Rochester estate planning lawyers can help you to create a personalized estate plan that is right for your particular family situation. It is important that you consider the needs of your heirs or beneficiaries when you are making your plans for your legacy.
The Law Office of Michael Robinson, P.C. can provide personalized advice so you can provide for your loved ones in the best and most appropriate way. To find out more about the ways in which our Rochester estate planning lawyers can assist you with the creation of an estate plan that best provides for the people you love, give us a call today.
Making an Estate Plan That Addresses Your Family’s Needs
To make sure that your estate plan takes the needs of your loved ones into account, there are a few simple but important steps that you need to take. These include the following:
- Considering who you want to provide an inheritance to: The estate planning steps you will need to take will vary depending who you want to leave money to. For example, if you are leaving money to anyone other than your spouse and you have a large estate, you’ll need to make certain your estate will not end up owing federal or state estate tax.
- Determining the age of your heirs or beneficiaries: If you leave money to a minor child, the child cannot directly inherit. You’ll need to make sure you select a trusted person to serve as guardian for the funds and manage the money. You can use the Uniform Transfer to Minors Act to pass money to a young heir and specify who should manage the funds. For more control, you could also create a trust.
- Assessing whether your heirs or beneficiaries will depend upon their inheritance: If you are a primary breadwinner and have loved ones depending upon your income, your death could cause financial hardship. If you plan for an inheritance to provide for your loved ones, you’ll want to make sure the inheritance can quickly pass on to heirs or beneficiaries. The probate process takes a long time so you may wish to consider the creation of a trust so assets can pass to heirs or beneficiaries through the much quicker trust administration process.
- Assessing whether your heirs or beneficiaries can manage funds: If your loved ones are not responsible about money management, you may need to consider taking steps to ensure that the inheritance you provide isn’t wasted. You could create a spendthrift trust and name a responsible beneficiary to manage the money while providing income or assets to beneficiaries according to your instructions.
- Determining if your loved ones are receiving any means-tested benefits. If your family members you are leaving money to are reliant on Supplemental Security Income, Medicaid, or other means-tested benefits, giving them a direct inheritance could potentially cause loss of access to benefits. There are situations where you may wish to use a special needs trust to ensure that a disabled heir or beneficiary is able to obtain an inheritance to enhance his or her quality of life without losing access to important benefits.
The Law Office of Michael Robinson, P.C. can guide you through each of these steps and assist you with making use of trusts, a last will and testament, pay-on-death accounts, and other tools that provide for the people in your life.
Getting Help from Rochester Estate Planning Lawyers
Rochester estate planning lawyers at The Law Office of Michael Robinson, P.C. can provide personalized assistance identifying the issues that affect your family and using the right estate planning tools to ensure your loved ones are provided for once you are gone.
To find out more about the assistance our firm can offer you, join us for a free seminar. You can also give us a call at (585) 546-1734 or contact us online at any time for help and support with your estate planning process.