[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/there-are-many-reasons-and-uses-for-an-estate-plan-white-plains-ny-greenwich-ct\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/there-are-many-reasons-and-uses-for-an-estate-plan-white-plains-ny-greenwich-ct\/","headline":"There are Many Reasons and Uses for an Estate Plan","name":"There are Many Reasons and Uses for an Estate Plan","description":"It\u2019s easy to put off starting an estate plan. However, you really do want to take care of your family. Why should you have an estate plan? There are many reasons and many goals, including providing for your spouse and children, as well as dealing with a family business, minimizing tax liabilities and naming the […]","datePublished":"2018-08-28","dateModified":"2023-08-05","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\/6a01901dd0a082970b022ad36622c7.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad36622c7.jpg","height":600,"width":900},"url":"https:\/\/www.amorusolaw.com\/blog\/there-are-many-reasons-and-uses-for-an-estate-plan-white-plains-ny-greenwich-ct\/","about":["Advance Directives","Estate Planning","Life Insurance","Tax Planning","Trusts","Will"],"wordCount":366,"keywords":["Advance Directives","Beneficiary Designations","Estate Planning","Life Insurance","Tax Planning","Trusts","Will"],"articleBody":"It\u2019s easy to put off starting an estate plan. However, you really do want to take care of your family.Why should you have an estate plan? There are many reasons and many goals, including providing for your spouse and children, as well as dealing with a family business, minimizing tax liabilities and naming the people you want to act on your behalf when you\u2019re gone, according to the Brainerd Dispatch in “Wealth Column: Estate Planning Basics“.So, what do you need? First, you may need a will, which is a basic tool for estate planning. It can handle \u00a0two very expensive and stressful issues: managing your wishes for your estate and possibly losing hefty sums through unnecessary taxes. However, that\u2019s just the start.You may also need trusts, depending on your family\u2019s situation. You\u2019ll want to have life insurance policies with beneficiaries. Life insurance proceeds are not governed by the will, so your heirs will receive any funds directly. Benefits from retirement funds fall into this same category. That\u2019s why making sure that your beneficiary designations are up-to-date, is so important.Working with a team of trusted advisors is productive for most people. Remember that your estate plan touches on taxes and investments as well as your will, power of attorney and health care proxy. Consider these steps to get your entire estate plan in order:Gather personal data about yourself and your family,Create a balance sheet of your assets and liabilities,Review your will and any existing trusts,Evaluate all estate tax options, such as the best method of disposing of your share of community property\u2014considering the unlimited marital deduction and the use of tax-sheltered trusts,Consider the optimal way to distribute your retirement plan benefits,Calculate potential estate, gift and income tax liabilities,Determine the availability of liquid assets to meet potential estate expenses and taxes.An estate planning attorney can work with the information you have gathered to create an estate plan that fits your family\u2019s circumstances.Resource: Brainerd Dispatch (Aug. 3, 2018) “Wealth Column: Estate Planning Basics”For more information on asset preservation, tax planning, 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":"There are Many Reasons and Uses for an Estate Plan","item":"https:\/\/www.amorusolaw.com\/blog\/there-are-many-reasons-and-uses-for-an-estate-plan-white-plains-ny-greenwich-ct\/#breadcrumbitem"}]}]