Three Reasons to Create an Estate Plan
The definition for estate planning is the process of arranging for the management and disposal of a person’s estate during the person’s lifetime and after death, while minimizing estate, gift, and income taxes. Fifty-five percent of Americans and a comparable percentage of Israelis do not have a will. It is time for people to put a well-thought-out estate plan into effect. Doing an “estate planning attorney near me” search is an easy internet search. An estate planning attorney in Israel can assist with your current needs to plan for your estate plan, while coordinating with the laws on wills, trusts, and estates that govern assets in other countries as well. The key is to ensure that assets are fully covered and disposed of regardless of their “situs” or location from a legal point of view to minimize headaches and conflicts and confusion on the part of the heirs to the estate. Additional issues that those seeking estate planning need to consider are durable financial powers of attorney and living wills (durable healthcare powers of attorney) in case a person becomes incompetent to make essential financial and healthcare decisions, as well as a halachic will that conforms to the tenets of Jewish law.
Have a Will No Matter How Minimal
If it important to have a will even if your assets are minimal. Many people believe that because they do not have millions of dollars that they do not need to have a estate plan. You still can and should look out for your family and your belongings, as well as yourself in the case of durable powers of attorney.
Create a Customized Will
Creating a basic will is a straight-forward matter, as is creating a lawful US trust structure and a durable power of attorney, but you want to take care to customize a plan that is correct and appropriate for you and your own personal and family situation. It is highly recommended to sit with a professional such as David Page Law in order to ascertain how to move forward.
An Estate planning attorney Israel, or anywhere in the world, will have the knowledge and background to assist you. For example, David Page Law could make suggestions that will help determine your future allocations of assets between jurisdictions and planning for inheritance of those assets in the future as well as planning for potential incapacity with regard to financial assets and healthcare livings wills, and the issue of halachic wills.
Three Reasons to Create An Estate Plan:
Tax Reduction and Probate Costs
If you happen to have assets that are considered to be high net worth, then you may be required to pay taxes. This depends on the federal and state for your place of residence (for example, Israel has no estate tax currently). Probate costs may be assigned as well. Today probate costs can be minimized by lawful planning to ensure that your assets are bequeathed to those you love or to the causes you love. Working with an estate planning attorney near you will allow them to explain the laws. From there you can make smarter decisions on how, when and where to bequeath or assign your assets.
You’ve worked hard and not its time to protect your assets. If you want to spend down, a process of reducing your assets or those going to an heir or beneficiary in order to qualify for a certain benefit such as Medicaid, in order to enter a nursing home, then that is a great reason to talk to a lawyer. Trusts can be created in the US to optimize a financial planning that spans your lifetime and that of your heirs or beneficiaries. The plan will cover all of these bases in order to protect your assets so that you don’t have to pay them all out as you age. Protecting your assets means protecting your loved ones too.
Control and Management
Controlling your estate is a key component because you’ve worked so hard to acquire your financial, real estate, and other assets. Minimize insecurity and guarantee that your final wishes will be carried out fully and appropriately and wisely. Instead of leaving matters to conflict, subject to the vagaries of family dynamics and chance, a detailed trust and estate plan can be a wise and prudent choice.
Protect yourself and your family now. Creating a trust and estate plan is something many people think about, but usually, do not begin to do until it is very late in the day. Now is the time to begin your estate planning. Contact David Page Law today!
August 13, 2020
July 23, 2019