Leave behind the legacy you want with carefully considered estate planning. In New York, Fortis Lux Financial help clients ensure their assets and properties are given to the people and organizations that matter most to them.
It can be uncomfortable to consider life after your passing, but estate planning also grants great peace of mind. Start planning ahead today by contacting our financial experts for an initial consultation. We will make this complex process simple for you and help you craft a plan unique to your concerns and goals.
A: The primary benefit of estate planning is ensuring your wishes are fulfilled, from the type of end-of-life care you want to the distribution of your assets. Having a plan also helps your loved ones avoid going through the stressful and public probate process. Furthermore, a good plan will also minimize tax fees on your estate when it’s transferred to your chosen people and organizations.
A: To craft a complete and detailed plan, it is best to work with estate planning professionals since there are many complicated legal and financial components to consider. You can prepare for the initial creation by preparing this information:
• Current and Projected Future Income
• Annual Expenses
• Current Assets and Debts
A: For most people, a will serves their purposes well, and there is no need to take on the extra upfront effort and expense of establishing a trust. However, you may want to consider a trust as part of your estate planning if you want to avoid probate, dictate how and when your beneficiaries will receive your assets, or keep your assets in a trust for multiple generations. Talk to your estate planning financial advisor to determine which approach is most suitable for you.
*Estate planning services are provided working in conjunction with your estate planning attorney, tax attorney, and/or CPA. Consult them for specific advice on legal and tax matters.