Have you ever thought about writing a Will and just haven’t gotten around to it yet? Or, maybe you might be avoiding the conversation altogether because it’s kinda morbid and you don’t want to even think about your future death.
You can continue on that path, or face the reality, as you have heard many times,
“Two things are certain in life, death and taxes.” – Benjamin Franklin
Besides, if you don’t write a Will or do your own estate planning, New York State has its own statute which provides how your property will be distributed after your death. However, the way it will be distributed may or may not be the way that you intend. So, the best way to ensure that your property is passed along to your intended recipient is to write a Will or a Trust.
Another benefit of estate planning is tax planning and to protect family assets in the event of marriage or divorce.
I met with Jeffrey A. Asher, a trust and estates attorney last week during our weekly “Coffee Break With Sabra” and he talked more extensively about the importance of having a Will, who should have one and who would benefit from estate and tax planning to minimize the New York State and Federal estate tax due. He also talked about a frequently used trust referred to as the Revocable Living Trust and its benefits.
You can listen in to the call with Jeffrey Asher to hear all about what he had to say by clicking “play” below:
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