Thanksgiving and Estate Planning
During Thanksgiving, many family members are focused on the football game, the delicious turkey dinner, or spending time with friends and family. For most people, talking about estate planning at Thanksgiving may feel like an inappropriate time. However, it is the perfect time to have the family discuss these important arrangements.
Only a little more than half of all parents in the United States have a will in place for their death. Those who do not have these arrangements often leave their children and family members unsure of what to do. The same happens when children are left without a plan in place for their parent’s mental incapacitation. Therefore, it is important that these affairs are handled ahead of time.
What is Estate Planning?
When an individual makes decisions on the designation of their assets, property, and children when they pass away, it is called estate planning. An estate is considered a person’s property or assets. Some elements of an estate include a person’s bank account, stocks, life insurance policies, real estate, and other luxury property.
Estate planning is an important process for any individual to go through, however, there are plenty of benefits when taking care of this decision early on. Some of the benefits include the assurance that one’s family members receive the property left for them after their death. They can also prevent any confusion and make sure that all family members are on the same page. It is also best to do it before a family member loses their health or mental capacity.
The benefits of estate planning include:
- Ensuring that loved ones obtain property or assets left behind
- Minimizing estate taxes that must be paid
- Establishing a living will in case of mental incapacitation
- Figuring out funeral arrangements
How to Bring Up Estate Planning
It can be awkward to bring up estate planning, especially if the person initiating the conversation is the child. Therefore, it is important to initiate the conversation in a comfortable environment. It is encouraged that the family should be in a room without any distractions.
Family members should feel free to voice their concerns or questions when needed. In order to keep things on track, there should be a checklist of things to discuss. Some of the tasks on the checklist might include establishing a will, setting up a financial power of attorney, or assigning a caregiver for children. Another thing to consider is contacting an elder law attorney that can help a family accomplish these tasks.
Brooklyn Elder Law Attorneys at Korsinsky & Klein, LLP Help Those Looking to Plan Their Estate
If you need to establish a plan for after your death, you need to contact a Brooklyn elder law attorney at Korsinsky & Klein, LLP. Our lawyers help clients plan to fulfill their wishes after death. If you are interested in speaking to an elder law attorney, contact us online or call us at 212-495-8133 for an initial consultation. With offices in Brooklyn, New York, and Lakewood, New Jersey, we proudly serve clients from Manhattan, Long Island, and Westchester, New York.