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.
The rise of digital assets has drastically changed estate planning for many people. An individual can't simply add a digital wallet to their will as if it was a vacation home in New York or expensive jewelry. They'll need to include quite a bit of additional information so that those assets are quickly handed over to heirs.
Many individuals in New York do not have a spouse or children to call upon for help as they age. Nationwide, approximately 19.5 million people age 65 or older live alone. For people who do not have any close relatives, issues involving financial security and long-term care during their elderly years pose extra challenges.
A parent in New York who is trying to decide how to divide their assets should have confidence in their ultimate decision. This is true regardless of what adult children or other family members may feel. Children are urged to not let the size of their inheritance act as a proxy for the size of their parent's love. Parents should talk with their children and others ahead of time to discuss how assets will be divided.
When people in New York plan for the future of their family and their assets, they may be concerned about how best to pass on valuable collectible objects like artwork and memorabilia. These items are not the only types of personal property that may have a high financial value; they can also hold significant amount of sentimental value to their owners as well as to others in the family. In a study by Deloitte, over 80 percent of art collectors noted that they considered their collections to be a valuable investment. Just like other types of investments, estate plans need to take proper steps to deal with the distribution of artwork and collectibles.
Suffolk County residents are often encouraged to plan for emergencies or retirement, but planning for death isn't commonly discussed even if it is inevitable. Failing to plan can cause numerous legal troubles, financial burdens and discord in the event of a loved one's passing.
When people in New York plan for the future for themselves and their families, estate planning can be a big part of the picture. However, only 4 out of every 10 Americans over the age of 60 have important documents in place to deal with their finances or healthcare decisions in case of incapacity. These kinds of documents can help to protect people from elder abuse, fraud and other types of negative outcomes. Across the country, 20 percent of Americans over 65 are financially abused; however, only 10 percent expect that it could happen to them.
New York residents can use a trust to protect assets intended for future generations and as a form of tax management for those assets. However, it is important that the person they select to oversee the trust is able to properly carry out the duties the position entails.
At one time, estate planning consisted of merely a last will and testament. For the very wealthy, it might have consisted of a trust. In modern times, estate planning can and should be much more than just preparing a will. New York residents should consider some of the options available.
New York residents can include provisions in their estate plan that allow part of their estate to be given to their favorite charities. Changes in federal laws regarding gift and estate taxes are likely to impact the manner in which charity is integrated into an individual's estate plan.