Best Estate Planning in Buffalo NY
Having a complete and thorough best estate planning in Buffalo NY in place is an amazing gift to your family and children.
Estate planning is the process of making a plan that distributes your estate to the people and organizations that you want to receive those assets after you die or become incapacitated.
In other words, putting together a set of written instructions that dictates who will receive the assets in your estate after you die, what they will receive, and when they will receive them.
An effective estate plan is one of the most important gifts you can give to your loved ones when you are no longer here to take care of them on your own, and it’s legacy will last long after your time on our planet has ended.
The most important Documents in a Estate Planning Buffalo NY
Implementing an estate plan today can eliminate many family disputes simply by taking the time to accurately and effectively spell out your intent through legally binding documents.
The most important of which is your last will and testament and a revocable trust. It is simply amazing that the majority of people just don’t do it. They don’t want to think about death or disability and often just avoid the subject until it is too late.
The simplest estate plan should consist of a Will, Revocable Trust, Durable Power of Attorney, Medical Authorizations and a Living Will. For a living revocable trust to be properly funded you may also need transfer documents to assign title to the trustee.
A simple plan such as this can legally resolve so many issues and should be the foundation of every adult regardless of age or health.
A person must have testamentary capacity to execute these documents so it is important to execute these documents early.
Once you complete this basic plan, you can consider other estate planning tools and techniques which may benefit you and your family but at a minimum get started with the basics.
Life Insurance and Estate Planning Buffalo NY
The main purpose of life insurance is to provide for the welfare of survivors.
But life insurance can also serve as an estate planning tool.
For example, it can be used to finance the payment of future estate taxes or to finance a buy-out of a deceased’s interest in a business. It can also be used to pay funeral and final expenses and debts.
If the decedent owns the policy, the proceeds will be included in the estate and subject to estate tax. However, if the decedent gives away all incidents of ownership in the policy, and names a beneficiary other than the estate, the proceeds will not be included in the estate.
Due to ever-changing estate laws, it is a good general habit to have one’s will or trust reviewed at least every three to five years, even if nothing has changed personally
Mintco Financial Team of Independent Advisors
We at Mintco Financial,attend meetings with the attorneys and act as an interpreter for our clients—and as their advocate—to make sure all options are being explored.
If this is not done, we find that many people will never get comfortable enough to have proper wills and trusts drafted.
Contact us for a complimentary meeting at 716-565-1300
Email us at firstname.lastname@example.org