Do I need an Estate Plan?

Some common concerns and considerations.

The questions and topics general discussed during a consultation include but are in no way limited to:

Should I create an Estate Plan?

I want to continue protecting, controlling, and helping my family, assets and wealth. I want to maintain control of my affairs as much as possible. 

I am aware that there are risks to my accumulated wealth such as nursing homes costs, Probate expenses, attorney fees, and taxes. These expenses will reduce the money available to my family and my beneficiaries.

I can control my assets and transfer my wealth efficiently. I do not want my money spent unnecessarily on nursing homes, lawyers, or probate. 

I can save my beneficiaries and surviving family members’ significant amounts of money.

When is the right time to get an Estate Plan?

When I have minor children. Who will be their Guardian?

When I have assets or wealth. When I die, who will get what? Are my assets at risk? Nursing homes ($141,216.00 average yearly cost), taxes, and Probate costs are expenses and risks that I worry about. I am not sure which risks might affect me and how much. Which risks pose the greatest threat to me?

Typical concerns:

Am I married?

• I do not know who will die first?
• I want me and my surviving spouse to have an Estate Plan 
• I want a plan that saves my family money (cost, timeliness, and limited exposure to nursing home care) 
• I want to transfer wealth to the next generation or beneficiary
• I do not know if my spouse re-marry?

I am single. Do I have close family members?

• Are they older than me? See “Parents and other relatives” below.
• Can they help me if I need their help?
• Without the obligation of family members can I be more creative with my Estate Plan?

Do I have children?

• Will they be my beneficiaries?
• Will they waste what I give them?
• Should I skip my children and give to my grandchildren?
• Will my kids be able to retire, or retire more comfortably, with my inheritance? Is an efficient transfer of wealth (Estate Plan) more important because of this?

Do I have grandchildren?

• Will my grandkids be named beneficiaries (directly or indirectly)?
• Are they more responsible than their parents?
• Can they finish college debt free as a result of my inheritance? Is an efficient transfer of wealth (Estate Plan) more important because of this?

Do I have step-children or step-grandchildren?

• Do I want to or have to treat step-children the same as my children?
• My children have step-children and do I have to treat them the same as my grandchildren?
• Will my spouse disinherit my child if I die first?

Do my parents have an Estate Plan?

• I am worried because my parents refuse to create an Estate Plan
• I have a family with hard to solve problems and my parents ignore or minimize that problem and as a result do not have an Estate Plan
• I have parents that are scared of losing control
• I have parents that refuse to talk about an Estate Plan
• I am caring for my parents and children at the same time. My family needs to act together to preserve family wealth.

Family members with problems:

• I have children and/or grandchildren who may use their inheritance to hurt themselves through drug use or other self-destructive behavior
• I have children and/or grandchildren receiving state assistance that might be jeopardized if they receive assets?

Issues with parents and other relatives:

• Naming older relatives (parents): I worry that if I name a beneficiary who is older than me than my money will simply be used to pay for their nursing home.  I don’t want my inheritance to pay for their nursing home.
• I leave my assets to an individual who will turn around and leave the asset to a person I do not know or like. I can structure my Estate Plan so my parents are well cared for while they are alive without risking my assets to their nursing home expenses or pass through my parent’s Estate.
• I have young kids or nieces and nephews who might be “adults” but lack sufficient life experience to manage and preserve money. Protecting young adults from themselves is often a primary concern of an Estate Plan.

Pets:

• I am an animal love who wants to make sure my pet is cared. I will provide sufficient resources to make sure caring for my pets is not a burden.
• I want to provide sufficient funds so that my pet’s caretakers can care for my pets.

Real Estate:

• Do I own a home?
• Any other real estate?
• Do I own real estate outside of New York?
  • Owning property in different states creates the likelihood that a Surrogate Court proceeding will need to take place in each state that property is owned.
  • Is there equity in my real estate holdings?
  • I am worried the equity will be lost to a nursing home
  • I want to preserve this equity for my children, grandchildren, etc.

Flexibility:

• I want the ability to change my Estate Plan in the future. I need to be in charge and determine who gets what from my Estate Plan. I never want to give up this control.