Where There’s A Will, There’s Not Always An Estate Plan

Forbes.com concisely and smartly explains the difference between creating an Estate Plan and merely having a Last Will, in their article entitled “Where There’s A Will, There’s Not Always An Estate Plan,” linked below.

“A proper estate plan will need to address items like liquidity for the estate and naming heirs. This requires a thorough review of potential estate costs, income taxes and any potential estate taxes (either federal or state),” Forbes.com begins. And they are correct.

Other documents in an Estate Plan, like a Power of Attorney or a variety of different Trusts, offer much more instruction and transparency with financial matters. While a Will has the power to designate your heirs and distribute your assets, it may not account for their financial needs, such as taxable income. Creating an Estate Plan helps you ensure that your assets are distributed according to your wishes and that your heirs will not be overtaxed.

Danna & Associates, PC has specialized in Estate Planning & Elder Law since 1994. With over 25 years of experience, we’ve helped clients with entirely different arrays of situations create the Estate Plan that works best for them individually, or for their family. Call 718.273.0300 for your free consultation today!

Click here to read the article!