Estate Planning Myths and MisinformationFriday, July 15th, 2016, 1:16 am
Many myths abound in the world of estate planning, whether it pertains to the laws in Brooklyn, New York or elsewhere.
MYTH: For one, there are so many people who wrongly assume that only rich people need estate plans, which may stem from the fact that most estate planning attorneys as well as financial advisors help clients with estate tax.
People may focus on the “rich” factor because the estate of a New York resident must file a New York State estate tax return if the amount of the resident’s federal gross estate, plus the amount of any includible gifts exceeds $4,187,500, if the person dies on or after April 1, 2016, and on or before March 31, 2017. That’s fairly well-off to many, but estate tax is only part of what many attorneys in the realm handle.
Estate planning attorneys help their clients secure their finances in the event that they are unable to make decisions about their money or medical issues. This area of law makes it possible for people to solidify decisions about their health care in the case that they are incapacitated, ensuring their care is carried out the way they prefer regardless of whether they are the ones making the call or not.
The law office of Michael F. Kanzer & Associates, PC also works with clients to plan financial wishes in such a way that our clients’ families or other chosen heirs are provided with a secure financial future in the wake of the client passing.
MYTH: Estate planning is for old people.
The truth is, you are never too young to begin estate planning. It is certainly unpleasant to think about but accidents and sudden injuries and illnesses can and do happen, and the reality is that having an estate plan can help minimize confusion, arguments and hassle in the aftermath of such an unfortunate event.
Regardless of your financial situation, it is necessary to consistently revisit your estate plan and comb the documents for any necessary edits. For help creating your estate plan, contact Brooklyn Estate Planning Attorney Michael F. Kanzer & Associates, P.C. Our Brooklyn law office can be contacted at 718-769-7200.