of security. A will lawyer can clearly outline the path for your property to be distributed at the time of your death. Keep in mind a will has to go through the probate process in Probate Court also known as Surrogate’s Court. Aside from will creation, estate planning can provide you with the following benefits:
Whether it is estate tax, or federal/state income tax, you give yourself the opportunity to lower your taxable measure by utilizing various tax shelters which are accepted by the IRS. The sooner you begin planning, the better. Whether you want to seek out an IRA or establish a trust, you can effectively plan out your tax exposure when seeking out a will lawyer in Brooklyn.
Dealing with Incapacity
It is always better to be safe than sorry. Estate planning is the perfect tool which can be used to let your friends and family know how to deal with a situation where you are incapacitated due to injury or disability. You are able to choose a guardian to assist in taking care of you and your assets, you inform a hospital on how you want things to be handled in the event you are under comatose, and you clearly state how your business or assets should be managed in the event you no longer have the mental capacity to take care of your affairs.
Be aware, the bigger your estate is, the bigger the issues can be if you do not have an estate plan in place. You would not imagine how siblings, family members, and best friends fight when money is at stake. Through proper estate planning, you indicate who gets what. Everything will be crystal clear and any unnecessary disputes can be avoided.
Contact a Will Lawyer in Brooklyn Today
Whether you require a will, a trust, guidance during the probate process, or legal counseling for your estate matter, Mishiyeva Law PLLC., is the right law firm for you. Having the right representation can go a long way in protecting your assets and ensuring they are transferred to the right parties. When you’re ready for your free consultation or office visit, call us today at (646) 736 6328 or contact us.