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BANKING & FINANCE - ANTON COMMUNITY NEWSPAPERS - JULY 2012
Ten Reasons Why Estate Planning Is Critical M
By Ronald Fatoullah, Esq. or her current spouse, half of your any people erroneously assets could go to the spouse. With think that estate plans are a plan, you can set up a trust that for someone else, not ensures that your assets will stay in them. They may rationalize that they your family and, for example, ultiare too young or do not have enough mately pass to your grandchildren. money to reap the tax benefits of a 7. Financial security. Will your plan. The following list makes clear spouse and children be able to surhowever, that estate planning is for vive financially? Without a plan everyone, regardless of age or net and the income replacement proworth. Here are ten reasons why vided by life insurance, your family creating your estate plan now, is may be unable to maintain its curimportant. rent living standard. With a plan, 1. Loss of capacity. What if you owning life insurance can mean become incompetent and unable to that your family will enjoy finanmanage your own affairs? Without a cial security. plan, the courts will select the per8. Retirement accounts. Do you son to manage your affairs. With a have an IRA or similar retirement plan, you pick that person through a account? Without a plan, your descomprehensive power of attorney. ignated beneficiary for the retire2. Minor children. Who will raise ment account funds may not reflect your children if you die? Without a your current wishes and such desigplan, a court will make that decision. nation may result in burdensome With a plan, you are able to nomitax consequences for your heirs. nate the guardian of your choice. With a plan, you can choose the op3. Preparing a will. Who will intimal beneficiary. herit your assets? Without a plan, 9. Business ownership. Do you your assets pass to your heirs acWhile many may not think they need to do estate planning, everyone should think about own a business? Without a plan, doing it to ensure a brighter future and that their wishes are carried out. cording to your state’s laws of intesyou cannot name a successor, thus tacy (dying without a will). Your risking that your family could lose family members (and perhaps not child with special needs, risks being disqualified from control of the business. With a plan, you choose who will the ones you would choose) will receive your assets withreceiving Medicaid or SSI benefits, and may have to own and control the business after your demise. out benefit of your direction or of trust protection. With a use his or her inheritance to pay for care. With a plan, 10. Avoiding probate. Without a plan, your estate may plan, you decide who gets your assets, and when and how you can set up a supplemental needs trust that will albe subject to delays and excess fees (depending on the they receive them. low the child to remain eligible for government benefits state), and your assets will be a matter of public record. 4. Blended families. What if your family combines while using the trust assets to pay for non-covered anWith a plan, you can structure things so that probate can more than one marriage? Without a plan, children from cillary expenses. be avoided entirely if necessary. different marriages may not be treated as you would wish. 6. Keeping assets in the family. Would you prefer that For more information on estate planning, contact the With a plan, you determine which assets pass to your curyour assets stay in your own family? Without a plan, your offices of Ronald Fatoullah and Associates located at 60 rent spouse and children from prior marriages. child’s spouse may wind up with your money if your Cutter Mill Road, Suite 507 in Great Neck. The phone 5. Children with special needs. Without a plan, a child passes away prematurely. If your child divorces his number is (516) 466-4422.
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