Mullen and Iannarone, P.C.
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Serving the legal needs of corporations, individuals and
families of Suffolk County since 1972

September 2018 Archives

Business owners can benefit from an estate plan

Small business owners in New York may have particularly strong reasons to think about their estate plans. Several celebrities have died without wills, leaving behind confused beneficiaries and valuable music catalogs. For exampleAretha Franklin's 2018 death without a will came despite the fact that she had an estate worth approximately $80 million. Prince died without a will in 2016, leaving behind a $300 million estate that has still not been finalized due to disputes among potential beneficiaries. The kinds of delays and problems caused when something like a business is not addressed can be devastating to the future of the enterprise as well as emotionally draining to loved ones.

Why everyone can benefit from an estate plan

Being too young or being single and childless are some of the common excuses people in New York often use to justify not making estate planning a priority. According to one survey, the majority of millennials don't have a will. While some people may not want to think about what will happen after their death, procrastinating can have potentially serious consequences. For instance, if an individual dies without a will, which is referred to in legal terms as intestate, the state will determine how assets and property are divided. Without a medical directive in place, the default decision is usually to prolong life artificially.