Passing down an important asset, such as a property or business, can be an emotional and complicated journey. For this reason, many families try to steer clear of discussions about wills. However, estate planning is still an important topic to address as part of future financial planning in New York.
Some families view estate planning as a morbid activity. However, in reality, it can be helpful to view it as a way in which to express love to family members. After all, passing down valuable assets can be considered an expression of true love.
Another hang-up for some parents is that they do not know how to determine who will get what, and they feel they need to make such decisions before meeting with an attorney. The truth is that attorneys can help families to solidify their goals and even provide never-before-realized options for attaining these goals. They can even provide advice on how to shelter clients’ assets from estate taxes as well as decrease clients’ income taxes.
A common question for large families in New York is how to split a business among multiple siblings when just one or a couple of them have demonstrated an interest in operating it. When faced with these types of quandaries, seeking the help of an attorney may be beneficial. An attorney can provide guidance with the process of creating wills and other estate planning documents that help with addressing these types of situations in a manner that will meet the asset owner’s needs long term.
Source: postregister.com, “Estate planning a worthwhile investment”, Dianna Troyer, May 19, 2017