When is the right time for an individual or couple in New York to begin thinking seriously about crafting a soundly tailored and forward-looking estate plan?
Planning professionals and industry commentators underscore what they view as a clear and definitive answer to that. A reflective and well-crafted plan provides instantly broad benefits for its makers and beneficiaries. If there is one adage that can be closely applied to estate planning, it is “the sooner the better.”
One authoritative legal source on the estate planning and administration realm puts that in a slightly different way. It stresses that planning “is best done long before old age.”
A proven estate planning legal team routinely helps valued and diverse clients in every demographic promote key goals. Importantly, quality estate planning connects closely with aspirations linked to other legal areas and both present/future interests. Business succession matters can be addressed. Legacy goals can be outlined and promoted. Myriad family concerns can be identified (e.g, inheritances, guardianships, special needs and more), with strategies employed that precisely spell out a creator’s intent.
The special estate planning role that trusts can play
The relevance and sheer flexibility of trusts in the estate planning process is well recognized. Trusts can materially complement wills. Moreover, they can confer many distinct advantages, including these:
- Probate avoidance, which can save time and money and additionally enhance privacy
- Protections against creditors’ claims and litigation
- Maximally efficient asset distribution to heirs and loved ones
- Minimized tax outlays
There are many types of trusts that can serve to materially promote the best interests of estate planning creators and their beneficiaries. Those possibilities will be highlighted in a future blog entry.