[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/reviewing-your-estate-plan-protects-goals-family-new-york-ny-white-plains-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/reviewing-your-estate-plan-protects-goals-family-new-york-ny-white-plains-ny\/","headline":"Reviewing Your Estate Plan Protects Goals, Family","name":"Reviewing Your Estate Plan Protects Goals, Family","description":"\u201cMost people wish to have more control over who and how their assets are managed than what the state laws provide, and so they draft documents that can override the Laws of Intestacy, when those laws do not match their objectives.\u201d Transferring the management of assets if and when you are unable to manage them […]","datePublished":"2020-10-21","dateModified":"2023-07-29","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b0263e96ebb15.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b0263e96ebb15.jpg","height":250,"width":366},"url":"https:\/\/www.amorusolaw.com\/blog\/reviewing-your-estate-plan-protects-goals-family-new-york-ny-white-plains-ny\/","about":["Beneficiary","Estate Planning","Health Care Proxy","Incapacity","Insurance","Power of Attorney \/ POA","Trusts","Will"],"wordCount":439,"keywords":["Beneficiary","Estate Planning","Health Care Proxy","Incapacity","Insurance","Power of Attorney","Trust","Will"],"articleBody":"\u201cMost people wish to have more control over who and how their assets are managed than what the state laws provide, and so they draft documents that can override the Laws of Intestacy, when those laws do not match their objectives.\u201dTransferring the management of assets if and when you are unable to manage them yourself because of disability or death is the basic reason for an estate plan. This goes for people with $100 or $100 million. Even if you do not have a will created, you already have an estate plan because every state has laws addressing how assets are managed and who will inherit your assets, known as the Laws of Intestacy. However, the estate plan created by your state\u2019s laws might not be what you want, explains the article “Auditing Your Estate Plan” appearing in Forbes.To take more control over your estate, you\u2019ll want to have an estate planning attorney create an estate plan drafted to achieve your goals. To do so, you\u2019ll need to start by defining your estate planning objectives. What are you trying to accomplish?Provide for a surviving spouse or familySave on income taxes nowSave on estate and gift taxes laterProvide for children laterBequeath assets to a charityProvide for retirement income, and\/orProtect assets and beneficiaries from creditors.A review of your estate plan, especially if you haven\u2019t done so in more than three years, will show whether any of your goals have changed. You\u2019ll need to review wills, trusts, powers of attorney, healthcare proxies, beneficiary designation forms, insurance policies and joint accounts.Preparing for incapacity is just as important as distributing assets. Who should manage your medical, financial and legal affairs? Designating someone, or more than one person, to act on your behalf, and making your wishes clear and enforceable with estate planning documents, will give you and your loved ones security. You are ready, and they will be ready to help you, if something unexpected occurs.There are a few more steps, if your estate plan needs to be revised:Make the plan based on your goals,Engage the people, including an estate planning attorney, to execute the plan,Have a will updated and executed, along with other necessary documents,Re-title assets as needed and complete any changes to beneficiary designations, andSchedule a review of your estate plan every few years and more frequently if there are large changes to tax laws or your life circumstances.Reference: Forbes (Sep. 23, 2020) “Auditing Your Estate Plan”For more information on asset preservation and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Reviewing Your Estate Plan Protects Goals, Family","item":"https:\/\/www.amorusolaw.com\/blog\/reviewing-your-estate-plan-protects-goals-family-new-york-ny-white-plains-ny\/#breadcrumbitem"}]}]