Bath inheritance planning is important if you have loved ones you want to provide for after you are gone. In far too many situations, it does not make sense just to leave a last will and testament and allow assets to pass through the probate process — and it also does not make sense to make no plans at all and allow intestacy law to determine what happens to your hard-earned money or property.
Instead, you should work closely with a Bath inheritance planning lawyer to make certain that you have the right plans in place to provide for your family and friends who you hope to care for even after your passing. There are a wide variety of legal tools that you can use to address the specific needs of your potential heirs or beneficiaries to ensure they inherit in the most effective way and to make certain the money and property they receive is put to good use.
To find out more about Bath inheritance planning and to start your personalized plan, give us a call today. You can also read on to find out about some of the key steps involved in Bath inheritance planning.
Step One: Take Steps to Protect the Assets That Will Serve as an Inheritance
It’s important that you take steps to protect your money and property in order to ensure that the wealth you have worked hard to acquire can serve as your legacy. To protect the inheritance you intend to leave for loved ones, talk with an attorney about the risks to your wealth. You may need to protect your assets in case you need costly nursing home care as you age, may need to take steps to avoid estate tax, or may need to address other risks specific to your situation.
Step Two: Determine Who Your Heirs Or Beneficiaries Will Be
You’ll need to decide who you want to leave money and property to, as this will change the process of making an inheritance plan. For example, if you are leaving all of your assets to your spouse, you will not have to worry about estate tax. But, if you’re leaving wealth to someone other than a spouse, you may need to include estate tax avoidance in your plan. Likewise, if your heirs or beneficiaries cannot inherit directly for some reason, you’ll need to address that.
Step Three: Determine If Your Estate Will be Subject to Estate Tax
Estate tax is charged on larger estates by both the state of New York and the federal government. You will need to work with an experienced attorney to find out if you are going to be subject to tax after your death. If your estate will owe taxes, The Law Office of Michael Robinson, P.C. can help you to find ways to reduce or avoid the taxes you might otherwise owe.
Step Four: Determine What Special Needs Your Heirs Or Beneficiaries May Have
When your heirs or beneficiaries can’t directly inherit because of their personal or financial situation, there are tools that you can use to help protect the money or property you provide to them. For example, if your heirs or beneficiaries are disabled, they may be unable to manage the money or a direct inheritance could cause them to loss access to means-tested Medicaid. If your heirs or beneficiaries are children, they can’t manage the money or inherit directly. Or if your heirs or beneficiaries are irresponsible with money, you may worry that they will lose an inheritance to bankruptcy or creditor claims. You should work with an attorney to consider any type of issues your heirs or beneficiaries might have that would prevent them from receiving money or property directly from you and using those funds wisely.
Step Five: Make Use of Effective Legal Tools to Address The Needs of Your Heirs Or Beneficiaries
The Law Office of Michael Robinson, P.C. will help you to understand and make effective use of tools such as a special needs trust, a spendthrift trust, and other types of estate planning tools you can use to protect and provide for heirs or beneficiaries.
Getting Help from Bath Inheritance Planning Lawyers
Bath inheritance planning lawyers at The Law Office of Michael Robinson, P.C. will work closely with you to make certain you take all of the necessary steps involved in the creation of a comprehensive inheritance plan. We know how important it is for you to provide for your heirs or beneficiaries and to make sure they are taken care of when you are no longer around to be a provider. We’ll make certain that you use the right tools necessary to protect the people that matter to you.
To find out more about how our firm can help you with your inheritance plan, join us for a free seminar . You can also give us a call at 585-374-5210 or contact us online at any time to get your plans underway.
- How Estate Planning for a Family May Trap the Unwary Practitioner - August 31, 2022
- State Income Taxation of Social Security Benefits - August 24, 2022
- Understanding Tax Apportionment Clauses - August 17, 2022