Estate and Incapacity Planning

Estate and Incapacity Planning

Similar to properly structuring a corporation, an individual’s financials should also be properly structured to maximize the individual’s tax exemption utilization while minimizing his tax liabilities. While New York may not have a gift tax, there is a slue of other federal and state legislations a decedent’s estate has to navigate through before a distribution can be made to a decedent’s heirs. Probate, challenges, accounting, and other adversarial tactics can drastically slow down the inheritance process and even complete drain the estate’s assets into legal and administrative fees. Property estate planning is essential for anyone owning real property or personal property of considerable value. Estate planning is especially crucial for individuals of mid to high net worth as an improperly planned estate can trigger many tax liabilities.

Incapacity planning is also important, especially for those with children or incapacitated persons needing special care. This simple and routine planning utilizes specially drafted and thoroughly reviewed documents to perfectly reflect the planner’s needs and wishes. A planner may also wish to use a will in conjunction with incapacity planning to appoint guardians for children or incapacitated persons.