Your Estate May be Larger than You Realize
Your beneficiaries may receive a considerable inheritance when you are gone, even though you are not living the high-life right now. In order to protect those you love, take an inventory of your assets and think about whether you have any of the following:
• Life Insurance
• Death Benefits
• Retirement Accounts
• Transfer on Death Deeds
• Real Estate (which could be sold when you are gone)
• Business (assets and income)
• Trademarks, Patents, Copyrights
Protection from Creditors, Predators and the Tax Man
When you sit down and make a list of each asset and its value, it can be surprising that your estate could actually be over the tax-free exemption. With proper planning, you can start making arrangements to leave your assets in a way that will minimize the impact of taxes on the inheritance you leave. You can also structure your estate to protect minor beneficiaries and adult beneficiaries. If a beneficiary is a minor you can prevent family discord and costly legal battles by appointing a guardian and a trustee for the minor. If the beneficiary is an adult you can create a plan to protect the beneficiary from bad decisions, an overreaching spouse and creditors.
Experienced Estate Planning Attorney Elga Goodman can help you make a detailed inventory of your assets and create a plan to preserve more wealth for your loved ones. Call us today at 973-841-5111.