[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/the-basics-of-estate-planning-white-plains-ny-new-york-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/the-basics-of-estate-planning-white-plains-ny-new-york-ny\/","headline":"The Basics of Estate Planning","name":"The Basics of Estate Planning","description":"Are you\u00a0childfree? Are you planning with an\u00a0elder parent? Do any of your potential beneficiaries\u00a0have special needs\u00a0that must be taken into consideration? Are any of your beneficiaries\u00a0minors? The first step of planning is to take a moment to consider what makes your situation unique. Although estate planning has many aspects, it’s good to start with the […]","datePublished":"2014-10-28","dateModified":"2023-08-12","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\/6a01901dd0a082970b01b7c6fa5453.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01b7c6fa5453.jpg","height":750,"width":1050},"url":"https:\/\/www.amorusolaw.com\/blog\/the-basics-of-estate-planning-white-plains-ny-new-york-ny\/","about":["Estate Planning","Guardianship","Power of Attorney \/ POA","Probate","Tax Planning","Trusts","Will"],"wordCount":382,"keywords":["Asset Protection","Estate Planning","Guardianship","Inheritance","Power of Attorney","Probate","Tax Planning","Trusts","Trusts and Estates","Will Changes","Wills"],"articleBody":"Are you\u00a0childfree? Are you planning with an\u00a0elder parent? Do any of your potential beneficiaries\u00a0have special needs\u00a0that must be taken into consideration? Are any of your beneficiaries\u00a0minors? The first step of planning is to take a moment to consider what makes your situation unique.Although estate planning has many aspects, it’s good to start with the fundamentals.A recent NASDAQ.com article, titled “Estate Planning Guide 101: A Basic Guide To Establishing Your Estate“, gives some basic estate planning instructions that can help get you started.Outline Your Estate. It is important to outline your current net worth. Forbes describes this equation as:Net Worth = Assets \u2013 LiabilitiesThe original article explains that assets include information detailed in bank statements, investment statements (such as from mutual fund accounts and retirement plans), trust assets and business interests. Also, include personal property and real estate. Liabilities include debts reflected on credit cards, mortgages, tax bills, student loan statements, business loans, and other indebtedness.\u00a0Once you account for your living expenses, you can then see what can be passed to your beneficiaries, and whether you should gift during your life.Name Your Beneficiaries, Divide the Assets. Next you need to decide who will be the recipients of your estate. This can be very personal and needs to be handled with care, as it is this point in the planning process when you need to think about how much of your estate will go to family and how much will go to charity.Name Your Trustee. Naming your trustee needs to be handled with the same amount of care that you used when divvying up your assets. Selecting the person to be in charge of your affairs is no small decision, the original article cautions. Naming your trustee takes a significant level of trust, responsibility, and foresight.Hire a Lawyer. As you work through the process, engage a qualified estate planning attorney.\u00a0 Do not leave planning your will or estate for later. Do It Now!\u00a0 Take the time to speak to your estate planning attorney and map out the details of your legacy now.Reference: NASDAQ.com (October 15, 2014) “Estate Planning Guide 101: A Basic Guide To Establishing Your Estate”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":"The Basics of Estate Planning","item":"https:\/\/www.amorusolaw.com\/blog\/the-basics-of-estate-planning-white-plains-ny-new-york-ny\/#breadcrumbitem"}]}]